FUEL News SMF Energy Corporation Issues $1.79 Million of New...
Date: Fri, 14 Mar 2008 16:52:28 -0400
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News for 'FUEL'(SMF Energy Corporation Issues $1.79 Million of New Equity)
FORT LAUDERDALE, Fla., Mar 14, 2008 (BUSINESS WIRE) -- SMF Energy Corporation,
(NASDAQ:FUEL) (the "Company"), a leading provider of petroleum product
distribution services, transportation logistics and emergency response services
to the trucking, construction, utility, energy, chemical, manufacturing,
telecommunication and government service industries, today announced the sale of
$1.79 million in equity securities.
The Company issued $1.79 million in equity securities, consisting of 1,985
shares of Series B Preferred Stock. Holders of the 11 1/2% senior secured
convertible promissory notes issued by the Company on August 7, 2007 exchanged
$1.79 million in principal balance of the notes, plus a portion of the accrued
but unpaid interest thereon, into preferred stock. The notes were exchanged at
$900.00 per share of Series B Preferred Stock. Each share of preferred stock is
convertible into 1,000 shares of the Company's common stock at a price of $0.90
per share, a 6% premium over the $0.85 closing price of the Company's common
stock on March 12, 2008.
In addition, on March 5, 2008, the Company provided to Nasdaq its plan to
achieve and sustain compliance with the listing requirements of the Nasdaq
Capital Market. Since the time of the notice from Nasdaq, the Company has
increased its shareholders' equity by more than $4.31 million. The Company will
be updating its plan with Nasdaq to reflect the additional equity capital
announced today and to confirm the details of its future plans for ensuring
compliance with all applicable Nasdaq listing standards.
Richard E. Gathright, President, commented, "We continue to realize the benefits
of the support of our investors which has been demonstrated by their actions to
increase shareholders equity and further improve our financial position. We
recognize that their confidence in the Company is derived from our continuing
efforts to improve performance by reducing costs and achieving greater
efficiencies in operations. We also believe, however, that all of our
shareholders and the market generally, have come to appreciate the value of the
acquisition and business combination opportunities before us which are now
possible through the improvements in our infrastructure operating abilities.
Significant progress has been made on several of these growth opportunities,
which we believe could provide substantial strategic and financial value to the
Company and its shareholders. As a larger, more diversified business, we would
be in a position to generate a significant return on the investments that we
have made in our Company over the past several years."
About SMF Energy Corporation (NASDAQ: FUEL)
The Company is a leading provider of petroleum product distribution services,
transportation logistics and emergency response services to the trucking,
manufacturing, construction, shipping, utility, energy, chemical,
telecommunication and government services industries. The Company provides its
services and products through 26 locations in the ten states of Alabama,
California, Florida, Georgia, Louisiana, Mississippi, North Carolina, South
Carolina, Tennessee and Texas. The broad range of services the Company offers
its customers includes commercial mobile and bulk fueling; the packaging,
distribution and sale of lubricants; integrated out-sourced fuel management;
transportation logistics and emergency response services. The Company's fleet of
custom specialized tank wagons, tractor-trailer transports, box trucks and
customized flatbed vehicles delivers diesel fuel and gasoline to customers'
locations on a regularly scheduled or as needed basis, refueling vehicles and
equipment, re-supplying fixed-site and temporary bulk storage tanks, and
emergency power generation systems; and distributes a wide variety of
specialized petroleum products, lubricants and chemicals to our customers. In
addition, the Company's fleet of special duty tractor-trailer units provides
heavy haul transportation services over short and long distances to customers
requiring the movement of over-sized or over-weight equipment and manufactured
products. More information on the Company is available at www.mobilefueling.com.
Forward Looking Statements
This press release includes "forward-looking statements" within the meaning of
the safe harbor provision of the Private Securities Litigation Reform Act of
1995. Because these statements depend on assumptions as to future events, they
should not be relied on by shareholders or other persons in evaluating the
Company. Although management believes that the assumptions reflected in such
forward-looking statements are reasonable, actual results could differ
materially from those projected. In addition, there are risks and uncertainties
which could cause future events to differ from those anticipated by the Company,
including but not limited to those cited in the "Risk Factors" section of the
Company's Form 10-K for the year ended June 30, 2007 and the in the Form 10-Q
for the quarter ended December 31, 2007.
SOURCE: SMF Energy Corporation
CONTACT: SMF Energy Corporation, Fort LauderdaleRobert W. Beard, Senior Vice President and InvestorRelations Officer, 954-308-4200
Copyright Business Wire 2008
-0-
KEYWORD: United States
North America
Florida
INDUSTRY KEYWORD: Energy
Oil/Gas
Transport
Trucking
Source: Comtext Market News
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