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I see trading has been suspended for this stock. Can someone give the "readers digest" version of what happened?
I think the company was/is on the right track with the dispensing systems, as I believe we are heading toward Natural Gas cars and trucks.
Any insight would be appreciated.
sin
Applied Natural Gas Fuels, Inc. Announces the Formation of their New Infrastructure and Advisory Business Division and the Appointment of Kishore Duwadi as Senior Engineer
Applied Natural Gas Fuels, Inc. (“ANGF” or the “Company”) (OTCBB: AGAS.OB) today announced the formation of their Infrastructure and Advisory Business Division. This division will offer comprehensive field services and solutions to the underserved LNG and LCNG market. These services include the facilitation of site selection, permitting, engineering design, construction and maintenance. According to Frank Martelli, VP of Operations, “The Infrastructure and Advisory Business Division was created to address a void in the industry. There is strong demand for complete turn-key solutions, and our internal expertise makes us uniquely qualified to provide these services. There are also significant cross-selling opportunities between the LNG and the Infrastructure and Advisory businesses. We are confident in our ability to provide value added services to both existing and new customers in the industry.”
In connection with this newly created division, Applied Natural Gas Fuels, Inc. also announced the appointment of Kishore Duwadi to the role of Senior Engineer. Reporting to Frank Martelli, Mr. Duwadi will be responsible for leading and growing the Infrastructure and Advisory Business Division. Prior to joining Applied Natural Gas Fuels, Inc., Duwadi worked for Prometheus Energy, where he held the position of Senior Controls Engineer. “Kishore brings a tremendous amount of theoretical and hands-on experience in all aspects of the natural gas fuels business,” said Cem Hacioglu, President and CEO of ANGF. “We are extremely excited to have him join our ranks and look forward to working with him as an integral part of the Company's technical management team.”
About Applied Natural Gas Fuels, Inc.
Applied Natural Gas Fuels, Inc. produces, distributes, and sells liquefied natural gas (LNG) and compressed natural gas (CNG) to transportation, industrial, and municipal markets in the western United States and northern Mexico. It offers turn-key fuel solutions to its customers, including delivery of clean LNG fuel, equipment storage, fuel dispensing equipment and fuel loading facilities. ANGF processes LNG in its liquefaction processing plant, which is one of the two primary LNG production facilities in the western U.S. with capacity sufficient to service retail, wholesale, and industrial end users. ANGF also provides LNG and CNG storage, fueling and delivery systems, and executes turn-key fuel solutions that include equipment leasing, station installations, safety and training, temporary fueling stations, and LNG and CNG consulting services. For more information, visit ANGF's website, located at http://www.AppliedNaturalGas.com.
Forward Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. The statements contained in this press release that are not purely historical are 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. When used in this press release, the words "anticipate”, "believe”, "estimate”, "intend" and "expect" and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements include, without limitation, the statements regarding ANGF’s strategy, future production, future expenses and future liquidity and capital resources. All forward-looking statements in this press release are based upon information available to the Company on the date of this press release, and the Company assumes no obligation to update any such forward-looking statements. The Company's actual results could differ materially from those discussed in this press release. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the Company's Annual Report on Form 10-K and its other filings with the Securities and Exchange Commission.
Applied Natural Gas Fuels, Inc.
Source: Business Wire (November 4, 2011 - 8:46 PM EDT)
News by QuoteMedia
applied facts, lng will be used for years.
I agree mick, we need to get our ducks in a row on this...
MBOT
natural gas will start to lead a a fuel use to many corporations
possibly trains , truckers , utilities , LNG is strong in supplies.
not yet as far as I can see mick, who knows maybe years from now...lol
MBOT
i see some action? maybe?
this one no quote; Applied Natural Gas (AGAS)
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Volume: -
Bid Ask Day's Range
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AGAS Detailed Quote
dunno mick, but you can do a search on it...
MBOT
i wonder how they make laughing gas.
blurp juice is from soda. that human natural gas.
whatever ya got...lol
MBOT
applications? natural gas or homemade gas?
I hope your well compensated....LOL
MBOT
probably so my friend.
maybe you can get a deal with this co...?
MBOT
i feel like i took all da gas...hmmm
movie was terrible. I'm back...
MBOT
o.k. time to take a snoozer?
cya soon.
not yet mick...
MBOT
i look and reads, anything to update?
need to get it quoted IMO...
MBOT
o.k. now to see it form and get more information in listing.
just watching so far...
MBOT
i got up late and just starting...i did nothing so far.
still no quote, I bid to a penny, no bites...
MBOT
it does mend to what is chatted this wkend.
NOTE 2 — VOLUNTARY REORGANIZATION UNDER CHAPTER 11
During 2009, the Company completed a comprehensive evaluation of its strategic and financial options and concluded that voluntarily filing for bankruptcy protection under Chapter 11 was necessary in order to (i) mitigate the impact of certain onerous debt instruments and contractual obligations, and (ii) restructure its balance sheet to enable the Company to sustain its operations as a going concern. On September 9, 2009, the Company and its subsidiaries filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (“Bankruptcy Code”), in the United States Bankruptcy Court for the District of Delaware (“Bankruptcy Court”) (Case No. 09-13162).
On March 12, 2010, the Bankruptcy Court entered an order (the “Confirmation Order”) confirming our First Amended Plan of Reorganization (including all supplements and modifications thereto) (the “Amended Plan”). The Disclosure Statement was attached as Exhibit 99.1 to the Company’s Current Report on Form 8-K filed on January 19, 2010. The Confirmation Order, together with a copy of the final and confirmed Amended Plan (which updates and supersedes the Plan included within our Current Reports on Form 8-K filed on January 19, 2010 and March 18, 2010), is incorporated herein by reference.
As discussed in more detail below in “Accounting for Consummation of the Plan,” the Company, on March 24, 2010 (the “Effective Date”), satisfied all material conditions precedent to the effectiveness of the Amended Plan, thereby allowing the Amended Plan to become effective. The Company elected to use March 31, 2010 as the date for adopting Fresh Start reporting in order to coincide with the Company’s normal financial closing for the 1 st quarter of 2010.
On the Effective Date, and in complete settlement of all pre-petition claims: (i) Fourth Third, LLC (“Medley”), the holder of approximately $37.5 million of pre-petition senior secured indebtedness, received $5.5 million in cash, a new $9.8 million senior secured four-year term note, accruing interest at 10% per annum (adjusted at the effective date to $10.0 million to include legal fees advanced by Medley), and 13,200,000 shares of common stock representing approximately 66% of the common stock of the newly reorganized Company; (ii) Castlerigg PNG Investments, LLC (“Castlerigg”), the holder of approximately $3.2 million of unsecured convertible debt, and the former beneficial owner of approximately sixty (60%) percent of our pre-petition shares, provided $8.325 million to fund the implementation of the Amended Plan (inclusive of $250,000 advanced prior to Confirmation), in return for which it received a $5.5 million senior secured four year term note, accruing interest at 10% per annum (adjusted at the effective date to $5.65 million to include legal fees advanced by Castlerigg), a $250,000 senior secured short-term note, and 5,300,000 shares of common stock representing approximately 26.5% of the common stock of the newly reorganized Company; (iii) the holder of a senior secured note of the Company received approximately $72,000 in cash; (iv) former litigants who asserted contract claims against us received certain allowable claims as unsecured creditors and the return of certain equipment which was the subject matter of the litigation; and (v) the holders of approximately $7 million of pre-petition unsecured indebtedness received a pro rata share of a $750,000 creditor fund (based on the percentage of each individual creditor’s allowed general unsecured claim to the total amount of all unsecured allowable claims), a potential recovery of an excise tax refund of up to $450,000 and 1,500,000 shares of stock representing approximately 7.5% of the common stock of the newly reorganized Company (collectively, the “Unsecured Creditor Fund”).
All of our existing equity was eliminated on the Effective Date, including all options, warrants and other convertible securities that were linked to our existing equity. Further, on the Effective Date, we changed our name to Applied Natural Gas Fuels, Inc.
As of March 31, 2010, the Company’s capital structure consisted of the following:
1. A new $10.0 million Senior Secured Term Loan in favor of Medley, bearing an interest rate of 10% with a maturity date on the fourth anniversary following the Effective Date. This loan is secured by first lien rights, pari passu with Castlerigg (described below), on all assets except for accounts receivable.
2. A new $5.650 million Senior Secured Term Loan in favor of Castlerigg, bearing an interest rate of 10% with a maturity date on the fourth anniversary following the Effective Date and secured by first lien rights, pari passu, with Medley (described above), on all assets except for accounts receivable.
7
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3 . A $250,000 Senior Secured Short-Term Loan in favor of Castlerigg, bearing an interest rate of 10%, and payable in ten equal monthly payments of $25,000 commencing with the Effective Date.
4. A $2 million working capital Line of Credit (“Line of Credit”) in favor of Greenfield Commercial Credit LLC (“Greenfield”) that matures on April 1, 2011, with an interest rate and terms consistent with the credit facility in effect prior to the Chapter 11 filing. This facility is secured by accounts receivable.
5. Common Stock— 20,000,000 newly issued shares of new Common Stock (“New ANGF Common Stock”) issued as follows:
a. 13,200,000 common shares issued to Medley as consideration for the conversion to equity of the majority of the senior secured note held at the time of the Company’s Chapter 11 filing.
b. 5,300,000 common shares issued to Castlerigg as consideration for its new investment in the Company.
c. 1,500,000 common shares issued to unsecured creditors in partial settlement of unsecured trade and other unsecured debts, as provided by the terms of the Amended Plan.
As discussed in more detail below in Note 2—“Voluntary Reorganization Under Chapter 11” the Company emerged from the Chapter 11 proceedings on March 24, 2010 and adopted Fresh Start reporting effective March 31, 2010.
also from 10Q
MBOT
O/S from 10Q
As of November 12, 2010, there were 20,000,000 shares of common stock of the registrant outstanding.
Entity Actions for "APPLIED NATURAL GAS FUELS, INC."
