High Velocity Alternative Energy, Inc. (HVAG) Receives $3,600,000 in Orders
Wednesday September 3, 10:44 am ET
BEDFORD PARK, Ill.--(BUSINESS WIRE)--High Velocity Alternative Energy, Inc. (Pink Sheets:HVAG - News) announced today that they have received a contract to sell up to $300,000 per month ($3,600,000.00/year) in oil and antifreeze products to Tal'at Hussein Oil Trading Company in Amman, Jordan. The C.O.D. orders are secured by a letter of credit issued by the Jordan Commercial Bank of Amman, Jordan. Mr. Hussein indicates that there is a great demand for U.S. manufactured lubricating oil, and antifreeze products. As a result of the strong demand from Tal'at Hussein Oil Trading Company, it is expected that they will increase the amount of products purchased monthly as well as renew their contract yearly.
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In addition to the contract with Tal'at Hussein Oil Trading Company, the High Velocity Alternative Energy has recently secured approximately $46 million in contracts to sell lubricating oil, antifreeze and other automotive performance chemical products.
Fulfilling these orders is based upon the Company being able to complete certain capital raises that are currently underway to enable the purchase of raw materials.
Robert Somerman, President of High Velocity Alternative Energy Corp. stated, “We are very pleased to provide our oil and anti-freeze products to Jordan. The transaction will be a very profitable one for us. We look forward to a long relationship.”
Finally, the Company is currently in the process of updating its financial information necessary to bring its Annual and Quarterly Filings up to date. It is anticipated that the financial information will be completed within the next 45-60 days.
About High Velocity Alternative Energy, Inc.
Headquartered in Bedford Park, IL, High Velocity Alternative Energy, Inc. is a holding company that specializes in the refining, blending, packaging, and distribution of middle market petroleum and related products to the automotive and manufacturing aftermarket. These products are sold, both direct and through regional distributors, to retail outlets that include oil change shops, automotive aftermarket chains, gas stations, department stores, and convenience stores. The Company utilizes an innovative technology to capitalize on renewable energy and lubricant resources by recycling spent oils and glycols. High Velocity Alternative Energy’s 40,000 square foot plant is conveniently located outside Chicago with access to interstate and railroad.
Forward-Looking Statements
This press release contains forward-looking statements, which represent the Company's expectations or beliefs, including, but not limited to, statements concerning plans, growth and strategies, which include, without limitation, statements preceded or followed by or that include the words may, will, expect, anticipate, intend, could, estimate, or continue or the negative or other variations thereof or comparable terminology. Any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. These statements by their nature involve substantial risks and uncertainties, some of which are beyond the Company's control, and actual results.
Contact:
High Velocity Alternative Energy, Inc.
Robert Somerman, President, 708-496-9710
or
Corporate Evolutions, Inc.
Investor Relations
Susan U, 516-482-0155
info@corporateevolutions.com
Source: High Velocity Alternative Energy, Inc.
