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Blue Earth Resources, Inc. Acquires Fuel Trader Supply and Fuel Trader Resource Management
Press Release | 09/19/2022
Knoxville, TN, Sept. 19, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Blue Earth Resources Inc. (“BERI”) today announces the acquisition of a 100% interest in Fuel Trader Supply, LLC (“FTS”), a Florida limited liability company, and simultaneously acquired a 100% interest in an FTS affiliate, Fuel Trader Resource Management , Inc. (“FTRM”), a corporation organized under the laws of the Commonwealth of Puerto Rico, a territory of the United States of America. The purchase was procured by a combination of cash and shares of BERI common stock.
BERI will retain its headquarters in Tennessee and will continue maintaining the offices of FTS and FTRM in Florida and Puerto Rico. William R. Eaton was instrumental in the purchase as he owned or controlled 100% of the outstanding equity interest of both FTS and FTRM. In addition to continuing to lead both wholly owned subsidiaries, Mr. Eaton will serve as Chief Operating Officer and a member of the Board of Directors of BERI. Other existing officers of both FTS and FTRM will continue to serve in their same positions.
Scott M. Boruff, Chief Executive Officer, stated, “Fuel Trader has long been a trusted strategic partner of ours. The synergies of products and staff will significantly enhance our opportunities to serve our customers. The two companies have shared a close relationship since BERI commenced operations in Tennessee, and we will combine their product lines with ours to bring the best of each to the industry.”
FTS is a leading supplier of bulk gasoline and diesel products within the Colonial and Plantation pipeline systems. FTS has long standing supply relationships that allow best execution pricing by sourcing and comparing prices from any major US refiner or trading house. The ability to aggregate purchases and service its diverse customer base provides the company a unique competitive advantage. This results in a full suite offering in an end-to-end economies of scale procurement solution. FTS reported total operating revenues of $142,041,375 at December 31, 2021, its most recently completed year-end.
FTRM offers full-service bulk fuel inventory management solutions, to include consulting services for the sourcing, logistics, and risk management needs of clients in the petroleum industry. In addition to consulting for clients, FTRM provides futures execution, hedging strategies, and customized supply options through FTS. Since 2014 FTRM has also implemented and developed a shipping program that manages line space capacity on the Colonial Pipeline System. FTRM is a member of the National Futures Association, the Commodity Futures Trading Commission, and a guaranteed introductory broker for RJ O’Brien, Inc. RJ O’Brien is a registered Futures Commission Merchant with the Commodity Futures Trading Commission, a member of the National Futures Association, and a clearing member on all major U.S. futures exchanges. FTRM reported total operating revenues of $1,021,518 at December 31, 2021, its most recently completed year-end.
Will Eaton, Chief Operating Officer, further stated, “The acquisition is very friendly and is more like a merger, allowing us to combine resources across multiple entities, while also keeping the established Fuel Trader and Blue Earth brands. We will be able to substantially increase our consolidated revenues while simultaneously reducing our outflows. Integrating the companies will allow us to take advantage of the inefficiencies in the supply eco system and capture additional margin from end to end. I am excited to work more intimately with the team at BERI as we have long standing relationships that span back over decades.”
In connection with the acquisition, BERI has a firm written commitment with EF Hutton, a division of Benchmark Investments, LLC, to act as lead underwriter, deal manager and investment banker for an anticipated public offering of the Company’s equity, debt and/or equity derivative instruments. In addition, BERI engaged Carmel, Milazzo & Feil, LLP to advise and represent BERI in an anticipated Form S-1 registration statement filing and potential listing on a national securities exchange.
The acquisition was approved unanimously by BERI’s Board of Directors.
About Blue Earth Resources, Inc.
Blue Earth Resources, Inc. (OTCMKTS: BERI) procures refined fuels from refineries and wholesalers and distributes it to both large retailers and single site operators. Our solution represents lower risk and more stable pricing to our vendors and customers. In addition, our custom branding services include imaging, design and consultation services to assist with custom branding. BERI is headquartered in Knoxville, Tennessee. More information on BERI can be found at www.berifuels.com.
Statements Regarding Forward-Looking Information
Certain statements contained herein are forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans, or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties. Forward-looking statements are not a guarantee of future activities and are subject to many risks and uncertainties. Due to such risks and uncertainties, actual events may differ materially from those reflected or contemplated in such forward-looking statements. Forward-looking statements can be identified by the use of the future tense or other forward-looking words such as "believe," "expect," "anticipate," "intend," "plan," "should," "may," "will," "continue," "strategy," "position," "opportunity," statements regarding the "flexibility" of the Company or the negative of any of those terms or other variations of them or by comparable terminology. A discussion of these risk factors is included in the Company’s periodic reports filed with the U.S. Securities and Exchange Commission.
Contact
Scott M. Boruff, CEO
investorrelations@berifuels.com
(865) 237-4448
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