Sort by File Date Document Number Action Type descendingascending order
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Actions\Amendments
Action Type: Annual List
Document Number: 20100600498-50 # of Pages: 2
File Date: 8/11/2010 Effective Date:
(No notes for this action)
Action Type: Reorganization
Document Number: 20100181076-56 # of Pages: 44
File Date: 3/23/2010 Effective Date:
Previous Stock Value: Par Value Shares: 50,000,000 Value: $ 0.001 No Par Value Shares: 0 ----------------------------------------------------------------- Total Authorized Capital: $ 50,000.00 New Stock Value: Par Value Shares: 45,000,000 Value: $ 0.001 Par Value Shares: 5,000,000 Value: $ 0.001 No Par Value Shares: 0 ----------------------------------------------------------------- Total Authorized Capital: $ 50,000.00
OTCBB and Other-OTC System Changes - 12/16/2010 12:00:00 AM
OTCBB Daily List
Other-OTC / Portal / PPS Daily List
OTCBB, Other-OTC and Portal Daily List
SECURITY ADDITIONS
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Trade Comments
13:10 AGAS Applied Natural Gas Fuels Inc Common Stock 12/17/2010 Y 100 From NBB (AGAS)**
http://altlng.com/pdf/The-ALT-Difference.pdf
Applied LNG Technologies, LLC (ALT) provides cost-effective and clean-burning fuels to large
municipalities, transit authorities and commercial fleets by means of vehicle-grade LNG, CNG
and L/CNG production and distribution.
ALT is well positioned to participate in the growth of the LNG market because of its production
and distribution experience and expertise, established customer base and reputation for
delivering high-quality vehicle-grade fuel.
L N G N O W
As America builds toward a renewable energy future, natural gas provides the best possible
environmental and economical solution. LNG is the bridge to that future.
Clean burning and reduced emissions
Ample U.S. natural gas proved reserves
Affordable and stable fuel prices
Growing infrastructure
Lower vehicle purchase prices
Reduced vehicle maintenance
Available government incentives
A P P L I E D L N G T E C HNO L O G I E S , L L C ( A L T )
P HO N E : 8 1 8 . 4 5 0 . 3 6 5 0
WWW. A L T L N G . C O M
Wholly owned by Applied Natural Gas
Fuels, Inc. (OTCBB: AGAS).
Phone: 214-613-0220
Fax: 214-634-6276
E-mail: info@altlng.com
31111 Agoura Road
Suite 208
Westlake Village, California 91361
(T) 818.450.3650
(F) 818.450.3660
A P P L I E D L N G
T E C H N O L O G I E S , L L C
B R I N G I N G N AT U R A L G A S
I N T O T H E F U T U R E
A P P L I E D L N G
T E C H N O L O G I E S , L L C
( A L T )
P H O N E : 8 1 8 . 4 5 0 . 3 6 5 0
B R I N G I N G A L T E R N A T I V E
F U E L S I N T O T H E F U T U R E
ALT invites you to explore the world of natural
gas alternative fuels, its applications and
benefits.
Contact us at info@altlng.com for additional
information.
Efficiently managing storage, loading, and
distribution in Topock, Arizona.
ALT provides turnkey LNG consulting solutions that include:
LNG/LCNG production and delivery systems
Fueling station design and installation services
Temporary fueling stations
Equipment leasing
Safety and training
Low BTU gas processing
Feedstock sources for LNG production include pipeline natural gas,
landfill gases and methane from agricultural biomass facilities.
R E L I A B L E S O U R C E O F N A T U R A L
F U E L
A P P L I E D L N G
T E C HN O L O G I E S , L L C
( A L T )
PH O N E : 8 1 8 . 4 5 0 . 3 6 5 0
ALT’s LNG Production Facility located in
Topock, Arizona since 1995.
E N V I R O N M E N T A L L Y J U S T I F I E D
LNG Reduces:
NOx emissions
Greenhouse gases
Fueling costs
Environmental footprint
According to Natural Gas Vehicle Coalition data, when compared
to diesel, natural gas vehicles significantly reduce harmful
emissions by up to:
Carbon Monoxide (CO) — 70%
Nitrogen Oxide (NOx) — 87%
Carbon Dioxide (CO2) — 20%
N A T U R A L A N D D O M E S T I C
Domestically produced natural gas as vehicle-grade fuel trumps
traditional petroleum-based fuels like diesel and gasoline.
A V A I L A B I L I T Y A N D P R I C E S T A B I L I T Y
As the U.S. has substantial domestic reserves, natural gas tends to
avoid the volatility of petroleum-based fuel prices.
C L E A N B U R N I N G A N D C O S T E F F E C T I V E
Purified natural gas burns more cleanly and produces energy more
efficiently than traditional fuels. Natural gas vehicles run better and
require less maintenance.
T H E R I G H T C H O I C E
With lower costs, improved price stability and a cleaner burn, natural
gas is the most attractive option for businesses with high fuel
consumption. ALT currently serves industries with these:
Transit Systems
Refuse Trucks
Local Delivery Fleets
Locomotive Switch Engines
Industrial and Agricultural Applications
Construction
Off-road Vehicles (such as yard hostlers)
Peak Shaving
ALT plans to expand into Mining & Cement Operations.
P HO N E : 8 1 8 . 4 5 0 . 3 6 5 0
WWW. A L T L N G . C O M
ALT’s state-of-the-art fleet of
cryogenic tanks transports LNG
safely and efficiently.
T H E A L T A DVA N TAG E
A P P L I E D L N G
T E C H N O L O G I E S , L L C ( A L T )
P H O N E : 8 1 8 . 4 5 0 . 3 6 5 0
B R I N G I N G A L T E R N A T I V E
F U E L S I N T O T H E F U T U R E
T H E C O M P E T I T I V E A D V A N T A G E
ALT has historically provided services and maintenance agreements for municipalities refuse companies, agricultural production and
retail refueling stations. ALT serves approximately 45% of the vehicle-grade LNG market.
I N D U S T R Y P I O N E E R
Established in 1995, ALT has formed key industry relationships and is known as a premier provider of
natural gas fuel solutions. ALT developed the LNG vehicle-grade transportation market for the western
United States, and with its affiliates has a combined 100-plus years of cryogenic industry experience.
ALT has specified, designed and supervised installations for numerous permanent and temporary LNG/LCNG refueling stations for
both on– and off-road applications. ALT’s core proprietary technical and operations staff are qualified, respected industry leaders.
ALT has long-established relationships with industry specific engineering consultants and
leading equipment and vendor providers, positioning us to meet future growth opportunities.
ALT’s cryogenic professionals, the most experienced in the marketplace, facilitate efficient
diesel to natural gas fleet conversions.
ALT produces competitively priced vehicle-grade fuels.
ALT passes along tax credits and incentives to stations owners.
ALT is flexible and dedicated to providing creative solutions.
Works with companies of any size, including small fleets.
Vast experience allows for adaptable and custom solutions.
Mobile fueling station solutions efficiently facilitate fleet conversions.
ALT’s low corporate overhead results in efficient and fair pricing.
P HO N E : 8 1 8 . 4 5 0 . 3 6 5 0
WWW. A L T L N G . C O M
Links from website...
MBOT
America Lung Association
http://www.lungusa.org/
America's Natural Gas Alliance
http://www.anga.us/
Arizona Department of Environmental Quality (ADEQ)
http://www.azdeq.gov/environ/air/
California Air Pollution Control Officers Association
http://www.capcoa.org/
California Air Resources Board
http://www.arb.ca.gov/
California Energy Commission (CEC)
http://www.energy.ca.gov/
California Natural Gas Vehicle Coalition
http://www.cngvc.org/
Clean Cities
http://www.ccities.doe.gov/
Department of Energy (DOE)
http://www.energy.gov/
Environmental Protection Agency (EPA)
http://www.epa.gov/
Gladstein, Neandross & Associates
http://gladstein.org/
Mohave Desert Air Quality Management District
http://www.mdaqmd.ca.gov/
National Renewable Energy Laboratory
http://www.nrel.gov/
NGVAmerica - Natural Gas Vehicle Coalition
http://www.ngvc.org/
Questar Corporation
http://www.questar.com/
San Pedro Bay Ports Clean Air Action Plan (CAAP)
http://www.cleanairactionplan.org/
South Coast Air Quality Management District (SCAQMD)
http://www.aqmd.gov/
Texas Commission on Environmental Quality (TCEQ)
http://www.tceq.state.tx.us/
Texas General Land Office
http://www.glow.state.tx.us/
The Carl Moyer Program
http://www.arb.ca.gov/msprog/moyer/moyer.htm
U. S. Energy Information Administration
http://www.eia.doe.gov/
Utah Clean Cities
http://www.utahcleancities.org/
WestStart - CalStart
http://www.calstart.org
ALT owns an LNG production facility in Topock, AZ, one mile east of the Arizona border with California. The plant has is currently producing more than 2 million gallons per month. The facility is strategically located in close proximity to its primary metropolitan markets along the west coast to minimize transportation costs. The plant's natural gas feedstock supply is fed by an El Paso Natural Gas pipeline. Other feedstock sources for LNG production can come from landfill gas or methane sources like agricultural biomass facilities
MARKETING
The market in the U.S. for clean, vehicle-grade LNG today revolves around Los Angeles, California. California has solidly adopted LNG as a vehicle fuel and has passed legislation and regulations supporting and promoting its use in the state. This market has been the focus of ALT’s efforts for more than a decade.
Los Angeles, (including urban portions of the city), Orange County, Riverside, and San Bernardino counties collectively were designated the South Coast Air Quality Management District (SCAQMD). This area of 10,743 square miles is home to over 16 million people (the second most populated urban area in the United States) and has the most polluted air in the United States today. California encourages and provides millions of grant dollars to assist individual and fleet owners to acquire vehicles that are LNG powered.
ALT's primary customers in California are municipal fleets such as Orange County buses and garbage trucks, Orange County Transportation (city buses), as well as commercial vehicles like those belonging to United Parcel Service (UPS) in the Los Angeles area, and garbage-disposal fleets along the California coast.
DISTRIBUTION
Special cryogenic tank tractor-trailers are used to transport ultra-cold liquefied natural gas from the manufacturer to small-scale storage for end users. ALT owns several of these specialty trailers, and through its close relationship with Cryogenic Transportation, Inc. (CTI), has access to one of the nation's largest fleets of these trailers.
ALT has experience and expertise in obtaining and installing LNG fuel dispensing equipment, and understands federal government grants that facilitate conversion of vehicles to use LNG. The Company is therefore able to assist new customers to quickly begin using LNG fuel.
Natural gas powered vehicles can be the most economical decision for your transportation needs. Natural gas is cleaner, safer, and more readily available than traditional petroleum-based fuels. Therefore, you can reduce engine maintenance costs, clean up the environment and lessen America's dependency on foreign oil with one swipe of your Fleet Star dispensing card.
