ADNY News !!!
HOUSTON, April 18 /PRNewswire-FirstCall/ -- Adino Energy Corporation (OTC Bulletin Board: ADNY - News) today filed its audited 2007 10-KSB annual report with the Securities and Exchange Commission (SEC).
Total revenue reported for the year was $1,967,813, up 159% compared to $760,313 one year ago. Net loss for 2007 improved by 69% to $(1,497,622), or $(0.03) per share, compared to net loss of $(4,817,315) or $(0.11) per share, in 2006. The annual report included restated figures for 2003 to 2006.
"We are extremely pleased Adino Energy Corporation filed its first 10-KSB with the SEC under our new ticker symbol -- ADNY," commented Timothy G. Byrd, Sr., Adino Energy Corporation's chief executive officer. "Not taking into account several non-cash items, our terminal operation stood on its own, finishing the year cash flow positive, with continued growth."
"The favorable settlement of the lawsuit last year cleared the way for the Company to effectively operate and grow, and we are extremely encouraged by these results. Demand for our services continues to grow as the price of fuel increases and customers are looking for a way to buy large quantities of fuel as a hedge against rising oil prices.
"We have already added a new truck rack at our subsidiary's terminal, Intercontinental Fuels, to offer greater simultaneous throughput, and 2007 also saw the addition of federally mandated ultra-low sulfur diesel facilities.
"I maintain our plan of corporate growth both organically and through complementary acquisition. To that end, important groundwork for phase two of our business plan to resell fuel has been accomplished during the past five months.
"I believe our operations will continue to grow during 2008 as we forge ahead with our new identity," Byrd concluded.
About Adino Energy Corporation, Inc.
Adino Energy Corporation (ADNY) is a wholesale fuel distributor and fuel terminal operator based in Houston, Texas. Adino Energy not only offers storage, delivery, and blending of diesel fuel, but also offers biodiesel to the growing "green" fuels market. Biodiesel is a clean burning, nontoxic, sulfur-free, and biodegradable alternative fuel for compression-ignition (diesel) engines made from animal fat or vegetable oil.
