FuelNation Inc (fka FLNT)

[jmhollen]

Official backpeddling time............:

Fuelnation Seeks the Assistance of Two of Its Trusted Business Partners to Assist the Company's Ongoing Operations

DAVIE, Fla.--(BUSINESS WIRE)--Aug. 24, 2002--FuelNation, Inc. (OTCBB:FLNT) announced today that its president, Chris Salmonson, was arrested by the Sheriff's Office in Broward County, Florida and is being held on charges of grand theft relating to a real estate transaction with Abundant Life Christian Centre. It is alleged that Mr. Salmonson received $1,670,000 from the Church in exchange for real property that was never conveyed to the Church. Mr. Salmonson denies that he has committed any offense or violation of law and has assured the Company that he will vigorously defend himself against the charges made against him. Mr. Salmonson has retained counsel with respect to these matters, and counsel is working toward Mr. Salmonson's release from custody.

Pending resolution of this matter, the Board of Directors has decided to seek the assistance of two of its trusted business partners, Duncan Oil Company and Tower Communications, Group, Inc. to assist the Company's management in the ongoing operations of the Company. The Company will be negotiating the terms of a management contract with these two companies and hopes to have the contract in place shortly.

Included in this release are "forward-looking statements." Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations reflected in such forward-looking statements will prove to have been correct. The company's actual results could differ materially from those anticipated in the forward-looking statements as a result of certain factors including sales levels, distribution and competition trends and other market factors.

CONTACT:
FuelNation, Inc., Davie, Florida
John Leta, 954/587-3775 x 101
[e-mail]
or
Duncan Oil Co., Beaver Creek, OH
Don Gose, 937/426-5945 x17
[e-mail]
or
EchoSat Communications, Lexington, KY
Lee Rutherford, 800/393-3246
[e-mail]




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