Fleet Star, Inc. (Fleet Star) specializes in retail-based natural gas dispensing stations and is committed to helping build the natural gas infrastructure. With its 24-hour public access station in California, Fleet Star brings the convenience of natural gas to the community.
CREDIT APPLICATION
(Adobe Acrobat Required)
Policy Statement
•Assembly Bill 32: California’s Climate Change Law (Applied LNG Technologies, LLC, “ALT” supports)
•Proposition 23, November 2010 Ballot Initiative to Suspend Assembly Bill 32 (ALT opposes)
Applied LNG Technologies, LLC Supports Greenhouse Gas Emissions’ Mandates
Published online September 16, 2010
ALT’s Policy Statement
As a leading provider of clean, vehicle grade liquefied natural gas (LNG) which has displaced consumption of millions of gallons of diesel by port drayage, refuse, transit, agriculture, municipal vehicles and other medium and heavy duty vehicle applications, ALT strongly supports the tenets of AB 32 (California’s Climate Change Law).
According to Natural Gas Vehicle Coalition data, when compared to diesel, natural gas vehicles significantly reduces harmful emissions by up to:
•Carbon Monoxide (CO) — 70% •Nitrogen Oxide (NOx) — 87% •Carbon Dioxide (CO2) — 20%
ALT opposes Proposition 23, which through a ballot initiative in November 2010, proposes to suspend AB 32 until the state unemployment rate drops to 5.5 percent.
“We believe that enforcing and supporting AB 32 in fact benefits California’s economy and creates new jobs,” according to Cem Hacioglu, President and CEO of ALT. “We are seeing significant job growth in the trucking industry and that means job growth for those who support that industry, whether it’s the fuel supplier, such as ALT, the equipment manufacturers who build refueling stations, engine manufacturers, or the truck manufacturers.
“Every week we see new entrants in the market for investment, technology advancements and high-end technical job growth – these are all directly related to California’s foresight in creating a new standard for climate change. “
Background: California's major initiatives for reducing climate change or greenhouse gas (GHG) emissions are outlined in Assembly Bill 32 (signed into law 2006), 2005 Executive Order, and a 2004 ARB regulation to reduce passenger car GHG emissions. These efforts aim at reducing GHG emissions to 1990 levels by 2020 - a reduction of approximately 30 percent, and then an 80 percent reduction below 1990 levels by 2050. Source: California Air Resource Board http://www.arb.ca.gov/cc/cc.htm
To implement AB 32, CARB developed a Scoping Plan, December 2008, that “proposes a comprehensive set of actions designed to reduce overall greenhouse gas emissions in California, improve our environment, reduce our dependence on oil, diversify our energy sources, save energy, create new jobs, and enhance public health. The measures in this Scoping Plan are expected to be in place by 2012.”
ALT’s areas of interest in the Scoping Plan are goods movement and Industrial emissions.
Goods Movement
A significant portion of greenhouse gas emissions from transportation activities comes from the movement of freight or goods throughout the state. Activity at California ports is forecast to increase by 250 percent between now and 2020. Proposition 1B funds, as well as clean air plans being implemented by California’s ports, will also help reduce greenhouse gas emissions while cutting criteria pollutant and toxic diesel emissions. ARB is proposing to develop and implement additional measures to reduce greenhouse gas emissions due to goods movement from trucks, ports and other related facilities. This effort should provide accompanying reductions in air toxics and smog forming emissions.
ARB incorporated the Heavy-Duty Vehicle-Efficiency measure into the Goods Movement measure.
Industrial Emissions
Require assessment of large industrial sources to determine whether individual sources within a facility can cost-effectively reduce greenhouse gas emissions and provide other pollution reduction co-benefits. Reduce greenhouse gas emissions from fugitive emissions from oil and gas extraction and gas transmission. Adopt and implement regulations to control fugitive methane emissions and reduce flaring at refineries.
Major industrial facilities include power plants, refineries, cement plants, and miscellaneous other sources.
--------------------------------------------------------------------------------
Environmental policy information can be found on the following websites:
United States Environmental Protection Agency
http://www.epa.gov/air/caa/peg/
National Environmental Policy Act
http://www.epa.gov/compliance/nepa/
U.S. Department of Energy: Fossil Energy Dept.
http://fossil.energy.gov/programs/oilgas/storage/lng/feature/whatisit.html
Energy Efficiency and Renewable Energy: Clean Cities
http://www1.eere.energy.gov/cleancities/
Federal Transit Administration
http://www.fta.dot.gov/
California Energy Commission
Assembly Bill 118
http://www.energy.ca.gov/ab118/index.html
Utilizing natural gas as vehicle fuel offers many benefits compared with traditional petroleum-based fuels like diesel and gasoline. One benefit is the tendency for natural gas to better maintain price stability. This tendency can be attributed to the fact that the United States has substantial domestic natural gas reserves. This allows natural gas prices to attain historically less volatility than petroleum-based fuels. In addition to price stability, when natural gas is purified, its energy content is more cost effective than traditional fuels. This means that vehicles run more efficiently and with less maintenance due to the cleaner burn of the fuel. Therefore, the combination of lower costs and improved price stability makes natural gas an attractive business option for fleets with high fuel consumption trends.
ALT would like to invite you to explore the world of natural gas alternative fuels and to become familiar with its use and benefits in various forms. If you have any questions, please contact us at info@altlng.com and a representative will follow up as soon as possible.
Benefits
Utilizing natural gas as vehicle fuel offers many benefits compared with traditional petroleum-based fuels like diesel and gasoline. One benefit is the tendency for natural gas to better maintain price stability. According to the Energy Information Agency’s April 2010 Annual Energy Report, "natural gas for use in transport vehicles currently costs 42 percent less than diesel fuel (on an energy- equivalent basis...), and with oil prices rising at a significantly faster rate than U.S. natural gas prices, the gap is projected to widen to 50 percent in 2035." [1]
This trend can be attributed to the fact that the United States has substantial domestic natural gas reserves. This allows natural gas prices to attain historically less volatility than petroleum-based fuels. In addition to price stability, when natural gas is purified, its energy content is more cost effective than traditional fuels. This means that vehicles run more efficiently and with less maintenance due to the cleaner burn of the fuel. Therefore, the combination of lower costs and improved price stability makes natural gas an attractive business option for fleets with high fuel consumption trends.
--------------------------------------------------------------------------------
[1] - Energy Information Administration (EIA), Annual Energy Outlook 2010 with Projections to 2035, DOE/EIA- 0383(2010)(Washington, DC, April 2010), available at http://www.eia.doe.gov/oiaf/aeo/pdf/0383(2010).pdf, 34.
Management Team | Board of Directors
Established in 1995, ALT is the largest vehicle-grade LNG producer in the Western United States. Since its inception, it has grown to become a major force in the natural gas industry specializing in vehicle and industrial solutions. ALT provides LNG and CNG product and delivery systems. We execute turnkey fuel solutions, including: equipment leasing, station installations, safety & training, natural gas production, low BTU gas processing, temporary fueling stations, and consulting in the LNG and CNG markets.
These facts, combined with ALT’s management team, who have in excess of 100 man-years of cryogenic work experience and several hundred man-years of transportation work experience, provide ALT’s customers the best and most reliable one-stop alternative fuel service in the industry.
Management Team
Cem Hacioglu
Director Applied Natural Gas Fuels, Inc.
President and Chief Executive Officer
Cem Hacioglu has served as director of Applied Natural Gas Fuels, Inc. (f/k/a PNG Ventures, Inc.) since August 2008 and president and chief executive officer of Applied LNG Technologies, LLC (ALT) since February 2009. Hacioglu was previously a portfolio manager in charge of direct investments for Sandell Asset Management Corp. and Millennium Partners, and also held positions at Fletcher Asset Management, Merrill Lynch and the World Bank. Hacioglu earned a Bachelor of Science in Economics from the United States Military Academy, West Point, and holds an MBA in Financial Management from the MIT’s Sloan School of Management.
A. Bradley Gabbard
Chief Financial Officer and Principal Accounting Officer
Mr. Gabbard has been with ALT since September 2009 as Vice President in charge of special projects. In June 2007, Mr. Gabbard became a co-managing member of MG Advisors, LLC, an advisory firm providing senior managerial and financial advisory services to energy companies. In this capacity, Mr. Gabbard provided consulting services to the Company from July, 2008 through August 2009. Prior to that, Mr. Gabbard had been a co-founder of Metretek Technologies, Inc., now known as PowerSecure International, Inc., where he served in several positions, including Director, Executive Vice President, and Chief Financial Officer until his retirement from the Company in April 2007. Mr. Gabbard is a Certified Public Accountant and holds a Bachelor of Accountancy degree from the University of Oklahoma.
Greg Dahl
Chief Technical Officer
Greg Dahl currently serves ALT / Fleet Star, Inc. as our Chief Technical Officer. Dahl is responsible for the safe operation and maintenance of Fleet Star re-fueling stations, the ALT liquefaction plant in Topock, Arizona, and other ALT projects across the western U.S. Dahl was formerly involved in the operation and management of a privately-held hazardous materials transportation fleet and has over 27 years of extensive safety training and experience in handling flammable liquids, compressed gasses, and cryogenics. He joined Fleet Star in 1990 and remained with the company after the merger which formed ALT / Fleet Star in 1995. Dahl attended Bakersfield College in California.
Linda Berndt
Vice President of Government and Public Affairs
Linda Berndt serves as vice president of government and public affairs for ALT. Berndt has extensive experience over the past twenty-five years having worked for ATT and Southwestern Bell in communications, media relations, and government and public affairs. She has worked closely with a multitude of state and national business and commerce groups, and extensively with a number of state, federal and municipal environmental and regulatory agencies and groups, including Clean Cities’ state and regional associations. She has served on the Texas BioProducts Industry Council, providing input for Texas’ alternative energy policy, and also on the EPA's Region 6 Blue Skyways Collaborative. Berndt is a graduate of Wharton School’s Executive Development Program at the University of Pennsylvania and earned a Bachelor of Science for both Marketing and Business Management from Oklahoma City University.
Frank Martelli
Director of Special Projects
Frank Martelli serves at Applied Natural Gas Fuels, Inc. since May 2010 as Director of Special Projects. He brings to the team valuable Finance and Strategic Planning experience from Fortune 500 companies such as Amgen, Monsanto and The Boston Consulting Group. Martelli currently works on several key management areas including support of strategic decisions, pricing, contract review and compliance. Martelli is an Industrial Engineer from Argentina’s Instituto Tecnológico de Buenos Aires and holds an MBA from the MIT Sloan School of Management.
