SUNRISE, FL--(Marketwired - Jan 23, 2014) - Fuelstream, Inc. (OTCQB: FLST) ("Fuelstream" or the "Company") announced today that it has retired two convertible notes that were issued to Asher Enterprises, Inc. (hereafter, the "Asher Notes") and has contracted to retire the third and final note issued to Asher before it matures. On January 22, 2014, Fuelstream settled these two 8% convertible Asher Notes, bearing a collective face value $131,500, before the notes could be converted into stock. The Asher Notes were issued on July 19th, 2013 and August 26th, 2013 and were used to resolve short term liquidity issues. On the 22nd of January, the first of the Asher Notes would have become convertible into common stock at a specified discount. By redeeming the Asher Notes, they are now paid in full and will not be converted into stock. Fuelstream CEO Robert Catala stated, "We are pleased to have been able to settle these debts with Asher Enterprises and are thankful for their financial investment for working capital during 2013, it allowed us to get through some challenging short term liquidity issues prior to our commencing our fueling operations." Mr. Catala further added, "Fuelstream is confident that in the months ahead operational costs will be able to be borne by revenues from fuel sales and would like to extend a special thank you to our shareholders for standing by the company during this transitional phase in starting to fuel our clients. Our plans are to keep updating our shareholders on company events and milestones."
The financing utilized to redeem and retire the Asher Notes consisted of an investment made by Hanover Holdings I, a Magna Group affiliate, as pursuant to an 8K to be filed no later than Monday, January 27, 2014.
The Company is committed to securing funds from operations and future financings to redeem and retire the New Note before it is converted into shares of the Company's common stock.
Fuelstream is an operating fuel logistics company that concentrates its supply chain management efforts in the distribution of aviation fuel to corporate, commercial, military, and privately-owned aircraft throughout the world. Currently, a majority of the Company's fuel and related services are concentrated in the sourcing, purchase and delivery of (Jet-A) fuel "into the wing" of private and commercial aircraft at various airports. With offices in Sunrise, Florida and Johannesburg, South Africa, the Company intends to supply a variety of ground services either directly or through its affiliates, including concierge services, passenger and baggage handling, landing rights, coordination with local aviation authorities, aircraft maintenance services, catering, cabin cleaning, customs approvals, and third-party invoice reconciliations. For more information please visit www.thefuelstream.com.
Safe Harbor and Forward-Looking Statements
This press release contains certain forward-looking statements regarding possible future circumstances. These forward-looking statements are based upon the Company's current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements including, in particular, any risks and uncertainties with respect to the Company's operations, as well as those contained in the Company's quarterly, annual, and periodic filings with the Securities and Exchange Commission. Actual results, events, and performance may differ. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. The Company undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by the Company or any other person that the events or circumstances described in such statements are material.