EVFL news - 'The Company anticipates that the financial statements will reflect a net gain of approximately $70 million on its 2008 income statement as a result of an exchange agreement with PNG Ventures previously announced in January of this year.'
Tuesday, June 23 2009 10:10 AM, EST Evolution Fuels Expected to Issue Corporate Financials by June 30 GlobeNewswire "GlobeNewswire "
DALLAS , June 23, 2009 (GLOBE NEWSWIRE) -- Evolution Fuels, Inc. (Pink Sheets:EVFL) (the "Company") today announced that it expects to complete the accounting activity toward finalizing its financial reports for fiscal year 2008 as well as the first quarter for 2009 over the course of this week.
Accordingly, the Company's management expects to publish its Company Information and Disclosure Statement through the OTC Disclosure and News Service, which will incorporate these financial statements, by June 30, 2009 .
Once this disclosure statement is published, the Company expects to achieve full compliance to meet the requirements for the Pink Sheets' highest tier, "Current Information".
The Company anticipates that the financial statements will reflect a net gain of approximately $70 million on its 2008 income statement as a result of an exchange agreement with PNG Ventures previously announced in January of this year.
About Evolution Fuels, Inc.
The Company endeavors to develop retail renewable fuel stations and truck stops modeled after the Willie's Place Truck Stop in Carl's Corner, TX, and to supply biodiesel to these retail locations from its biodiesel production facility located in Durant, Oklahoma . The Company's website is www.evolution-fuels.com,
Forward-Looking Statements Disclosure
This press release may contain "forward-looking statements" within the meaning of the federal securities laws. In this context, forward-looking statements may address the Company's expected future business and financial performance, and often contain words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "seeks," "will," and other terms with similar meaning. These forward-looking statements by their nature address matters that are, to different degrees, uncertain. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can provide no assurances that these assumptions will prove to be correct. In connection with the "safe harbor" provisions of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, important factors that, among others, could cause or result in actual results and experience to differ materially from the Company's anticipated results, projections, or other expectations are disclosed in the Company's filings with the Securities and Exchange Commission . All forward-looking statements in this press release are expressly qualified by such cautionary statements, risks, and uncertainties, and by reference to the underlying assumptions.
CONTACT: Evolution Fuels, Inc. Randy Hepler , Media & Investor Relations 866-765-4940 investors@evolution-fuels.com
