From the Wires
Petroleum Consolidators Completes Second Round of Due Diligence With Indiana-Based Resource Company
By: Marketwired .
Jun. 23, 2009 04:15 PM
PALM BEACH GARDENS, FL -- (Marketwire) -- 06/23/09 -- Petroleum Consolidators of America, Inc. (PINKSHEETS: PCAI), a gasoline station/convenience store consolidator, is pleased to announce that in the last several weeks we have made substantial progress in reviewing the due diligence materials and are working towards a closing to complete the merger.
Petroleum Consolidators' President & CEO David Cohen stated, "Since having announced the record date of June 10, 2009 for the intended spin-off, both Petroleum Consolidators and the Merger Candidate, based in Sullivan County, Indiana, have been working towards a firm closing date that we anticipate will be announced in the near future."
Additionally, Cohen stated, "While we have been extremely busy with the rigorous review of the due diligence items, we were excited to receive a visit during the week of June 8, 2009 from the CEO of the resource company. They were able to perform their due diligence on Petroleum Consolidators. Both sides were very pleased with the progress and we are eager to reveal the dynamics and potential of this merger to the shareholders."
About Petroleum Consolidators of America.
Petroleum Consolidators of America, Inc. is a gasoline station/convenience store operator which is implementing a targeted acquisition strategy to create a portfolio of consolidated retail gasoline facilities, producing oil wells and a wholesale fuel distributorship that will benefit from substantial operating efficiencies.
This release contains various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended which represent the company's expectations or beliefs concerning future events of the company's financial performance. These forward-looking statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. The words "may," "could," "should," "believe," "anticipate," "estimate," "expect," "intend," "plan" and similar words are intended to identify forward-looking statements. These forward-looking statements are based on the Company's current plans and expectations and involve a number of risks and uncertainties that could cause actual results and events to vary materially from the results and events anticipated or implied by such forward-looking statements. Any number of factors could affect actual results and events, including, without limitation: the ability of the Company to take advantage of expected synergies in connection with acquisitions; the actual operating results of stores and / or properties acquired; the ability of the Company to integrate acquisitions into its operations; fluctuations in domestic and global petroleum, coal and gasoline markets; changes in the competitive landscape of the coal industry, convenience store industry, including gasoline stations and other non-traditional retailers located in the Company's markets; the effect of national and regional economic conditions on the convenience store industry and the markets we serve; the effect of regional weather conditions on customer traffic; financial difficulties of suppliers, including our principal suppliers of gas and merchandise, and their ability to continue to supply our stores; environmental risks associated with selling petroleum products; governmental regulations, including those regulating the environment; and acts of war or terrorist activity. Results actually achieved may differ materially from expected results included in these statements. The Company is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise. Furthermore, the Company cautions that the risk factors listed in this paragraph are not exhaustive.
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