SOURCE: FuelStream, Inc.

Fuelstream, Inc.

April 20, 2015 08:30 ET

Fuelstream Signs Definitive Agreement for Revolving Line of Credit of up to $2.0 Million

DRAPER, UT--(Marketwired - Apr 20, 2015) - Fuelstream, Inc. (OTC PINK: FLST) ("Fuelstream" or the "Company") announced today that it has signed a definitive agreement with NuVenture Fund I, LLC ("NuVenture"), a Salt Lake City-based financier, to provide the Company a revolving line of credit of up to $2.0 million for purchases of airline fuel for resale to customers. The agreement is the culmination of months of due diligence and negotiation following the Company's announcement, on August 5, 2014, that it had signed a term sheet regarding the financing. The term sheet was originally based on a $1.0 million credit line, but subsequent review and discussions with NuVenture resulted in an increase in the maximum amount drawable under the line.

John Thomas, the Fuelstream CEO, stated: "Our access to credit is a cornerstone to being able to compete in the aviation fuel industry and satisfy the fuel requirements of commercial aviation firms. Our relationship with NuVenture gives Fuelstream the ability to work with larger customers and achieve a certain degree of scale and bargaining position when negotiating with our own fuel suppliers."

Also commenting on the line of credit, Wade M. Mitchell, the NuVenture CEO stated "We are excited to move forward with Fuelstream in an important and promising relationship. We expect that Fuelstream should be able to make strides in its operating business that will enable it to enlarge its customer base and strengthen its financial position."

About Fuelstream

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. 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.fuel-stream.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.

Contact Information

  • Corporate and Media Contacts:
    Fuelstream Inc.
    (801) 816-2510