Board of Directors
W. Phillip Marcum
Chairman of the Board
Applied Natural Gas Fuels, Inc.
W. Phillip Marcum is currently chairman of the board of Applied Natural Gas Fuels, Inc. He has served as a principal of MG Advisors, LLC. From 1991 until 2007, Mr. Marcum co-founded and served as Chairman of the Board, President, and Chief Executive Officer of Metretek Technologies, Inc. (now known as PowerSecure International, Inc.), an energy management company. Mr. Marcum holds a B.B.A. from Texas Tech University. Mr. Marcum also currently serves as Chairman of the Board and as a director of ADA-ES, Inc., a publicly traded environmental technology company, and as a director for Key Energy Services, Inc., a well servicing company.
Cem Hacioglu
President and CEO
Applied LNG Technologies, LLC
Cem Hacioglu joined ALT as President and CEO on February 16, 2009. From May 2005 to February 2009, Mr. Hacioglu was a co-portfolio manager of the direct investment group of Sandell Asset Management Corp. (“Sandell”), an affiliate of Castlerigg. Prior to May 2005, Mr. Hacioglu worked as a Portfolio Manager at Millennium Partners where he helped manage Millennium’s direct investment portfolio. Prior to joining Millennium Partners, Mr. Hacioglu was a Vice President at Fletcher Asset Management, an associate in the Private Equity Placements Group at Merrill Lynch and an analyst at the World Bank. Mr. Hacioglu earned his B.S. Degree in Economics from the United States Military Academy, West Point, and his M.B.A. in Financial Management from the MIT Sloan School of Management.
Liberatore Iannarone
Associate General Counsel and Chief Compliance Officer
Sandell Asset Management Corp. Mr. Iannarone has served as associate general counsel and chief compliance officer of Sandell Asset Management Corp. ("Sandell") since 2008. Sandell is the investment manager of the managing member of Castlerigg PNG Investments, LLC ("Castlerigg"), one of the principal shareholders of the Company. Prior to working with Sandell, from 1999 to 2008, he worked as an attorney in private practice representing clients in acquisitions and other corporate matters. Prior to his legal career, from 1993-1996, Mr. Iannarone worked in the accounting industry as an auditor and budget analyst. Mr. Iannarone received his law degree from Georgetown University Law Center in 1999 and has been a member of the New York State Bar Association since 2000, and graduated from Gettysburg College with a B.A. in Management (accounting and finance) in 1993. Mr. Iannarone was appointed to serve as a director of the Company by Castlerigg pursuant to its right to appoint a director under the Shareholders’ Agreement, dated March 24, 2010, between the Company, Castlerigg, and Fourth Third, LLC.
Kevin Collins
Managing Member
The Old Hill Company, LLC
Kevin Collins has been a managing member of The Old Hill Company, LLC since 1997. The Old Hill Company provides corporate finance and management consulting services primarily to companies that have undergone financial reorganization. Prior to that, Mr. Collins worked with several large financial institutions in lending, investing, and advisory capacities; these institutions include New York Life Insurance Company, Chemical Bank, Lloyds Bank International, and Samuel Montagu, Inc. and DG Investment Bank. Mr. Collins serves on the boards of Key Energy Services, Inc., an oil service company, PowerSecure International Inc., an energy technology company, The Antioch Company, a scrapbooking direct sales company, and The Penn Traffic Company, a supermarket chain. Mr. Collins holds B.S. and MBA degrees from the University of Minnesota and is a Chartered Financial Analyst. As a result of these and other professional experiences, Mr. Collins’ extensive knowledge of the Company and our industry, his analytical business background (as an MBA and Chartered Financial Analyst), his experience working on strategic transactions, as well as his lending and advisory experience with large financial institutions and his extensive experience serving on boards of directors, each of which strengthen the Board’s collective qualifications, skills, and experience.
Tom Quimby
Principal
Medley Capital Mr. Quimby is a Principal with Medley Capital and is responsible for transaction origination, underwriting, restructuring and special situations for the Medley Opportunity Funds. Prior to joining Medley, Mr. Quimby was a founding team member and Vice President of COVA Capital, leading the sourcing, underwriting and account management of mezzanine transactions in a variety of industries. Prior to COVA Capital, Mr. Quimby worked at several GE Capital businesses including, Global Sponsor Finance, Global Consumer Finance, GE Financial Assurance and GE Capital Corporate. Prior to GE, Mr. Quimby worked as a Bank Examiner for the FDIC in the Risk and Supervision Division. Mr. Quimby is a graduate of the Financial Management Program at GE Capital, and received a B.S. in Business Administration from the Whitemore School of Business at the University of New Hampshire.
24 Mar, 2010
PNG Ventures, Inc. and Subsidiaries Emerge from Chapter 11 Reorganization
Significantly Deleveraged Company Well Positioned to Execute Aggressive Growth Plans
Company to Change Name to “Applied Natural Gas Fuels, Inc.”
Dallas, Texas (March 24, 2010) PNG Ventures, Inc. (OTCBB:PNGXQ) today announced it and its wholly owned subsidiaries, New Earth LNG, LLC, Arizona LNG, LLC, Applied LNG Technologies USA, LLC, Fleet Star, Inc., and Earth Leasing, Inc. (collectively, the “Company”), have successfully emerged from the voluntary reorganization filed on September 9, 2009 under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The Plan of Reorganization, confirmed on March 12, 2010 resulted in conversion of a majority of the Company’s outstanding debt to new common equity, and eliminated or mitigated the impact of certain onerous contracts inherited as part of the Company’s June 30, 2008 Share Exchange Transaction with Earth Biofuels, Inc.
Throughout the reorganization process, the Company operated its business in the ordinary course. The Company’s day-to-day operations and delivery of products or services to its customers were not adversely affected by the Chapter 11 filing.
Cem Hacioglu, President & CEO of PNG Ventures, said, “We are very happy to have successfully completed this critical process within a short period and are excited about the prospects of our new company going forward. Having recapitalized our balance sheet and eliminated a number of debilitating operational and financial impediments, we are now superbly positioned to take advantage of the tremendous growth opportunities in the alternative fuels market and become the preeminent provider of cleaner burning fuels for the domestic and international markets.”
Mr. Hacioglu continued, “On behalf of our Board of Directors and management team, we would like to thank our employees and professional team for their hard work, perseverance and dedication. We would also like to thank our Plan sponsors, Medley Capital and Sandell Asset Management for their faith in us and our long-term prospects. Most especially, however, we would like to thank our customers, suppliers and other business partners for their patience throughout this arduous process. We will continue to work very hard to be deserving of the trust and confidence they have placed in us and our Company.”
As part of the Plan of Reorganization, the majority of the Company’s senior credit facility was converted into approximately 66% of the common stock of the newly organized Company with the balance settled for a combination of cash and a $9.8 million four-year term loan. In addition, the Company’s trade and unsecured debts were exchanged for a creditor trust of approximately $1.2 million and 7.5% of the common stock of the newly reorganized Company. The Plan was funded by approximately $8.3 mm in return for a combination of approximately 26.5% of the common stock of the newly reorganized Company, a new $5.5 million four-year term loan and $250,000 short-term loan. Previously outstanding equity, including all options, warrants and other derivative instruments linked to that equity, was eliminated as part of the Plan. The Company remains a public entity and, upon completion of the customary regulatory review and distribution of the creditor shares, should resume trading under a new symbol based on the name Applied Natural Gas Fuels, Inc.
The foregoing is intended as a summary of the terms of the final Plan of Reorganization and confirmation process. A more detailed description can be found within the Company’s Current Report on Form 8-K which will be filed with the Securities and Exchange Commission. A copy of the Plan and Disclosure Statement are available at www.altlng.com.
About Applied Natural Gas Fuels, Inc. (formerly known as “PNG Ventures, Inc.”)
Through its Applied LNG Technologies and other subsidiaries, the Company engages in the production, distribution, and sale of liquefied natural gas (“LNG”) to customers consisting of public utilities, industrial end-users and other fleet customers within the transportation, manufacturing, distribution, and municipal markets, primarily in California, Arizona, and Nevada. The Company also offers turnkey fuel solutions, including delivery, equipment storage, fuel dispensing equipment, and fuel loading facilities.
Forward-Looking Statements Disclosure
This press release may contain “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. 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 are subject to risks and uncertainties that could cause actual results to differ materially from results proposed in such statements. 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. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: the ability of the Company to successfully implement its Plan of Reorganization as confirmed; the Company’s ability to implement its business model as it has now emerged from bankruptcy protection; the Company’s ability to maintain its operations as a going concern and to service the newly restructured indebtedness it has incurred under its Plan of Reorganization; the Company’s ability to obtain and maintain normal terms with vendors, service providers, and leaseholders now that it has emerged from bankruptcy proceedings; the ability of the Company to fund and execute its business plan; the ability of the Company to attract, motivate and/or retain key executives and associates; the ability of the Company to attract and retain customers; and statements or assumption underlying the Company’s Plan of Reorganization and any of the foregoing, as well as other factors set forth under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2008 filed with the Securities and Exchange Commission and other filings with the SEC. Similarly, these and other factors, including the terms and impact of the Plan of Reorganization, as confirmed, can affect the value of the Company’s equity securities. No assurances can be provided as to when, if at all, the Company’s new securities may be listed on a national securities exchange or on the over-the-counter market, or as to when, if at all, a trading market may be developed in the Company’s securities. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date of this press release. All written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the foregoing. We assume no duty to update or revise our forward-looking statements based on changes in internal estimates, expectations, or otherwise or to reflect events or circumstances after the date hereof.
Contact:
Rachel Croft, 214-613-0214
info@altlng.com
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7 Apr, 2010
DRAFT 2010 Update to the San Pedro Bay Ports Clean Air Action Plan
In five years, under the Clean Air Action Plan, diesel PM from all port-related sources would be reduced by a total of 1,200 tons per year. NOx emissions would be reduced by 12,000 tons per year, and SOx emissions would be reduced by 8,900 tons a year.[1]
Pollution Reduction Strategies:
* The Clean Air Action Plan addresses every category of port-related emission sources: ships, trucks, trains, cargo-handling equipment and harbor craft and outlines specific, detailed strategies to reduce emissions from each category.
* The ports propose to eliminate dirty diesel trucks from San Pedro Bay cargo terminals within five years.
* The ports will join with the state and local agencies to finance programs to replace trucks with a new generation of clean or retrofitted vehicles.
