Adino Energy Announces $3M Storage and Throughput Contract
PR Newswire
May 14, 2008: 08:23 AM EST
HOUSTON, May 14 /PRNewswire-FirstCall/ -- Adino Energy Corporation (OTC Bulletin Board: ADNY) today announced its wholly owned subsidiary, Intercontinental Fuels, LLC, has received a new multi-year storage and throughput contract from a prominent domestic fuel distributor.
"This contract represents more than $3 million in potential revenue over the full three-year term," commented Timothy G. Byrd, Sr., Adino Energy Corporation’s chief executive officer. "The name has been withheld at the customer’s request."
The initial two-year contract allows for automatic renewal of a third year, and features guaranteed fuel throughput, storage, and additive minimums.
Intercontinental Fuels will provide storage, blending, and terminalling with expected monthly throughputs of approximately 50,000 barrels, or 2.1 million gallons, of low-sulfur #2 diesel per month.
"Adino Energy is filling a vital need to our customers for reliable, affordable, and geographically desirable fuel distribution points. Contracts of this nature are increasingly desirable for larger fuel consumers and distributors, and typically guarantee minimum throughputs to Intercontinental Fuels regardless of actual usage," 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.
One of our most important responsibilities is to communicate with shareholders in an open and direct manner. Comments are based on current management expectations, and are considered "forward-looking statements," generally preceded by words such as "plans," "expects," "believes," "anticipates," or "intends." We cannot promise future returns. Our statements reflect our best judgment at the time they are issued, and we disclaim any obligation to update or alter forward-looking statements as the result of new information or future events. Adino Energy Corporation urges investors to review the risks and uncertainties contained within its filings with the Securities and Exchange Commission.
SOURCE Adino Energy Corporation
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