Evolution Fuels to Dividend Common Shares of Southwest Resources, Inc.
Oct 16, 2009 12:18:08 (ET)
DALLAS, Oct 16, 2009 (GlobeNewswire via COMTEX) -- Evolution Fuels, Inc. (Pink Sheets:EVFL) (the "Company") today announced that the Company will dividend 1.5 million shares of the Company's ownership of common stock of Southwest Resources, Inc. (Pink Sheets:SWRS).
On October 16, 2009, the Company executed a settlement agreement with Southwest Resources, which owed a debt to the Company related to a transaction during the third quarter of 2006. The settlement involved the exchange of shares of common stock in Southwest Resources for forgiveness of the debt.
As Evolution Fuels' current business focus is on the establishment of retail renewable fuel stations, the Company's management has determined to provide its shareholders with any potential upside in the equity ownership of its 1.5 million shares of Southwest Resources common stock through a dividend of the shares to its shareholders. Any shareholder of record owning at least 50,000 shares of Evolution Fuels common stock as of November 30, 2009 shall be entitled to receive a quantity of the 1.5 million shares of Southwest Resources common stock proportionate to their ownership of shares of Evolution Fuels common stock. The dividend of shares of Southwest Resources shall be in certificate form and will bear a restrictive trading legend pursuant to Rule 144.
Such dividend shall occur after Southwest Resources has published its Initial Company Information and Disclosure Statement and current financial statements to the Pink Sheets website and achieved the tier ranking of "Current Information."
About Evolution Fuels, Inc.
The Company endeavors to market renewable transportation fuels at retail fuel stations that will provide blends of ethanol ranging 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's Web site is
www.evolution-fuels.com .
Forward-Looking Statements Disclosure
This press release may contain "forward-looking statements" within the meaning of the federal securities laws. In this context, forward-looking statements may address the Company's expected future business and financial performance, and often contain words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "seeks," "will," and other terms with similar meaning. These forward-looking statements by their nature address matters that are, to different degrees, uncertain. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can provide no assurances that these assumptions will prove to be correct. In connection with the "safe harbor" provisions of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, important factors that, among others, could cause or result in actual results and experience to differ materially from the Company's anticipated results, projections, or other expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements, risks, and uncertainties, and by reference to the underlying assumptions.
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SOURCE: Evolution Fuels, Inc.
CONTACT: Evolution Fuels, Inc.
Media & Investor Relations
Randy Hepler
866-765-4940
investors@evolution-fuels.com
