SOURCE: FuelNation

January 29, 2007 16:13 ET

FuelNation Begins Loading Iraqi Fuel Oil by Tanker Trucks

WEST PALM BEACH, FL -- (MARKET WIRE) -- January 29, 2007 -- We are pleased to report that FuelNation (PINKSHEETS: FLNA) has reached additional milestones for the company, and its shareholders. We have entered into a long-term contract to purchase Iraqi fuel oil from the southern ports of Iraq. In addition, we have been notified by our ship that we have commenced loading fuel oil in Southern Iraq by tanker trucks. This arrangement will continue to produce additional revenues on other contracts we have mutually signed.

Our Iraqi fuel oil operations have been encountering several delays, from pipeline breakage to long waiting lines at the loading dock, due to low pumping pressure from the Iraqi pipeline. We have been sub-chartering our ship and transporting spot cargoes in the Arabian Gulf for other companies such as VITOL, until the pipeline is operational in southern Iraq. Despite the long delays in the repair of the pipeline, we were able to overcome these obstacles and have commenced loading our ship by multiple tanker trucks at the southern port of Iraq. We have been informed by the Iraqi Ministry of Oil that this pipeline situation should be fixed soon. The long-term opportunities in Iraq outweigh any short-term disappointments we encounter.

Last year was a year of change and growth for FuelNation. We brought our operations into one parent company -- FuelNation Inc. -- and received a first round of investment commitments from leading Middle East funds. This is letting us build a management team and the internal processes that are needed to scale the business. We give credit to our exceptional people who thrive on challenges and are the foundation for our successful implementation of our plan. Our employees are people with inquisitive intelligence and a sincere passion for what they do. They are people who excelled in their studies, and who now excel in practice. These same people relish working with others, are only satisfied with a job superbly done, and measure their success by the success of those they work with and for. We hope that the shareholders will come and meet the employees in person at our annual shareholder meeting to be held at Pro Player Stadium in Miami, Florida on May 26, 2007.

Except for the historical information contained herein, this press release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially from the results predicted and reported results should not be considered an indication of future performance. In addition to the factors discussed in the filings with the Securities and Exchange Commission, among the other factors that could cause actual results to differ materially are the following: adverse changes in the business conditions and the general economy; competitive factors, such as rival companies' pricing and marketing efforts; availability of third-party material products at reasonable prices; the financial condition of the customer; risks of obsolescence due to shifts in market demand; and litigation involving product liabilities and consumer issues. FuelNation cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. We expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any such statements to reflect any change in the company's expectations or any change in events, conditions or circumstances on which any such statement is based.

Contact Information

  • FuelNation Government Services, Inc.
    Mr. Emilio Zabaleta
    4675 Ponce de Léon, Suite 305
    Coral Gables, Fl. 33146
    561-383-8212 Ext. 121

    FuelNation Government Services, Inc.
    Mr. John Macho
    Managing Director
    4675 Ponce de Léon, Suite 305
    Coral Gables, Fl. 33146
    561-383-8212 Ext. 122