Wednesday, May 20 2009 8:00 AM, EST Petroleum Consolidators Signs Letter of Intent to Merge With an Indiana Based Mining Company Market Wire "US Press Releases " PALM BEACH GARDENS, FL -- (MARKET WIRE) -- 05/20/09 -- Petroleum Consolidators of America, Inc. (PINKSHEETS: PCAI), a gasoline station/convenience store consolidator, is pleased to announce that it has signed a Letter of Intent to merge with a private natural resource company located in Indiana , which currently has a sizeable proven mining reserve.
This Letter of Intent will allow Petroleum Consolidators ample time to perform its due diligence prior to the scheduled closing of August 3rd, 2009 . This merger will broaden the current focus of the company and allow us to take advantage of this opportunity which should ultimately add to shareholder value.
Petroleum Consolidators' President & CEO, David Cohen, stated: "Due to the increase in the demand for energy, and energy solutions worldwide, we have chosen to move in a direction that will transition us from a regional petro-based consolidator to a national resource company. We feel that we have identified an ideal merger candidate and are currently working towards closing this transaction in a timely manner."
Additionally, Cohen stated: "Based on our initial discussions, current analysis and the geological report, dated April 28, 2009 , which was written by an independent third party, we have ascertained that this merger candidate controls significant assets in the form of a mining reserve, that is conservatively valued in excess of $100,000,000 (one hundred million dollars) based on current market prices. Furthermore, I feel that this merger is the best direction for Petroleum Consolidators to take in order to maximize the company's worth as well as increase shareholder value to the greatest extent."
About Petroleum Consolidators of America
Petroleum Consolidators of America, Inc. is a gasoline station/convenience store operator which is implementing a targeted acquisition strategy to create a portfolio of consolidated retail gasoline facilities, producing oil wells and a wholesale fuel distributorship that will benefit from substantial operating efficiencies.
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hightlights: Additionally, Cohen stated: "Based on our initial discussions, current analysis and the geological report, dated April 28, 2009 , which was written by an independent third party, we have ascertained that this merger candidate controls significant assets in the form of a mining reserve, that is conservatively valued in excess of $100,000,000 (one hundred million dollars) based on current market prices. Furthermore, I feel that this merger is the best direction for Petroleum Consolidators to take in order to maximize the company's worth as well as increase shareholder value to the greatest extent."
oil is going up into summer - assets can be conservatively valued * $120M-$130M
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Wednesday, May 27 2009 9:15 AM, EST Petroleum Consolidators Completes Early Stage Due Diligence Phase for Merger Candidate Market Wire "US Press Releases " PALM BEACH GARDENS, FL -- (MARKET WIRE) -- 05/27/09 -- Petroleum Consolidators of America, Inc. (PINKSHEETS: PCAI), a gasoline station/convenience store consolidator, is pleased to inform our shareholders that the initial due diligence paperwork has been exchanged between the merger candidate and our company.
The private resource company with proven reserves of approximately 5,000,000 tons of low sulfur high BTU coal and approximately 15,500,000 tons of inferred coal deposits is located in the Illinois coal basin. The shallow coal seams are located approximately 150 feet below the surface and will be accessed with proven room and pillar mining techniques. The permitting process is in the last stages and is expected to be approved in the fall of 2009. Additional drilling programs are presently in progress to change the status of inferred reserves to proven reserves.
Petroleum Consolidators' President & CEO, David Cohen, stated: "We are excited about the progress of this due diligence phase. Both the merger candidate and PCAI are working conscientiously towards a timely closing and maximizing shareholder value."
Additionally, Cohen stated: "Petroleum Consolidators has chosen not to pursue the oil well acquisition referenced in our press release, dated February 11, 2009 . We feel that the investment can be deployed in a more effective manner elsewhere."
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Petroleum Consolidators Completes Second Round of Due Diligence With Indiana-Based Resource Company
PALM BEACH GARDENS, FL, Jun 23, 2009 (MARKETWIRE via COMTEX) -- Petroleum Consolidators of America, Inc. (PINKSHEETS: PCAI), a gasoline station/convenience store consolidator, is pleased to announce that in the last several weeks we have made substantial progress in reviewing the due diligence materials and are working towards a closing to complete the merger. Petroleum Consolidators' President & CEO David Cohen stated, "Since having announced the record date of June 10, 2009 for the intended spin-off, both Petroleum Consolidators and the Merger Candidate, based in Sullivan County, Indiana, have been working towards a firm closing date that we anticipate will be announced in the near future."
Additionally, Cohen stated, "While we have been extremely busy with the rigorous review of the due diligence items, we were excited to receive a visit during the week of June 8, 2009 from the CEO of the resource company. They were able to perform their due diligence on Petroleum Consolidators. Both sides were very pleased with the progress and we are eager to reveal the dynamics and potential of this merger to the shareholders."
About Petroleum Consolidators of America.
Petroleum Consolidators of America, Inc. is a gasoline station/convenience store operator which is implementing a targeted acquisition strategy to create a portfolio of consolidated retail gasoline facilities, producing oil wells and a wholesale fuel distributorship that will benefit from substantial operating efficiencies.
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