Business
Blue Earth Resources, Inc. Acquires Fuel Trader Supply and Fuel Trader Resource Management
Blue Earth Resources, Inc. Acquires Fuel Trader Supply and Fuel Trader Resource Management.
About this update from Blue Earth Resources, Inc.
[{"type":"text","content":"\n Knoxville, TN, Sept. 19, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Blue Earth Resources Inc. (“BERI”) today announces the acquisition of a 100% interest in Fuel Trader Supply, LLC (“FTS”), a Florida limited liability company, and simultaneously acquired a 100% interest in an FTS affiliate, Fuel Trader Resource Management , Inc. (“FTRM”), a corporation organized under the laws of the Commonwealth of Puerto Rico, a territory of the United States of America. The purchase was procured by a combination of cash and shares of BERI common stock. BERI will retain its headquarters in Tennessee and will continue maintaining the offices of FTS and FTRM in Florida and Puerto Rico. William R. Eaton was instrumental in the purchase as he owned or controlled 100% of the outstanding equity interest of both FTS and FTRM. In addition to continuing to lead both wholly owned subsidiaries, Mr. Eaton will serve as Chief Operating Officer and a member of the Board of Directors of BERI. Other existing officers of both FTS and FTRM will continue to serve in their same positions. Scott M. Boruff, Chief Executive Officer, stated, “Fuel Trader has long been a trusted strategic partner of ours. The synergies of products and staff will significantly enhance our opportunities to serve our customers. The two companies have shared a close relationship since BERI commenced operations in Tennessee, and we will combine their product lines with ours to bring the best of each to the industry.” FTS is a leading supplier of bulk gasoline and diesel products within the Colonial and Plantation pipeline systems. FTS has long standing supply relationships that allow best execution pricing by sourcing and comparing prices from any major US refiner or trading house.  The ability to aggregate purchases and service its diverse customer base provides the company a unique competitive advantage.  This results in a full suite offering in an end-to-end economies of scale procurement solution. FTS reported total operating revenues of $142,041,375 at December 31, 2021, its most recently completed year-end. FTRM offers full-service bulk fuel inventory management solutions, to include consulting services for the sourcing, logistics, and risk management needs of clients in the petroleum industry. In addition to consult...