Karrington Holdings Corp.

January 24, 2006 11:46 ET

Karrington Holdings Corp. Announces Major Gasoline and Diesel Contract

PRAGUE, CZECH REPUBLIC--(CCNMatthews - Jan. 24, 2006) - Karrington Holdings Corp. (NQB:EQS KRGH), announced today that the founder and CEO of the Corp., R. Revell Murphy, has successfully completed contract negotiations in Prague with the signing of a contract with PetroAzerbaijan Corp s.r.o.

The signed contract gives Karrington Holdings Corp. a fifty (50) percent interest in a recently secured bid by PetroAzerbaijan Corp to supply the Czech Republic Government state owned pipeline with high quality grade diesel and gasoline for distribution throughout the Czech Republic. The Government owned Cepro Pipeline (http://www.ceproas.cz/EN/e_index.htm) has an already established pipeline infrastructure which reaches throughout the entire country of the Czech Republic to supply all major service stations for fuel for all automobiles in the country.

This contract represents a multi-million dollar opportunity for Karrington through PetroAzerbaijan to realize a steady ongoing positive cash flow as a result of this secured ongoing contract to supply the daily fuel requirements for the automobile market throughout the entire Czech Republic.

The Czech Republic represents one of the most exciting emerging markets in the EU, and provides stability and security as a member of NATO, and as a member of the EU since April 2004. The Czech Republic is being evaluated at this time to join the Euro currency in 2010, and at this time, represents an opportunity for investor involvement into a safe and secure environment.

Forward looking statements in this release are based on current expectations, which may differ materially from actual results. Forward-looking statements include, without limitation, those regarding management's plans, objectives and strategy for future operations, production plans and performance, management's assessment of market factors, and future financial performance and fall within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Among factors that could cause actual results to differ materially are changes in business conditions, changes in the Industry and the general economy, competition, changes in service offerings, risks associated with Karrington's history, entry into developing markets and new product lines, and managing rapid growth, and risks associated with international operations, dependence on effective information systems and the development of the Company's current and anticipated products.

Contact Information

  • Karrington Holdings Corp.
    Mr. Finn Walstad