* Management Announces Goal of Uplisting to OTCQX * Company Effects 1-for-600 Reverse Stock Split * Rewards Shareholders with Two Million Shares of Common Stock in Evolution Resources (OTCBB:EVLN), to Be Distributed as Dividend * Additional 1-1 Dividend of Evolution Fuels Common Stock
DALLAS, Nov. 27, 2009 (GLOBE NEWSWIRE) -- Evolution Fuels, Inc. (Pink Sheets:EVFN) (the "Company") today announces management's goal of uplisting to the OTCQX in conjunction with a series of strategic initiatives to increase liquidity of common stock and reward existing shareholders.
The Company will be executing a dividend of common stock of Evolution Resources, Inc. (OTCBB:EVLN) ("Evolution Resources" or "EVLN"), a public company of which Evolution Fuels owns common shares, in addition to a 1-1 common stock dividend of Evolution Fuels to the Company's shareholders. These dividends are being announced in conjunction with a 1-for-600 reverse split of the Company's common stock effective as of Friday, November 27, 2009.
In relation to the reverse stock split, Evolution Fuels' trading symbol has been changed from (Pink Sheets:EVFL) to (Pink Sheets:EVFN) and its common stock trades under a new CUSIP No., 30049F205.
EVLN Dividend
Any shareholders of the Company owning more than 1,000 shares -- post reverse stock split -- of Evolution Fuels common stock as of the record date of January 8, 2010 shall receive a proportionate share of the total two million shares of EVLN common stock distributed. The current market price of EVLN common stock is $4.00. These dividend shares will be "restricted" as defined in the Securities Act of 1933. Rule 144 allows for the public resale of restricted securities only if certain holding period and other conditions are satisfied. For non-affiliates of the EVLN, the holding period is six months.
Evolution Resources (EVLN) is an advanced biofuels production company focused on combining the latest in cellulosic process technologies with existing biomass assets for the production of cellulosic ethanol. Evolution Fuels will distribute 100% its ownership of Evolution Resources common stock pursuant to the dividend.
EVFL Dividend
The additional dividend of Evolution Fuels common stock will be performed on a simple 1-1 basis, whereby any shareholders owning at least one share of Evolution Fuels common stock as of the record date of February 23, 2010 shall receive an equivalent number of newly issued shares. These dividend shares will be "restricted" as defined in the Securities Act of 1933. Rule 144 allows for the public resale of restricted securities only if certain holding period and other conditions are satisfied. For non-affiliates of the Company, the holding period is six months.
"Our goal of listing on a premiere tier of the U.S. over-the-counter market will provide numerous trading benefits, as well as increased exposure to retail and institutional investors," said Dennis McLaughlin, CEO of Evolution Fuels. "However, in order to achieve our goal of listing on the OTCQX, we are undergoing a series of proactive strategic initiatives to raise our price per share, while at the same time, rewarding our existing shareholders."
The higher price per share needed to achieve Evolution Resources' goal of obtaining a listing on the OTCQX marketplace will also benefit many shareholders and potential shareholders who have experienced limitations on the ability to purchase stocks that trade under one penny.
Mr. McLaughlin continued, "As CEO of both companies, I am pleased to offer our loyal Evolution Fuels shareholders with the two million shares of Evolution Resources common stock. We will be making a separate announcement of a joint conference call to provide background on both companies, discuss our strategic initiatives and relay our corporate growth plans for 2009 and beyond."
About Evolution Resources, Inc.
Evolution Resources, Inc. is a renewable energy company focused on the production of cellulosic ethanol for transportation fuels. Presently, the company is perusing certain proposed projects that will leverage existing distressed assets and infrastructure in the State of Washington, as well as the Mississippi and Louisiana Delta region. The Company's website is www.evoresources.com.
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 Florida 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 website 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.