SUNRISE, Fla., Aug. 26, 2013 (GLOBE NEWSWIRE) -- Fuelstream Inc. (OTCQB:FLST) announces it has signed a term sheet with Eagle Rock Institutional Partners LLC (ERIP) to finance the fuel purchases of a specific airline contract. The terms for this credit facility call for financing to start in September 2013, providing the capital for regularly scheduled commercial flights. The terms of the credit facility provide for up to Five Million Dollars of financing for aviation jet fuel. ERIP had performed substantial due diligence on Fuelstream beginning in March of this year, which allowed them to react quickly to this current opportunity. ERIP currently is a shareholder and small lender to Fuelstream since April of 2012. ERIP has invested over $100,000,000.00 over the past ten years in multiple US-based projects and hedge funds. Robert Catala, CEO of Fuelstream, said, "We appreciate the opportunity ERIP has provided and plan to build on this relationship. Hopefully this will open other doors of capital and enable Fuelstream to fulfill the existing opportunities we have available to us. I consider this one more small step in building our business." The terms and conditions of this financing are subject to final due diligence. This financing is non-exclusive and Fuelstream is actively working with other lenders for additional financing.
About Fuelstream
Fuelstream is an operating fuel logistics company that concentrates its supply chain management efforts in the distribution of aviation fuel to corporate, commercial, military, and privately-owned aircraft throughout the world. Currently, a majority of the Company's fuel and related services are concentrated in the sourcing, purchase and delivery of (Jet-A) fuel "into the wing" of private and commercial aircraft at various airports. With offices in Sunrise, Florida and Johannesburg South Africa, the Company intends to supply a variety of ground services either directly or through its affiliates, including concierge services, passenger and baggage handling, landing rights, coordination with local aviation authorities, aircraft maintenance services, catering, cabin cleaning, customs approvals, and third-party invoice reconciliations. For more information please visit www.thefuelstream.com.
Safe Harbor and Forward-Looking Statements
This press release contains certain forward-looking statements regarding possible future circumstances. These forward-looking statements are based upon the Company's current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements including, in particular, any risks and uncertainties with respect to the Company's operations, as well as those contained in the Company's quarterly, annual, and periodic filings with the Securities and Exchange Commission. Actual results, events, and performance may differ. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. The Company undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by the Company or any other person that the events or circumstances described in such statements are material.