DALLAS, Oct 5, 2009 (GlobeNewswire via COMTEX) -- Evolution Fuels, Inc. (Pink
Sheets:EVFL) (the "Company") today announced that as part of its efforts to
establish retail fuel stations that carry varying blends of ethanol, it has
submitted an application for a U.S. Department of Energy ("DOE") grant titled
"Recovery Act Funding for Expansion of Infrastructure for Higher Ethanol
Blends."
The DOE recently announced the availability of up to $5.5 million from the
American Recovery and Reinvestment Act to increase the use of higher ethanol
blends (up to E85), with plans to offer up to $3.5 million to 15-30 projects for
cost-shared projects to modify, upgrade, expand existing fuel pumps and other
infrastructure at retail stations or the installation of new equipment to
accommodate the higher ethanol blends. The DOE additionally plans to fund up to
$2 million toward the raising of public awareness of higher ethanol blends up to
E85.
While the Company continues to apply for federal and state grants and loan
guarantees to assist with its capital needs, there is no assurance that the
Company will receive any funds under the Recovery Act.
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'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,
specifically there can be no assurance that the Company will be granted any
funds under the DOE's new program. 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.
This news release was distributed by GlobeNewswire,
www.globenewswire.com
SOURCE: Evolution Fuels, Inc.
By Staff
CONTACT: CONTACT: Evolution Fuels, Inc.
Media & Investor Relations
Randy Hepler
866-765-4940
investors@evolution-fuels.com
(C) Copyright 2009 GlobeNewswire, Inc. All rights reserved.
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INDUSTRY KEYWORD: Energy Industries
SUBJECT CODE: ENERGY
RENEWABLE
Company Announcement