FLNT news-FuelNation's Move is Complete and Bond on Track
DAVIE, Fla.--(BUSINESS WIRE)--March 14, 2002--FuelNation Inc. (OTCBB:FLNT - news) today announced the move to the town of Davie is complete and the Bond funding is on track.
Chris Salmonson, CEO of FuelNation stated, ``We are extremely pleased with the relocating of our offices to the Town of Davie, and are very confident we should begin the development of the Travel Center construction this year for our new headquarters. The move was very trying at times and the programmers and engineers did a stellar job of overcoming all obstacles. The new office gives us better access to the Travel Center and more usable work space.''
``We feel confident that the commitment for funding the Municipal Taxable Bond Issue can still be obtained this quarter. We were required to post a direct pay letter of credit for the cost of issuance and shortfall interest letter of credit with the Trustee prior to finalizing the bond negotiations. The letter of credit is required to be an amount equal to approximately $10,000,000 dollars to guarantee the cost of the bond issuance and any short fall on the interest payments. Thank GOD that we were able to get a commitment for this letter of credit as fast as we did, with many thanks to all involved.''
``We are completing our year-end audit with our new auditors Moore Stephens, P.C. and will be finalizing the structure of the company prior to funding the bond. We will be dividing FuelNation into two companies. The Technology will be operated under FuelNation Online for the complete management of the high-speed networks, broadband development and R2R solutions. The Acquisitions of Petroleum Marketers will be operated under FuelNation Petroleum. We are currently in the process of selecting key management for the two companies to assist with the acquisitions, expansion and development. The listing on a new exchange is on target and we will be trying to finalize the listing with the funding of the bond.''
Included in this release are ``forward-looking statements.'' Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations reflected in such forward-looking statements will prove to have been correct. The company's actual results could differ materially from those anticipated in the forward-looking statements as a result of certain factors including sales levels, distribution and competition trends and other market factors.
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Contact:
FuelNation Inc., Davie