* The ports, along with the South Coast Air Quality Management District, propose to allocate more than $200 million over five years towards this effort and will also aggressively seek state bond funding to assist with this massive truck replacement initiative.
* As part of the Plan, all major container cargo and cruise ship terminals at the ports would be equipped with shore-side electricity within five to ten years so that vessels can shut down their diesel-powered engines while at berth.
* Ships also would be required to reduce their speeds when entering or leaving the harbor region, use low-sulfur fuels, and employ other emissions reduction measures and technologies.
* Within five years all cargo-handling equipment would be replaced or retrofitted to meet or emit at levels below those called for in the toughest U.S. Environmental Protection Agency emissions standards for new equipment.
* Without the Clean Air Action Plan, much of the cargo handling equipment not affected by the California Air Resource Board's recently adopted cargo handling equipment regulation would be allowed to operate at current emission levels until it wears out.
* Within five years all switching locomotives operating in the Ports also will meet the toughest U.S. Environmental Protection Agency standards for new locomotives, use cleaner fuels and exhaust treatment and devices that will automatically shut off engines to prevent extensive idling.
* In addition, all new rail yards must use the cleanest technologies available for locomotives, trucks, and cargo handling equipment within their facilities.
* The Plan also includes a far-reaching research component to address and ultimately overcome obstacles that impair the utilization of the cleanest vessels, engines and equipment in the world at the ports of Los Angeles and Long Beach.
For full text of the DRAFT Final 2010 CAAP Update, visit http://www.cleanairactionplan.org/civica/filebank/blobdload.asp?BlobID=2441
[1] http://www.cleanairactionplan.org/news/displaynews.asp?NewsID=25&targetid=2
17 Jun, 2010
Applied LNG Technologies Provides Liquefied Natural Gas to Speedy Fuel in the Ports of Los Angeles & Long Beach
June 17, 2010
Long Beach, CA
On Friday, June 11, 2010, Speedy Fuel held a Ribbon Cutting Ceremony for its first full service liquefied natural gas (LNG) fueling station to serve heavy-duty class-8 trucks in the Ports of Los Angeles and Long Beach. Applied LNG Technologies (ALT) supplies LNG to the popular multi-fuel public access station that will offer truck owners and operators full traditional retail access, immediately off the 710 Freeway and Anaheim Street at 1234 Cowles Street, Long Beach, CA, 90805. President Nick Sramek, Port of Long Beach; Vice Mayor Val Lerch, City of Long Beach; and Councilwoman Tonya Reyes Uranga, City of Long Beach were among the dignitaries who spoke at the event.
"It gives me an immense pleasure to be here today celebrating the grand opening of this first ever LNG station in the Ports of Los Angeles & Long Beach that is entirely funded through private funds," said Cem Hacioglu, President & CEO, ALT. "I remember vividly the day Levon and Greg discussed their vision for this station. Despite being one of the largest diesel retailers in the Ports, the Termendzhyan brothers had the foresight to realize the importance of LNG as an alternative fuel."
Speedy Fuel completed this project in record time and without any help from public funds. The station has begun fueling operations within 60 days following initial groundbreaking providing trucking companies and independent owner operators a much needed alternative fueling location within the Ports.
Speedy Fuel and ALT are working together to expand LNG supply at two additional Speedy Fuel locations in the Southland. The additional stations are currently in the planning/development stages and are expected to be opened in 2011.
LNG meets California's strict emission standards and is now more readily available for use by commercial vehicles, heavy-duty trucks, utility companies, fleets, and other natural gas vehicles. Vehicles fueled by the transportation grade LNG produce approximately one-sixth of the nitrous oxides (NOx) and up to 15 percent less greenhouse gases than comparable petroleum diesel fueled vehicles.
About Speedy Fuel, Inc.
Speedy Fuel, Inc., owns and operates several fuel stations around Southern California. Speedy Fuel also distributes fuel through the Speedy Fuel Transportation subsidiary. Speedy Fuel is a leader in alternative fueling being the first private station in Southern California to provide an array of fuel choices to customers including the newest addition of liquefied natural gas (LNG) at its station just outside the Ports of Los Angeles and Long Beach.
About Applied LNG Technologies, LLC
Applied LNG Technologies, LLC (ALT) produces, markets and distributes liquefied natural gas (LNG). ALT owns a production facility located in Topock, Arizona, currently producing over 2 million gallons per month of vehicle-grade LNG. ALT provides LNG and compressed natural gas (CNG) product and delivery systems and executes turnkey fuel solutions that include equipment leasing, station installations, safety and training, natural gas production, low BTU gas processing, temporary fueling stations, and LNG and CNG consulting services. ALT's customer base includes large municipal and transit fleets, various refuse companies, major ports and other commercial trucking fleets. The Company is focused on meeting the growing demand for alternative fuels in the domestic market. The Company's web site is www.altlng.com. ALT is wholly owned by Applied Natural Gas Fuels, Inc. (OTCBB: AGAS
14 Jul, 2010
Questar Transportation Services and Applied LNG Technologies to explore new liquefied natural gas projects
Questar Transportation Services Company (QTS) and Applied LNG Technologies, LLC (ALT) today announced they have signed a memorandum of understanding (MOU) establishing a framework for the companies to jointly explore new market opportunities for Rockies liquefied natural gas (LNG).
QTS, a subsidiary of Salt Lake City-based Questar Corporation, provides natural gas midstream field services, including gas gathering and processing. Headquartered in California, ALT, a subsidiary of Applied Natural Gas Fuels, Inc., is a producer and distributor of transportation- and industrial-grade LNG on the West Coast and in the Southwest.
Under the MOU announced today, QTS and ALT intend to accelerate market expansion of LNG products and services in the Rockies, primarily in the transportation and manufacturing sectors. The business framework is designed to increase net-to-the-well prices for Rockies producers supplying gas to this new market.
"The MOU sets the stage for ALT and QTS to jointly work with Rockies gas producers to develop LNG projects to serve large fleet owners and industrial users with a domestically produced, more environmentally friendly fuel that costs less than gasoline or diesel fuels. We hope to build on the leading role our affiliate, Questar Gas, has developed expanding CNG refueling capability in Utah," said R. Allan Bradley, Executive Vice President of Questar Corporation.
"The agreement signed today by QTS and ALT establishes a promising collaboration between two long-time natural gas providers," added Cem Hacioglu, President and CEO of ALT. "It will help us meet the growing demand from our nation's large trucking fleets, industrial users of propane and oil, and intermodal transportation and rail companies for proven alternatives to traditional fuels that are also less expensive and produce fewer harmful emissions."
About Questar Corporation:
Questar Corporation is a natural gas-focused energy company. Its subsidiaries include:
•Wexpro Company, which develops and produces natural gas on behalf of Questar Gas Company's utility customers;
•Questar Pipeline Company, which operates interstate natural gas pipelines and storage facilities and provides other energy services in the western United States; and
•Questar Gas Company, a regulated natural gas distribution utility serving over 900,000 homes and businesses in Utah, Wyoming, and Idaho.
About Applied LNG Technologies, LLC:
Applied LNG Technologies, LLC (ALT) produces and markets liquefied natural gas (LNG). ALT owns a production facility located in Topock, Arizona, currently producing over 2 million gallons per month of vehicle-grade LNG. Along with that facility and other LNG production facilities, ALT has the capability of supplying the Western and Southwestern United States with commercial quantities of vehicle-grade LNG fuel. ALT provides LNG and CNG product and delivery systems and executes turnkey fuel solutions that include equipment leasing, station installations, safety and training, natural gas production, low BTU gas processing, temporary fueling stations, and LNG and CNG consulting services. ALT's customer base includes large municipal and transit fleets, various refuse companies, major ports and other commercial trucking fleets. The Company is focused on meeting the growing demand for alternative fuels in the domestic market. The Company's web site is www.altlng.com. ALT is wholly owned by Applied Natural Gas Fuels, Inc. (OTCBB: AGAS).
Questar Corporation Contact
Media: Steve Chapman, 801-324-5548, Steve.Chapman@questar.com
Financial: Martin H. Craven, 801-324-5077, Martin.Craven@Questar.com
Applied LNG Technologies, LLC Contact
Media: Linda Berndt, 214-864-1886, info@altlng.com
Financial: Brad Gabbard, 303-619-2747, info@altlng.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.
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17 Jun, 2010
Applied LNG Technologies Provides Liquefied Natural Gas to Speedy Fuel in the Ports of Los Angeles & Long Beach
June 17, 2010
Long Beach, CA
On Friday, June 11, 2010, Speedy Fuel held a Ribbon Cutting Ceremony for its first full service liquefied natural gas (LNG) fueling station to serve heavy-duty class-8 trucks in the Ports of Los Angeles and Long Beach. Applied LNG Technologies (ALT) supplies LNG to the popular multi-fuel public access station that will offer truck owners and operators full traditional retail access, immediately off the 710 Freeway and Anaheim Street at 1234 Cowles Street, Long Beach, CA, 90805. President Nick Sramek, Port of Long Beach; Vice Mayor Val Lerch, City of Long Beach; and Councilwoman Tonya Reyes Uranga, City of Long Beach were among the dignitaries who spoke at the event.
"It gives me an immense pleasure to be here today celebrating the grand opening of this first ever LNG station in the Ports of Los Angeles & Long Beach that is entirely funded through private funds," said Cem Hacioglu, President & CEO, ALT. "I remember vividly the day Levon and Greg discussed their vision for this station. Despite being one of the largest diesel retailers in the Ports, the Termendzhyan brothers had the foresight to realize the importance of LNG as an alternative fuel."
Speedy Fuel completed this project in record time and without any help from public funds. The station has begun fueling operations within 60 days following initial groundbreaking providing trucking companies and independent owner operators a much needed alternative fueling location within the Ports.
Speedy Fuel and ALT are working together to expand LNG supply at two additional Speedy Fuel locations in the Southland. The additional stations are currently in the planning/development stages and are expected to be opened in 2011.
LNG meets California's strict emission standards and is now more readily available for use by commercial vehicles, heavy-duty trucks, utility companies, fleets, and other natural gas vehicles. Vehicles fueled by the transportation grade LNG produce approximately one-sixth of the nitrous oxides (NOx) and up to 15 percent less greenhouse gases than comparable petroleum diesel fueled vehicles.
About Speedy Fuel, Inc.
Speedy Fuel, Inc., owns and operates several fuel stations around Southern California. Speedy Fuel also distributes fuel through the Speedy Fuel Transportation subsidiary. Speedy Fuel is a leader in alternative fueling being the first private station in Southern California to provide an array of fuel choices to customers including the newest addition of liquefied natural gas (LNG) at its station just outside the Ports of Los Angeles and Long Beach.
