Business
Evolution Fuels Publishes Corporate Financials, Initial Company Disclosure
Evolution Fuels Publishes Corporate Financials, Initial Company Disclosure.
About this update from Sc Holdings Corp.
[{"type":"text","content":"Evolution Fuels, Inc. (Other OTC: EVFL.PK) (the “Company”) today announced that its corporate financial statements for the periods ending December 31, 2008 and March 31, 2009, and its Initial Company Information and Disclosure Statement, have been published on the Pink OTC Markets News Service. These reports may be found on the Pinksheets website at www.pinksheets.com. The Company’s financial statements reflect the recognition of a gain of approximately $74 million during the Company’s fourth quarter of 2008 due to the retirement of corporate debt through the Company’s PNG Ventures, Inc. (“PNG”) share exchange agreement announced on January 16, 2009. In June 2008, as part of a restructuring plan, the Company closed on a share exchange agreement with PNG Ventures, Inc. that exchanged ownership of the Company’s liquefied natural gas production and marketing subsidiary for 7,000,000 shares of PNG common stock, which were pledged as security to certain secured note holders. In December 2008 the Company exchanged its ownership of 5,600,000 shares of PNG Ventures, Inc. (OTCBB: PNGX) stock to Castlerigg PNG Investments, LLC (“Castlerigg”) for payment of approximately $90 million against its total debt of $100,651,173 owed to Castlerigg and certain secured note holders. The Company issued a new convertible debenture in the amount of $20,000,000 to Castlerigg that can be converted to common stock of the Company within twelve months at $0.025 per share. Further, the Company reported net income of approximately $194,000 for the first quarter of 2009 primarily due to reduced general and administrative expenses and the settlement of certain claims against the Company. About Evolution Fuels, Inc.The Company endeavors to market renewable transportation fuels at retail fuel stations that will provide blends of ethanol from 10% to 85% (E10 to E85), and biodiesel blends from 5% to 20% (B5 to B20). The Company’s plan calls for the development of a chain of renewable fuel stations that extend from Texas to Mississippi that will be a combination of “Evolution Fuels”-branded fuel stations/convenience stores and western-motif truck stops modeled after the Willie’s Place Truck Stop in Carl’s Corner, TX. The Company...