SMF Energy Corporation Signs New Multi-Year Petroleum Distribution Services Contract with the United States Postal Service
Contract Significantly Expands Locations & Volumes
Sept. 9, 2008
FORT LAUDERDALE, Fla. SMF ENERGY CORPORATION, a leading provider of specialized transportation and distribution services for petroleum products and chemicals announced today that it has been awarded a new, two-year agreement to provide fleet and emergency fueling services to the United States Postal Service (USPS). Under this expanded agreement, the Company will provide scheduled fueling services to approximately 10,000 postal vehicles domiciled at over 350 locations across the United States. In addition, the contract may be extended for up to two additional 2-year renewal periods, potentially resulting in a contract term through 2014.
Richard E. Gathright, President and CEO commented, "The expanded opportunities represented in this contract will have a material impact on our reported revenues and profit over the life of the agreement. Not only did we retain a significant number of locations serviced under the existing contract, but we also acquired the servicing rights for a number of new Vehicle Maintenance Facilities covering a large number of additional USPS delivery points across the United States. These new delivery points constitute a 30% increase in volumes over the prior contract."
Gathright concluded, "I am gratified by the confidence shown in our Company by the USPS. We have a 15 year relationship with the Postal Service that, in our view, has been sustained by our ability to provide excellent service even during challenging weather and market conditions. The award of this new, multi-year contract validates our continued commitment to providing the USPS and all of our customers with the same level of exceptional service."
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