SOURCE: Evolution Fuels, Inc.

Evolution Fuels, Inc.

August 23, 2010 08:00 ET

Evolution Fuels Announces Positive Financial Performance for Willie's Place Travel Plaza

DALLAS, TX--(Marketwire - August 23, 2010) -  Evolution Fuels, Inc. (PINKSHEETS: EVFN) (the "Company") today provided an update regarding the recent financial performance of the Willie's Place at Carl's Corner Truck Stop, of which the Company owns a membership interest.

The state-of-the-art truck stop features 12 diesel/biodiesel fueling lanes for tractor-trailers plus a wide load island. There is a separate fueling island for cars and trucks. In addition to the truck stop fueling facilities, "Willie's Place at Carl's Corner" features two restaurants, a convenience store, a saloon, a gift shop featuring official Willie Nelson merchandise and memorabilia, and the 500 seat "Night Life" theater that features regular live music performances.

Since the opening of the facility in December 2009, the truck stop has demonstrated significant improvement with respect to financial performance. Whereas the facility experienced average net losses (before interest, taxes, and depreciation) of more than $70,000 per month for the first quarter of 2009, the following three quarters averaged net losses of $16,000 per month. During the first quarter of 2010 the truck stop averaged net gains (before interest, taxes, and depreciation) of $14,000 per month, which improved to $43,000 per month during the second quarter of 2010.

The Improvements are due mostly to increased fuel sales concurrent with decreased operational expenses. Management expects performance to continue to improve as fuel volumes continue to increase.

About Evolution Fuels, Inc.

Evolution Fuels, Inc. endeavors to market renewable transportation fuels at retail fuel stations that will provide superior quality fuels to competing fuel stations by virtue of the blending capability within the fuel dispensers at its stations and offering the blends at competitive prices. The stations will offer ethanol/gasoline blends of fuel including 10% ethanol/90% gasoline (E10), 20% ethanol/80% gasoline (E20), 30% ethanol/70% gasoline (E30), and 85% ethanol/15% gasoline (E85). The latter three blends are intended for flex-fuel vehicles, although recent studies have shown that many legacy vehicles on the road today may use E20 and E30 blends without incurring damage to the engines or fuel systems. The Company's plan calls for the development of a chain of renewable fuel stations in the southwestern and southeastern United States that will be a combination of "Evolution Fuels"-branded fuel stations/convenience stores and western-motif truck stops modeled after 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.

Contact Information

  • Investor Contact:
    Randy Hepler
    214-389-9800