NEW YORK, NY--(Marketwired - Nov 21, 2016) - Petrogress, Inc. (OTC PINK: PGAS) ("Petrogress" or the "Company"), today announced the following open letter to Shareholders.
Dear Valued Petrogress Shareholders,
As we near the end of 2016, I would like to take the opportunity to update you on our progress and recent developments during this past year and to provide an overview of our growth strategy and plan for the future.
During the first quarter of 2016, the Company changed its name from "800 Commerce, Inc." to "Petrogress, Inc." following the completion of a reverse merger with Petrogres Co. Limited ("Petrogres"), an oil commodity trading company and sea-carrier provider of petroleum products by its four beneficially-owned affiliated vessels. As a result, Petrogres became a wholly-owned subsidiary of the Company. In connection with this merger and subsequent name change, the Company began trading under a new ticker symbol (OTC PINK: PGAS).
Petrogres brings to the public company and its shareholders tangible assets (tankers ships) and strong operations, with expected growth of our gross revenue stream and a fully operational management team that is constantly looking to expand into other markets, where we have years of deep-rooted experience dealing with our trading partners.
Since its inception, Petrogres has evolved its business from focusing solely on fleet and tanker ship operations to expand into the oil and gas industry as a trader and merchant of oil. Over the last five years, Petrogres has strengthened its position as a key player in the oil and gas industry by combining its regional market knowledge with over 25 years of experience to successfully establish both its midstream and downstream operations to serve markets primarily located in West Africa and the Mediterranean.
As a result of the reverse merger, Petrogres effectively became a public company, which we believe would help expose the company to various investment opportunities in other markets in order to increase operational efficiency and expand operations, thereby increasing value to our Shareholders.
Presently, the Company is primarily acting as a holding company for the following three subsidiaries:
- Petrogres Co. Limited, a Marshall Islands corporation, is an international merchant of petroleum products, specializing in crude oil and refined products trade within West Africa and Mediterranean countries;
- Petronav Carriers LLC, a Delaware limited liability company, is responsible for the day-to-day management of operations relating to the sea transportation of liquid petroleum products through its fleet of four tanker ships; and
- Petrogress Oil & Gas Energy Inc., a Texas corporation, is focused on acquiring interests in oil fields in Texas, with plans to expand operations to include oil refinery production based in the U.S. and to export liquefied natural gas ("LNG") to Mediterranean markets.
Following consummation of the merger, Petrogres has successfully negotiated several new operational affiliations and partnerships to strengthen our existing oil operating platform.
Our long-term goal is to become a global leader in the oil and shipping industries. To reach this goal, we plan to:
- Expand our current fleet by purchasing two additional tankers, subject to financing, in order to increase monthly deliveries of crude oil by 25,000 tons (180,000 bbls) within the next 6 months;
- Finalize negotiations and execute an agreement with an oil refinery in Ghana to increase monthly crude oil deliveries by 100,000 barrels upon completion of the storage facility construction;
- Enhance our partnership relationship with an offshore oil rig in Ghana to resume oil production, storage and blending operations;
- Form a partnership with a company that provides ship-to-ship operations in the Gulf of Guinea;
- Purchase interests in oil fields in Texas and expand LNG sales from Texas to Southern European countries; and
- Apply for listing on the OTCQB from OTC PINK.
We value the support of our shareholders as we execute on our plans to become a vertically integrated global energy company;
Until we communicate again, Happy Holidays.
Christos Traios, CEO
About Petrogress, Inc.
Petrogress Inc. operates a fully integrated oil commodity business, including upstream, midstream and downstream operations, primarily serving West Africa and the Mediterranean. The Company operates primarily as a holding company and provides its services through three wholly owned subsidiaries: Petrogres Co. Limited, which provides management of crude oil purchases and sales; Petronav Carriers LLC, which manages day-to-day operations of the tanker fleet currently consisting of four vessels; and Petrogress Oil & Gas Energy Inc., which is primarily focused on purchasing interests in oil fields in Texas and exporting liquefied natural gas.
The Company's main operations are managed by an experienced team, located in Piraeus, Greece. By combining regional market knowledge and excellent service to its customers, along with more than 25 years of experience in shipping and ship management, its core business has earned a reputation for reliably marketing and moving petroleum products.
For more information, please visit our website: www.petrogressinc.com
Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. These forward-looking statements are based on our current expectations and beliefs and are subject to a number of risk factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such risks and uncertainties include, without limitation, the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for tanker shipping capacity, changes in our operating expenses, including oil prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, charter counterparty performance, ability to obtain financing and comply with covenants in such financing arrangements, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Petrogress does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in the Annual Report on Form 10-K for the year ended December 31, 2015, as filed with the Securities and Exchange Commission (the "SEC") on April 19, 2016 and future periodic reports filed with the SEC on or after the date hereof. All of Petrogress' forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date hereof.