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Petroleum Consolidators Announces Intent to Spinoff a Wholly Owned Subsidiary
On Tuesday June 2, 2009, 9:00 am EDT
Related:Petroleum Consolidators of America, Inc.
PALM BEACH GARDENS, FL--(MARKET WIRE)--Jun 2, 2009 -- Petroleum Consolidators of America, Inc. (Other OTC:PCAI.PK - News), a gasoline station/convenience store consolidator, is pleased to announce its intention to spinoff Pioneer Realty Group, Inc., its wholly owned subsidiary, to its shareholders of record on June 10, 2009. Shareholders of record on such date will receive a pro rata distribution of one share in Pioneer Realty Group, Inc. for every fourteen shares they own of PCAI as of June 10, 2009. Fractional shares will not be issued, as they will be rounded up to equal a whole share.

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{"s" : "pcai.pk","k" : "c10,l10,p20,t10","o" : "","j" : ""} Petroleum Consolidators President & CEO David Cohen stated, "Our decision to spinoff Pioneer Realty Group, Inc. should help us continue to pursue our strategy of building a diverse portfolio of retail gasoline facilities and a wholesale fuel distribution business. We are confident that separating these companies should allow Petroleum Consolidators to maximize shareholder value from its potential merger based on its non-binding letter of intent with an Indiana based mining company."

About Petroleum Consolidators of America.

Petroleum Consolidators of America, Inc. is a gasoline station/convenience store operator which is implementing a targeted acquisition strategy to create a portfolio of consolidated retail gasoline facilities, producing oil wells and a wholesale fuel distributorship that will benefit from substantial operating efficiencies.

Safe Harbor

This release contains various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended which represent the company's expectations or beliefs concerning future events of the company's financial performance. These forward-looking statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. The words "may," "could," "should," "believe," "anticipate," "estimate," "expect," "intend," "plan" and similar words are intended to identify forward-looking statements. These forward-looking statements are based on the Company's current plans and expectations and involve a number of risks and uncertainties that could cause actual results and events to vary materially from the results and events anticipated or implied by such forward-looking statements. Any number of factors could affect actual results and events, including, without limitation: the ability of the Company to take advantage of expected synergies in connection with acquisitions; the actual operating results of stores and / or properties acquired; the ability of the Company to integrate acquisitions into its operations; fluctuations in domestic and global petroleum, coal and gasoline markets; changes in the competitive landscape of the coal industry, convenience store industry, including gasoline stations and other non-traditional retailers located in the Company's markets; the effect of national and regional economic conditions on the convenience store industry and the markets we serve; the effect of regional weather conditions on customer traffic; financial difficulties of suppliers, including our principal suppliers of gas and merchandise, and their ability to continue to supply our stores; environmental risks associated with selling petroleum products; governmental regulations, including those regulating the environment; and acts of war or terrorist activity. Results actually achieved may differ materially from expected results included in these statements. The Company is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise. Furthermore, the Company cautions that the risk factors listed in this paragraph are not exhaustive.

Contact:
Contact:
David Cohen
President & CEO
Petroleum Consolidators of America, Inc.
[phone]
Email Contact
http://www.petroleumconsolidators.com