DALLAS, Nov. 24, 2009 (GLOBE NEWSWIRE) -- Evolution Fuels, Inc. (Pink Sheets:EVFL) (the "Company") today announces third quarter financial results for the period ended September 30, 2009.
Net Income in the third quarter of 2009 improved to $468,000, compared to a net loss of $10.7 million in the third quarter of 2008. Income per common share was $0.00 in the third quarter of 2009, compared to a net loss per share of $0.04 in the same period of 2008.
"Evolution Fuels is aggressively pursuing its business plan to build a chain of retail fuel stations and truck stops that offer varying blends of renewable fuels, supplied in part by our own production of biodiesel," said Dennis McLaughlin, CEO of Evolution Fuels. "Although we are in the initial stages of establishing our alternative fuel production and distribution operations, we have been able to effectively improve our capital structure and balance sheet as we prepare to rollout our growth plans going forward."
Third Quarter 2009 Highlights * Net income in the third quarter of 2009 was $468,000, compared to a net loss of $10.7 million in the third quarter of 2008. * Decreased selling, general and administrative expenses by 67% to $1.0 million in the third quarter of 2009, compared to $3.0 million in the third quarter of 2008. * At September 30, 2009, maintained cash and cash equivalents of $154,000. * In September of 2009, recording a $2 million gain on the exchange for Evolution Fuels convertible notes for 200,000 shares of PNG stock. * Subsequent to September 30, 2009, the Company bought back 584,120,000 shares of its common stock. The Stock Buyback Program was announced on September 24, 2009.
The mission of Evolution Fuels is to help the United States achieve energy independence by focusing on the creation of downstream renewable fuels retail fuel stations. The Company's fuel station rollout plan extends from Texas and Oklahoma, and eastward through Louisiana, Arkansas, Mississippi, Alabama, and Florida. Company plans to establish a "marquee" stations within key cities in each of these states over the course of the next twelve months, to be followed by additional stations as permitted by the degree of the Company's future successes.
The Company is in the early stages of establishing retail fueling/convenience store stations that will provide blends of ethanol from 10% ("E10") up to 85% ("E85"), with an emphasis on promoting mid-range blends such as E20, as well as blends of biodiesel to fuel passenger vehicles on the road today.
Evolution is a partner in the Willie's Place Truck Stop near Hillsboro, TX, built to establish a high profile flagship truck stop and convenience store that offers renewable fuels. Willie's Place, which opened in December 2008, offers blends of biodiesel fuel to truckers and other travelers, and is a popular travel destination due to its unique design as a tribute to country music legend, Willie Nelson.
Mr. McLaughlin concluded, "We believe that by increasing the availability of higher range ethanol blends we can help push the demand for ethanol beyond the current "blend wall" caused by the existing limitation of ethanol blends with gasoline of 10%. Our goal is to create more fuel stations that offer mid-range blends of ethanol at prices that can potentially undercut petroleum gasoline prices, thereby creating more market for increased domestic production of ethanol, especially from cellulosic biomass sources."
All interested parties are encouraged to view Evolution Fuels' complete earnings statement for the period ended September 30, 2009, which is available on the PinkSheets.com website by navigating to: http://www.pinksheets.com/otciq/ajax/showFinancialReportById.pdf?id=26566
About Evolution Fuels, Inc.
Evolution Fuels, Inc. endeavors to market renewable transportation fuels at retail fuel stations that will provide blends of ethanol from 10% to 85% (E10 to E85), and biodiesel blends from 5% to 20% (B5 to B20). The Company's plan calls for the development of a chain of renewable fuel stations that extend from Texas to Mississippi that will be a combination of "Evolution Fuels"-branded fuel stations/convenience stores and western-motif truck stops modeled after the Willie's Place Truck Stop in Carl's Corner, TX. The Company's Web site is www.evolution-fuels.com.
Forward-Looking Statements Disclosure
This press release may contain "forward-looking statements" within the meaning of the federal securities laws. In this context, forward-looking statements may address the Company's expected future business and financial performance, and often contain words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "seeks," "will," and other terms with similar meaning. These forward-looking statements by their nature address matters that are, to different degrees, uncertain. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can provide no assurances that these assumptions will prove to be correct. In connection with the "safe harbor" provisions of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, important factors that, among others, could cause or result in actual results and experience to differ materially from the Company's anticipated results, projections, or other expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements, risks, and uncertainties, and by reference to the underlying assumptions.