About Applied LNG Technologies, LLC
Applied LNG Technologies, LLC (ALT) produces, markets and distributes liquefied natural gas (LNG). ALT owns a production facility located in Topock, Arizona, currently producing over 2 million gallons per month of vehicle-grade LNG. ALT provides LNG and compressed natural gas (CNG) product and delivery systems and executes turnkey fuel solutions that include equipment leasing, station installations, safety and training, natural gas production, low BTU gas processing, temporary fueling stations, and LNG and CNG consulting services. ALT's customer base includes large municipal and transit fleets, various refuse companies, major ports and other commercial trucking fleets. The Company is focused on meeting the growing demand for alternative fuels in the domestic market. The Company's web site is www.altlng.com. ALT is wholly owned by Applied Natural Gas Fuels, Inc. (OTCBB: AGAS
Forward Looking Statements:This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks, uncertainties and assumptions, including statements about future station development. The forward-looking statements made herein speak only as of the date of this press release and the company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Contact:
Scott M. Johns
Regional Sales Manager
(949) 294-9435
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7 Apr, 2010
DRAFT 2010 Update to the San Pedro Bay Ports Clean Air Action Plan
In five years, under the Clean Air Action Plan, diesel PM from all port-related sources would be reduced by a total of 1,200 tons per year. NOx emissions would be reduced by 12,000 tons per year, and SOx emissions would be reduced by 8,900 tons a year.[1]
Pollution Reduction Strategies:
* The Clean Air Action Plan addresses every category of port-related emission sources: ships, trucks, trains, cargo-handling equipment and harbor craft and outlines specific, detailed strategies to reduce emissions from each category.
* The ports propose to eliminate dirty diesel trucks from San Pedro Bay cargo terminals within five years.
* The ports will join with the state and local agencies to finance programs to replace trucks with a new generation of clean or retrofitted vehicles.
* The ports, along with the South Coast Air Quality Management District, propose to allocate more than $200 million over five years towards this effort and will also aggressively seek state bond funding to assist with this massive truck replacement initiative.
* As part of the Plan, all major container cargo and cruise ship terminals at the ports would be equipped with shore-side electricity within five to ten years so that vessels can shut down their diesel-powered engines while at berth.
* Ships also would be required to reduce their speeds when entering or leaving the harbor region, use low-sulfur fuels, and employ other emissions reduction measures and technologies.
* Within five years all cargo-handling equipment would be replaced or retrofitted to meet or emit at levels below those called for in the toughest U.S. Environmental Protection Agency emissions standards for new equipment.
* Without the Clean Air Action Plan, much of the cargo handling equipment not affected by the California Air Resource Board's recently adopted cargo handling equipment regulation would be allowed to operate at current emission levels until it wears out.
* Within five years all switching locomotives operating in the Ports also will meet the toughest U.S. Environmental Protection Agency standards for new locomotives, use cleaner fuels and exhaust treatment and devices that will automatically shut off engines to prevent extensive idling.
* In addition, all new rail yards must use the cleanest technologies available for locomotives, trucks, and cargo handling equipment within their facilities.
* The Plan also includes a far-reaching research component to address and ultimately overcome obstacles that impair the utilization of the cleanest vessels, engines and equipment in the world at the ports of Los Angeles and Long Beach.
For full text of the DRAFT Final 2010 CAAP Update, visit http://www.cleanairactionplan.org/civica/filebank/blobdload.asp?BlobID=2441
[1] http://www.cleanairactionplan.org/news/displaynews.asp?NewsID=25&targetid=2
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24 Mar, 2010
PNG Ventures, Inc. and Subsidiaries Emerge from Chapter 11 Reorganization
Significantly Deleveraged Company Well Positioned to Execute Aggressive Growth Plans
Company to Change Name to “Applied Natural Gas Fuels, Inc.”
Dallas, Texas (March 24, 2010) PNG Ventures, Inc. (OTCBB:PNGXQ) today announced it and its wholly owned subsidiaries, New Earth LNG, LLC, Arizona LNG, LLC, Applied LNG Technologies USA, LLC, Fleet Star, Inc., and Earth Leasing, Inc. (collectively, the “Company”), have successfully emerged from the voluntary reorganization filed on September 9, 2009 under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. The Plan of Reorganization, confirmed on March 12, 2010 resulted in conversion of a majority of the Company’s outstanding debt to new common equity, and eliminated or mitigated the impact of certain onerous contracts inherited as part of the Company’s June 30, 2008 Share Exchange Transaction with Earth Biofuels, Inc.
Throughout the reorganization process, the Company operated its business in the ordinary course. The Company’s day-to-day operations and delivery of products or services to its customers were not adversely affected by the Chapter 11 filing.
Cem Hacioglu, President & CEO of PNG Ventures, said, “We are very happy to have successfully completed this critical process within a short period and are excited about the prospects of our new company going forward. Having recapitalized our balance sheet and eliminated a number of debilitating operational and financial impediments, we are now superbly positioned to take advantage of the tremendous growth opportunities in the alternative fuels market and become the preeminent provider of cleaner burning fuels for the domestic and international markets.”
Mr. Hacioglu continued, “On behalf of our Board of Directors and management team, we would like to thank our employees and professional team for their hard work, perseverance and dedication. We would also like to thank our Plan sponsors, Medley Capital and Sandell Asset Management for their faith in us and our long-term prospects. Most especially, however, we would like to thank our customers, suppliers and other business partners for their patience throughout this arduous process. We will continue to work very hard to be deserving of the trust and confidence they have placed in us and our Company.”
As part of the Plan of Reorganization, the majority of the Company’s senior credit facility was converted into approximately 66% of the common stock of the newly organized Company with the balance settled for a combination of cash and a $9.8 million four-year term loan. In addition, the Company’s trade and unsecured debts were exchanged for a creditor trust of approximately $1.2 million and 7.5% of the common stock of the newly reorganized Company. The Plan was funded by approximately $8.3 mm in return for a combination of approximately 26.5% of the common stock of the newly reorganized Company, a new $5.5 million four-year term loan and $250,000 short-term loan. Previously outstanding equity, including all options, warrants and other derivative instruments linked to that equity, was eliminated as part of the Plan. The Company remains a public entity and, upon completion of the customary regulatory review and distribution of the creditor shares, should resume trading under a new symbol based on the name Applied Natural Gas Fuels, Inc.
The foregoing is intended as a summary of the terms of the final Plan of Reorganization and confirmation process. A more detailed description can be found within the Company’s Current Report on Form 8-K which will be filed with the Securities and Exchange Commission. A copy of the Plan and Disclosure Statement are available at www.altlng.com.
About Applied Natural Gas Fuels, Inc. (formerly known as “PNG Ventures, Inc.”)
Through its Applied LNG Technologies and other subsidiaries, the Company engages in the production, distribution, and sale of liquefied natural gas (“LNG”) to customers consisting of public utilities, industrial end-users and other fleet customers within the transportation, manufacturing, distribution, and municipal markets, primarily in California, Arizona, and Nevada. The Company also offers turnkey fuel solutions, including delivery, equipment storage, fuel dispensing equipment, and fuel loading facilities.
Forward-Looking Statements Disclosure
This press release may contain “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. 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 are subject to risks and uncertainties that could cause actual results to differ materially from results proposed in such statements. 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. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: the ability of the Company to successfully implement its Plan of Reorganization as confirmed; the Company’s ability to implement its business model as it has now emerged from bankruptcy protection; the Company’s ability to maintain its operations as a going concern and to service the newly restructured indebtedness it has incurred under its Plan of Reorganization; the Company’s ability to obtain and maintain normal terms with vendors, service providers, and leaseholders now that it has emerged from bankruptcy proceedings; the ability of the Company to fund and execute its business plan; the ability of the Company to attract, motivate and/or retain key executives and associates; the ability of the Company to attract and retain customers; and statements or assumption underlying the Company’s Plan of Reorganization and any of the foregoing, as well as other factors set forth under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2008 filed with the Securities and Exchange Commission and other filings with the SEC. Similarly, these and other factors, including the terms and impact of the Plan of Reorganization, as confirmed, can affect the value of the Company’s equity securities. No assurances can be provided as to when, if at all, the Company’s new securities may be listed on a national securities exchange or on the over-the-counter market, or as to when, if at all, a trading market may be developed in the Company’s securities. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date of this press release. All written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the foregoing. We assume no duty to update or revise our forward-looking statements based on changes in internal estimates, expectations, or otherwise or to reflect events or circumstances after the date hereof.
Contact:
Rachel Croft, 214-613-0214
info@altlng.com
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10 Sep, 2009
PNG Ventures, Inc. and Subsidiaries File Voluntary Petitions for Reorganization under Chapter 11 of the United States Bankruptcy Code
Company plans to implement debt restructuring to enhance operations and convert majority of debt to new equity
Dallas, Texas (September 10, 2009) PNG Ventures, Inc. today announced it and its wholly owned subsidiaries, New Earth LNG, LLC, Arizona LNG, LLC, Applied LNG Technologies USA, LLC, Fleet Star, Inc., and Earth Leasing, Inc. (collectively, the “Company”), filed voluntary petitions for reorganization under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the District of Delaware (the “Court”). The filings were made to facilitate a broad-based debt restructuring plan which contemplates conversion of a majority of the Company’s outstanding debt to new common equity, and to mitigate the impact of certain onerous contracts inherited as part of the Company’s June 30, 2008 Share Exchange Transaction with Earth Biofuels, Inc.
Throughout the reorganization process, the Company will continue to operate its business in the ordinary course and does not expect that the Chapter 11 filing will have any adverse effect on its day-to-day operations or delivery of products or services to its customers.
Cem Hacioglu, President & CEO of PNG Ventures, said “Restructuring and recapitalizing our balance sheet is a critical step in positioning the Company to take advantage of the tremendous growth opportunities in the alternative fuels market. Today’s action will allow us to secure long-term relief from some of the debilitating legacy debt and operational impediments we inherited when the Company acquired its baseline LNG operations from Earth Biofuels in June 2008 and maintain our leadership position in providing innovative natural gas based fueling solutions to our customers. We will emerge from this process with substantially less debt and a dramatically improved capital structure which, in turn, will position us to be a stronger competitor and further support our long-term objective of becoming the preeminent provider of cleaner burning fuels for the domestic and international markets.”
