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Evolution Fuels, Inc. has announced that it has finalized negotiations
with J&J Developments, Inc. ("J&J") resulting in the execution
of a binding letter of intent to lease an initial three retail fuel
service stations owned by J&J, and the option to lease an
additional ten fuel service stations and truck stop travel plazas.
As part of its overall strategic plan, the Company has formed an
alliance with J&J, a premier commercial real estate developer with
a strong focus on fuel service stations, convenience stores, and truck
stop travel plazas. This alliance extends Evolution's planned
rollout region to the state of Kansas, and helps to expedite the plan
in other areas of the southwestern United States.
As part of its letter of intent with J&J, the Company also has an
option to lease six additional fuel stations and four additional truck
stop travel plazas, all in prime locations, with all truck stops to be
operated under Evolution's "Legends Travel Plazas" brand. As part
of the terms of the agreement, the Company has a one-year option to
acquire any of the facilities that it leases from J&J, including
the initial three stations in Topeka and Manhattan, KS.
"The retail locations in Kansas afford Evolution the opportunity of
immediate operations of top-flight fuel stations in an excellent
geographic region for the sale of blended renewable fuels," stated
Evolution Fuels CEO, Dennis McLaughlin. "We are pleased to have
an ideal partner in J&J for the rapid rollout of the Evolution
Fuels brand in Kansas, and for the potential rollout of more stations
in other strategic areas in the near future. We will continue to
focus our efforts on similar rollouts in selected regions of the
southwestern and southeastern United States."
The Company also announced, in accordance with its strategic plan, that
it is currently finalizing the lease agreement for its first Dallas
station located in the heart of the Dallas metropolis at the
intersection of Oak Lawn Ave. and Lemmon Ave., immediately adjacent to
the upscale Park Cities neighborhood. The Company expects to
execute the lease by the end of this week, followed by several weeks of
engineering and construction.
The Company also announced it would not pursue the lease of a second
station in Dallas at the intersection of Knox St. and Travis St.,
pursuant to a non-binding letter of intent previously announced in
November of last year. Likewise, upon further consideration, the
Company has also decided not to acquire two fuel station locations, one
in Alabama and one in Mississippi, that were previously announced in
October of last year. After extensive due diligence, the Company
determined that at this time, these locations did not provide the
necessary branding opportunity and acceptable level of profitability
necessary to proceed.
PetrolWorld 030210
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