DALLAS, July 6, 2009 (GLOBE NEWSWIRE) -- Evolution Fuels, Inc. (Pink Sheets:EVFL) (the "Company") today announced that its corporate financial statements for the periods ending December 31, 2008 and March 31, 2009, and its Initial Company Information and Disclosure Statement, have been published on the Pink OTC Markets News Service. These reports may be found on the Pink Sheets website at www.pinksheets.com.
The Company's financial statements reflect the recognition of a gain of approximately $74 million during the Company's fourth quarter of 2008 due to the retirement of corporate debt through the Company's PNG Ventures, Inc. ("PNG") share exchange agreement announced on January 16, 2009.
In June 2008, as part of a restructuring plan, the Company closed on a share exchange agreement with PNG Ventures, Inc. that exchanged ownership of the Company's liquefied natural gas production and marketing subsidiary for 7,000,000 shares of PNG common stock, which were pledged as security to certain secured note holders.
In December 2008 the Company exchanged its ownership of 5,600,000 shares of PNG Ventures, Inc. (OTCBB:PNGX) stock to Castlerigg PNG Investments, LLC ("Castlerigg") for payment of approximately $90 million against its total debt of $100,651,173 owed to Castlerigg and certain secured note holders. The Company issued a new convertible debenture in the amount of $20,000,000 to Castlerigg that can be converted to common stock of the Company within twelve months at $0.025 per share.
Further, the Company reported net income of approximately $194,000 for the first quarter of 2009 primarily due to reduced general and administrative expenses and the settlement of certain claims against the Company.
About Evolution Fuels, Inc.
The Company 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.