In conjunction with its Chapter 11 petitions and standard and customary first day motions, the Company’s filing included a proposed Plan of Reorganization (the “Plan”) that contemplates, among others: (i) settlement of the majority of the Company’s senior credit facility for approximately 66% of the common stock of the newly reorganized Company, with the balance being settled for a combination of cash and a new four-year term loan; (ii) settlement of the Company’s trade debt and unsecured debt for approximately 28% of allowable claim amounts and 7.5% of the common stock of the newly reorganized Company; and (iii) securing financing of approximately $8.4 million to fund the Plan, for a combination of a new four-year term loan and approximately 26.5% of the new common stock of the newly reorganized Company. Under the proposed Plan, our existing equity would be eliminated, including all options, warrants and other derivative instruments that are linked to our existing equity.
The foregoing is intended as a summary of the terms of the Plan. A more detailed description can be found within the Company’s Current Report on Form 8-K which will be filed with the Securities and Exchange Commission. A copy of the Plan and Disclosure Statement are available at www.altlng.com. As the Plan and Disclosure Statement have not yet been approved by the Court, the Plan and Disclosure Statement may be materially modified before approval.
The Company’s bankruptcy counsel is Fox Rothschild, LLP.
This press release is for informational purposes only and is not a solicitation to accept or reject the Plan or an offer to sell or a solicitation of an offer to purchase any securities of the Company. Any solicitation or offer to sell will only be made pursuant to and in accordance with the Disclosure Statement and Plan of Reorganization distributed in accordance with the Bankruptcy Code, securities laws and other applicable laws and regulations.
About PNG Ventures, Inc.
Through its Applied LNG Technologies and other subsidiaries, the Company engages in the production, distribution, and sale of liquefied natural gas (“LNG”) to customers consisting of public utilities, industrial end-users and other fleet customers within the transportation, manufacturing, distribution, and municipal markets, primarily in California, Arizona, and Nevada. The Company also offers turnkey fuel solutions, including delivery, equipment storage, fuel dispensing equipment, and fuel loading facilities.
Forward-Looking Statements Disclosure
This press release may contain “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. 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 are subject to risks and uncertainties that could cause actual results to differ materially from results proposed in such statements. 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. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: the ability of the Company to continue as a going concern; the Company’s ability to obtain court approval with respect to motions in the Chapter 11 proceeding prosecuted by it from time to time; the ability of the Company to develop, prosecute, confirm and consummate one or more plans of reorganization with respect to the Chapter 11 cases; risks associated with third parties seeking and obtaining court approval to terminate or shorten the exclusivity period that the Company has to propose and confirm a Plan of Reorganization; the appointment of a Chapter 11 trustee or examiner or to convert the Company’s bankruptcy cases to cases under Chapter 7 of the U.S. Bankruptcy Code; the Company’s ability to obtain and maintain normal terms with vendors, service providers, and leaseholders and to obtain orders authorizing payments to such parties; the Company’s ability to maintain contracts that are critical to its operations; the potential adverse impact of the Chapter 11 cases on the Company’s liquidity or results of operations; the ability of the Company to fund and execute its business plan; the ability of the Company to attract, motivate and/or retain key executives and associates; the ability of the Company to attract and retain customers; and statements of assumption underlying any of the foregoing, as well as other factors set forth under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2008 filed with the Securities and Exchange Commission and other filings with the SEC. Similarly, these and other factors, including the terms of any reorganization plan ultimately confirmed, can affect the value of the Company’s various pre-petition liabilities, common stock and/or other equity securities. No assurance can be given as to what values, if any, will be ascribed in the bankruptcy proceedings to each of these constituencies. Accordingly, the Company urges that the appropriate caution be exercised with respect to existing and future investments in any of these liabilities and/or securities. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date of this press release. All written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the foregoing. We assume no duty to update or revise our forward-looking statements based on changes in internal estimates, expectations, or otherwise or to reflect events or circumstances after the date hereof.
Contact:
Rachel Croft
214-613-0214
or email: info@altlng.com
^top
6 Feb, 2009
PNG Ventures, Inc. Appoints Cem Hacioglu as President and Chief Executive Officer
The Board of Directors of PNG Ventures, Inc. (OTCBB:PNGX) announced today that it has appointed Cem Hacioglu as President and Chief Executive Officer, effective February 16, 2009.
PNG Ventures, Inc. produces liquefied natural gas ("LNG") from its production facility in Topock, AZ through its wholly-owned subsidiary Applied LNG Technologies USA, LLC (ALT). ALT currently produces and distributes over two million gallons monthly of vehicle-grade LNG to municipal and commercial transportation markets in the western United States.
“ALT has the potential to be the preeminent competitor in the growing LNG and alternative fuels market,” said Hacioglu. “I am grateful to our interim CEO, Kevin Markey, for his leadership during this critical transition period and intend to build upon his accomplishments. I look forward to working closely with him in his capacity as the Vice President of Sales and Operations of PNG Ventures.”
Hacioglu, 38, will continue to serve as a director of PNG, a position he has held since August 20, 2008. A co-portfolio manager of the Direct Investment Group of Sandell Asset Management Corp. since May 2005, a shareholder PNG, and former portfolio manager of Millennium Partners where he helped manage Millennium's direct investment portfolio, Hacioglu has held various positions at Fletcher Asset Management, Merrill Lynch and the World Bank. He earned his B.S. Degree in Economics from the United States Military Academy, West Point, and his M.B.A. in Financial Management from the MIT Sloan School of Management.
PNG Chairman of the Board, W. Phillip Marcum, said, “We are happy that Cem has agreed to become President and Chief Executive Officer of PNGX and look forward to the future growth and success of the Company under Cem’s leadership."
About ALT
Applied LNG Technology (ALT) produces and markets liquefied natural gas (LNG). ALT owns a production facility located in Topock, Arizona, currently producing over 2-Million gallons monthly of vehicle-grade LNG. Along with that facility and other LNG production facilities, ALT has the capability of supplying the western and southwestern United States with commercial quantities of vehicle-grade LNG fuel. ALT provides LNG and CNG product and delivery systems and executes turnkey fuel solutions that include equipment leasing, station installations, safety and training, natural gas production, low BTU gas processing, temporary fueling stations, and LNG and CNG consulting services. ALT’s customer base includes large municipal fleets, various refuse companies, major ports and other commercial trucking fleets. Possible feedstock sources for LNG production include landfill gases or methane sources from agricultural biomass facilities. The Company is focused on meeting the growing demand for alternative fuels in the domestic market. The Company's web site is www.altlng.com. ALT is wholly owned by PNG Ventures, Inc. (OTCBB: PNGX).
website...
you gotta watch the video there, I think I'm buying here
MBOT
http://altlng.com/
Applied LNG Technologies (ALT) markets and produces liquefied natural gas (LNG) to the western and southwestern United States from multiple facilities, including Topock, Arizona at which they produce over 2 millions gallons of vehicle-grade LNG monthly.
ALT also provides LNG and CNG product and delivery systems, and executes turnkey fuel solutions that include equipment leasing, station installations, safety and training, natural gas production, low BTU gas processing, temporary fueling stations, and LNG and CNG consulting services.
ALT’s customer base includes various refuse companies, major ports, large municipal fleets, and other commercial trucking fleets. ALT is focused on meeting the growing demand for alternative fuels in the domestic market from possible feedstock sources including landfill gases or methane sources from agricultural biomass facilities. ALT is wholly owned by Applied Natural Gas Fuels, Inc. f/k/a PNG Ventures Inc.
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Recent Headline:
Questar Transportation Services and Applied LNG Technologies to explore new liquefied natural gas projects
July 14, 2010
Questar Transportation Services Company (QTS) and Applied LNG Technologies, LLC (ALT) today announced they have signed a memorandum of understanding (MOU) establishing a framework for the companies to jointly explore new market opportunities for Rockies liquefied natural gas (LNG).
Under the MOU announced today, QTS and ALT intend to accelerate market expansion of LNG products and services in the Rockies, primarily in the transportation and manufacturing sectors. The business framework is designed to increase net-to-the-well prices for Rockies producers supplying gas to this new market.
"The agreement signed today by QTS and ALT establishes a promising collaboration between two long-time natural gas providers," added Cem Hacioglu, President and CEO of ALT. "It will help us meet the growing demand from our nation’s large trucking fleets, industrial users of propane and oil, and intermodal transportation and rail companies for proven alternatives to traditional fuels that are also less expensive and produce fewer harmful emissions."
Company Overview
from last 10Q
On June 30, 2008, we entered into the business of the production, distribution and sale of liquefied natural gas (“LNG”) by completing the acquisition of New Earth LNG, LLC, a Delaware limited liability company (“New ELNG”), and its operating subsidiaries, including Applied LNG Technologies, LLC, Fleet Star, Inc., and Arizona LNG, LLC (the “LNG Acquisition”). Following the LNG Acquisition, we changed our primary business focus to liquefied natural gas production and distribution and became a provider of LNG to transportation, industrial, and municipal markets in the western United States and portions of Mexico. We offer turnkey fuel solutions to our customers, including delivery of clean LNG fuel (99% methane gas), equipment storage, fuel dispensing equipment and fuel loading facilities. We are one of the two primary vehicle-grade LNG producers in the western United States.
One of the principal assets we acquired in the LNG Acquisition was a liquefied natural gas production facility in Topock, Arizona (the “Plant”), along with its related sales and distribution businesses. The Plant processes pipeline quality natural gas through various purification applications (to a purity of up to 99% methane gas), and through refrigeration cycles that cool the gas to a temperature of approximately -260 degrees F, at which point the natural gas product condenses to a liquid. After processing, LNG is stored in above ground cryogenic storage tanks at the Plant, until shipped via tractor trailers to customer sites, where it is also stored in above ground storage tanks until transferred directly to vehicles. In its liquefied state, LNG occupies approximately 1/600th of the volume of natural gas and is easily stored and transported. We believe that our Plant is one of the few operating natural gas production facilities in the western United States with capacity sufficient to service retail, wholesale and industrial end users. As it would take an extended period and require substantial capital expenditures to develop a similar production facility, and to develop the experienced staff required to provide a turn-key solution to potential LNG customers, we believe the barrier to entry is high in our business.
