Strattner Financial Group (SCNG)

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Evolution Fuels Applies for DOE Retail Fuel Ethanol Infrastructure Grant
9:40a ET October 5, 2009 (GlobeNewswire)
Evolution Fuels, Inc. (Pink Sheets:EVFL) (the "Company") today announced that as part of its efforts to establish retail fuel stations that carry varying blends of ethanol, it has submitted an application for a U.S. Department of Energy ("DOE") grant titled "Recovery Act Funding for Expansion of Infrastructure for Higher Ethanol Blends."

The DOE recently announced the availability of up to $5.5 million from the American Recovery and Reinvestment Act to increase the use of higher ethanol blends (up to E85), with plans to offer up to $3.5 million to 15-30 projects for cost-shared projects to modify, upgrade, expand existing fuel pumps and other infrastructure at retail stations or the installation of new equipment to accommodate the higher ethanol blends. The DOE additionally plans to fund up to $2 million toward the raising of public awareness of higher ethanol blends up to E85.

While the Company continues to apply for federal and state grants and loan guarantees to assist with its capital needs, there is no assurance that the Company will receive any funds under the Recovery Act.