Thursday, March 26, 2009 12:43:09 PM
Doug
G. C. 'Sonny' Wooley, Adino Energy's board chairman, commented, "Securing the North Houston terminal during the recent financial meltdown demonstrated several important things about our company: we can safely 'weather' large fluctuations in the price of fuel, as throughput charges are not connected to the oft arbitrary price of oil; our management has proven resourceful in the face of adversity by completing a new terminal lease, with first option to buy, in only four days; and last year's terminal financing activities and global economic environment has unavoidably slowed corporate development plans temporarily since last year."
Byrd continued, "With the financial markets now beginning to stabilize, I am committed this year to completing our move to merchant resale of fuel. In addition, I expect our new relationship with Saphaera to not only widen our stock's audience, but to also gain access to Brazil's vast biofuel supplies.
"Finally, in parallel with these initiatives, the company remains committed to acquire other terminal properties as we identify appropriate opportunities together with sensible financing," Byrd concluded.
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