Posted by: r7315 In reply to: nanfirestarter who wrote msg# 3 Date:10/31/2006 10:16:03 AM Post #of 4
News for 'PCAI' - (Petroleum Consolidators Announces Letter of Intent to Acquire a Major Branded Gas Station)
WEST PALM BEACH, Fla., Oct 31, 2006 (BUSINESS WIRE) -- Petroleum Consolidators of America, Inc. (Pink Sheets:PCAI) today announced that it has formally entered into a Letter of Intent with an independent owner to acquire a BP branded gas station located in Charlotte County, Florida.
David Cohen, President & CEO of Petroleum Consolidators, stated, "As a result of efforts to meet the goals of our business plan, we are moving forward to acquire this BP operation as the first in a series of planned acquisitions. Based on our market research and due diligence to-date, we are confident that this first acquisition will generate $4.5 million in annual revenue and approximately $275,000 in gross income."
"The underlying real estate will provide us with a tangible asset which will lead to an increase in book value. This closing is subject to a land appraisal, Phase One environmental study, plus a successful review and verification of all required due diligence items," stated Cohen.
About Petroleum Consolidators of America, Inc.:
Petroleum Consolidators of America, Inc. (Pink Sheets:PCAI) is a development stage company focusing on land acquisition, ownership and operations of a portfolio of retail gasoline stations. The businesses being acquired will include convenience stores that offer a broad selection of merchandise and ancillary products and services including car care products, tobacco, beer, soft drinks, self-service fast food and beverages, publications, dairy products, groceries, health and beauty aids, money orders and other services.
Safe Harbor Statement
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 acquired; the ability of the Company to integrate acquisitions into its operations; fluctuations in domestic and global petroleum and gasoline markets; changes in the competitive landscape of the 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, this Company cautions that the risk factors listed in this paragraph are not exhaustive.
SOURCE: Petroleum Consolidators of America, Inc.
CONTACT: Petroleum Consolidators of America, Inc., West Palm BeachDavid Cohen, 561-514-0198info*petroleumconsolidators.comwww.petroleumconsolidators.com
Copyright Business Wire 2006
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