At some customer sites, we also offer a pure form of compressed natural gas (“CNG”). CNG is normally produced by compressing pipeline quality natural gas to a density that is approximately 40% of LNG. We produce CNG at certain sites by vaporizing LNG at high pressures, and typically refer to this product as LCNG. As LCNG, it remains in a gaseous state, and is stored in high pressure tanks, usually at operating pressures of 4,000 to 5,000 psi, to be eventually dispensed into vehicles in gaseous form. We utilize this process at our retail fueling station, and at certain customer owned refueling sites. The Company also provides LNG and LCNG storage, fueling and delivery systems, and executes turnkey fuel solutions that include equipment leasing, station installations, safety and training, temporary fueling stations, and LNG and CNG consulting services.
We purchase pipeline quality natural gas from one main supplier, who transports the natural gas to the plant site via a pipeline immediately adjacent to the Plant. The Plant has an annual production capacity of 35.6 mm gallons of LNG, with a maximum production capacity of 100,000 gallons of vehicle grade LNG per day (approximately 60,000 gallons per day of diesel gallon equivalent). In addition, we own a fleet of 24 specialty cryogenic tank trailers which are used to transport LNG from the plant site to customer sites. Although we produce LNG at our Plant in Arizona, we also purchase, from time to time, other LNG supplies from third parties, typically on spot contracts. In addition to the Plant and 24 cryogenic tank trailers, we also own a public LNG fueling station from which we sell LNG and LCNG at retail to the public. This station is located near a popular airport in Southern California.
Our sales and marketing efforts are conducted through a small staff of direct sales people. We sell substantially all of our LNG to municipal, other governmental agency, and commercial fleet customers (e.g. refuse companies, major ports, large municipal fleets, and other commercial trucking fleets), who typically own and operate their LNG powered vehicle fleets and fueling stations. We also sell a small volume of LNG to industrial customers for non-vehicle use. Our customers are located in the western United States and northern Mexico. Typical customer fleet applications include city and regional buses, garbage collection and hauling trucks, heavy-duty tractors, port drayage trucks, and industrial manufacturing applications.
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Our primary customers in California are municipal fleets such as Orange County buses and garbage trucks, Orange County Transportation (city buses), as well as commercial vehicles like those belonging to United Parcel Service in the Los Angeles area, and garbage-disposal fleets up and down the California coast.
Currently, one of the largest markets in the U.S. for clean, vehicle-grade LNG is Southern California and surrounding areas. This market has been the focus of our marketing efforts. In recent years, various governmental agencies in California, Arizona, and surrounding areas have enacted environmental and clean air regulations that have served to encourage fleet operators to convert portions of their vehicle fleets to cleaner fuel alternatives such a LNG.
Los Angeles (including urban portions of the city), Orange County, Riverside and San Bernardino counties collectively are designated the South Coast Air Quality Management District (SCAQMD). This area of 10,743 square miles is home to over 16 million people (the second most populated urban area in the United States) and has the most polluted air in the United States. California encourages and provides millions of grant dollars to assist individual and fleet owners to acquire vehicles that are powered by cleaner alternatives to diesel and gasoline, such as LNG and CNG.
Our sales are based on supply contracts that are normally on a commodity “index-plus” basis, although we also occasionally may enter into fixed-price contracts. The “index-plus” contracts typically contain contract pricing provisions that reset periodically (typically each month) according to the applicable natural gas monthly pricing index. While revenues per GGE may fluctuate based on the price of natural gas, our gross profit / per GGE for any given customer contract remains generally stable over the life of the contract.
Our business strategy is to capitalize on the anticipated growth in the consumption of natural gas, principally LNG, as a vehicle fuel and to build our competitive position as that market expands. Subject to the availability of adequate capital and certain shareholders consents (See “Outlook” hereafter), we intend to execute on our business strategy by expanding the geographic and operational scope of our business operations, establishing additional retail fueling stations, increasing our LNG storage and production capacity, and expanding our sales and marketing efforts.
Voluntary Reorganization under Chapter 11
Following the June 30, 2008 acquisition of our LNG business, our liquidity and results of operations were adversely affected by, among other things, the loss of a major customer, continuing losses from pre-existing customer relationships and the substantial indebtedness assumed as part of the acquisition. In the LNG Acquisition, we also inherited certain predecessor litigation claims, as well as certain non-economic contracts, which collectively created an insurmountable barrier to our restructuring efforts. For these and other reasons, on September 9, 2009 (the “Petition Date”), we voluntarily filed petitions (including each of our subsidiaries) for relief under Chapter 11 of the Federal Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court, District of Delaware (the “Bankruptcy Court”), which cases were jointly administered as Case No. 09-13162. From the Petition Date until our emergence from bankruptcy, we operated our business as debtors-in-possession in accordance with the Bankruptcy Code.
On March 12, 2010, the Bankruptcy Court entered an order confirming our First Amended Plan of Reorganization (the “Amended Plan”) and on March 24, 2010 (the “Effective Date”), we successfully closed on a series of restructuring transactions contemplated by the Amended Plan, and we emerged from Chapter 11 bankruptcy proceedings.
On the Effective Date, and in complete satisfaction of all pre-petition claims: (i) Medley Capital, as agent for Fourth Third, LLC (“Medley”), the holder of approximately $37.5 million of pre-petition senior secured indebtedness, received $5.5 million in cash, a new $9.8 million senior secured four-year term note accruing interest at 10% per annum (adjusted at the effective date to $10.0 million to include legal fees advanced by Medley), and 13,200,000 shares of common stock representing approximately 66% of the common stock of the newly reorganized Company; (ii) Castlerigg PNG Investments, LLC (“Castlerigg”), the holder of approximately $3.2 million of unsecured convertible debt, and the former beneficial owner of approximately sixty (60%) percent of our pre-petition shares, provided $8.325 million to fund the implementation of the Amended Plan (inclusive of $250,000 advanced prior to confirmation), in return for which it received a $5.5 million senior secured four year term note accruing interest at 10% per annum (adjusted at the effective date to $5.65 million to include legal fees advanced by Castlerigg), a $250,000 senior secured short-term note (also included within our New Credit Agreement), and 5,300,000 shares of common stock representing approximately 26.5% of the common stock of the newly reorganized Company; (iii) the holder of a senior secured note of the Company received approximately $72,000 in cash; (iv) former litigants who asserted contract claims against us received certain allowable claims as unsecured creditors and the return of certain equipment which was the subject matter of the litigation; and (v) the holders of approximately $7 million of
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pre-petition unsecured indebtedness received a pro rata share of a $750,000 creditor fund (based on the percentage of each individual creditor’s allowed general unsecured claim to the total amount of all unsecured allowable claims), a potential recovery of an excise tax refund of up to $450,000 and 1,500,000 shares of stock representing approximately 7.5% of the common stock of the newly reorganized Company.
All of our existing equity was eliminated on the Effective Date, including all options, warrants and other convertible securities that were linked to our existing equity. Further, on the Effective Date, we changed our name to Applied Natural Gas Fuels, Inc.
Results of Operations—Applied Natural Gas Fuels, Inc.
The accompanying financial statements include unaudited consolidated balance sheets as of September 30, 2010 (successor entity) and December 31, 2009 (predecessor entity), unaudited consolidated statements of operations for the quarter ended and six month period ended September 30, 2010 (successor entity), and predecessor entity unaudited consolidated statements of operations for the quarters ended March 31, 2010 and September 30, 2009 and nine month period ended September 30, 2009. The accompanying financial statements also include unaudited statements of cash flows for the three months ended March 31, 2010 (predecessor entity), the six month period ended September 30, 2010 (successor entity), and the nine month period ended September 30, 2009 (predecessor entity).
For purposes of this management’s discussion and analysis, we are not including analysis with respect to the comparative balance sheets since, in management’s view, such comparison is no longer meaningful because of the recent confirmation of the Amended Plan, the Company’s respective emergence from the Chapter 11 proceeding, and the application of Fresh Start reporting.
Accounting for Consummation of the Amended Plan
In connection with the consummation of the Amended Plan, we adopted the Fresh Start reporting provisions of ASC 852.10, with respect to our financial reports, which requires us to restate our assets and liabilities to their fair values based upon the provisions of the Amended Plan and/or other valuation data secured by us in conjunction therewith. Under the provisions of ASC 852.10, Fresh Start reporting is not applied until all material conditions of the reorganization plan are satisfied. All material conditions of the Amended Plan were satisfied on the Effective Date. Due to the proximity of the Effective Date to the end of our 1st quarter of 2010, and the relative immateriality of operations during the intervening period, we applied Fresh Start reporting effective as of March 31, 2010. All Fresh Start adjustments and reorganization adjustments and gains and losses are reflected in our financial statements as of and for the quarter ended as of March 31, 2010.
In connection with the Amended Plan, we engaged a valuation firm to provide management with an estimate of the fair market value of our assets. This report was used as the basis for adjusting the carrying values of our property, plant, and equipment as of December 31, 2009 (see Note 5 to the unaudited consolidated financial statements). Other Fresh Start adjustments were made effective as of March 31, 2010 (see Note 2 to the unaudited consolidated financial statements).
Under the provisions of ASC 852.10, we are considered a different reporting entity effective on and after application of Fresh Start reporting. As such, references in the financial statements to the “predecessor entity” refer to the Company prior to March 31, 2010; likewise, references to “successor entity” refer to the Company on or after March 31, 2010. Due to the different basis of accounting utilized by the predecessor entity and the successor entity, the financial statements of such entities are not necessarily considered comparable.
Successor Entity Three Months Ended September 30, 2010 compared to Predecessor Entity Three Months Ended September 30, 2009 (amounts in thousands):
that last link tells story, look at some of charts there, reveals some, look at 5yr trend...also last PPS was .01
MBOT
The more I look, the better it gets....
MBOT
well it does have a 50 50 chance now...better than no 50 at all.
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©2007-2010 Applied LNG Technologies, LLC ("ALT"), all rights reserved. ALT is a wholly owned subsidiary of Applied Natural Gas Fuels, Inc. (AGAS).
31111 Agoura Road, Suite 208 | Westlake Village, California 91361 | P: 818-450-3650 818-450-3650 | F: 818-450-3660 |info@altlng.com | Powered by ERGOS
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Fleet Star, Inc. (Fleet Star) specializes in retail-based natural gas dispensing stations and is committed to helping build the natural gas infrastructure. With its 24-hour public access station in California, Fleet Star brings the convenience of natural gas to the community.
Applied LNG Technologies, LLC (“ALT”)
ALT is a wholly owned subsidiary of
Applied Natural Gas Fuels, Inc. (OTCBB: AGAS)
31111 Agoura Road, Suite 208
Westlake Village, California 91361
Phone: (818) 450-3650
Fax: (818) 450-3660
www.altlng.com
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