SOUTH SAN FRANCISCO, CA--(Marketwired - Oct 13, 2014) - Core-Mark Holding Company, Inc. (
This marks the third compressed natural gas (CNG) station opened by Core-Mark and the first of five in partnership with U.S. Oil. Core-Mark has two company owned and dedicated CNG stations in Wilkes Barre, Pennsylvania and Corona, California. This new GAIN Clean Fuel station in Aurora, Colorado represents a partnership between the two companies and is open to the public. Four additional GAIN Clean Fuel stations are expected to open near Core-Mark Divisions by the first quarter of 2015: Sanford, North Carolina; Smyrna, Georgia; Tampa, Florida and Forrest City, Arkansas.
Core-Mark's commitment to CNG began with conversion of its fleet, with over 100 CNG tractors on the road today and another 100 expected by the end of the year. One of the main advantages of converting fleets to CNG is that it is a cost-effective alternative to diesel fuel, offering a savings of more than $2 per gallon equivalent under current market conditions.
"We are excited about our partnership with U.S. Oil," said Thomas B. Perkins, President and CEO of Core-Mark Holding Company, Inc. "The transition from diesel to CNG will allow us to purchase more environmentally friendly fuel, reduce our carbon footprint and lower our transportation costs."
"We continue to see extremely impressive growth in the build out of our nationwide GAIN Clean Fuel network as more carriers seek to convert their fleets," said Bill Renz, General Manager for GAIN Clean Fuel. "In addition to the cost savings, CNG has lower carbon emissions which are better for the environment and it's also a domestically produced product, which buffers it from global influences that impact other fuels such as diesel."
Each GAIN station provides fast-fill capabilities and is strategically located for carriers. The stations also have fleet card acceptance capabilities for trucker convenience and provide reliability to ensure that fleets have a consistent fuel source. Nearly all the GAIN stations are open for public use as well as other carriers not dedicated to GAIN.
About Core-Mark
Core-Mark is one of the largest marketers of fresh and broad-line supply solutions to the convenience retail industry in North America. Founded in 1888, Core-Mark offers a full range of products, marketing programs and technology solutions to approximately 31,000 customer locations in the U.S. and Canada through 28 distribution centers (excluding two distribution facilities the Company operates as a third party logistics provider). Core-Mark services traditional convenience retailers, grocers, drug, liquor and specialty stores, and other stores that carry convenience products. For more information, please visit www.core-mark.com.
About U.S. Oil
Headquartered in Appleton Wisconsin, U.S. Oil is a division of U.S. Venture Inc., a leading energy and transportation products distributor and marketer. Its customer promise "Finding a better waysm" delivers unconventional, creative solutions that give its customers a competitive edge. U.S. Oil has been recognized as an innovative leader in the distribution of petroleum and renewable energy products for more than 60 years. For more information on U.S. Oil, please visit www.usoil.com.
Forward-Looking Statements
Except for historical information, the statements made in this press release are forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on certain assumptions or estimates, discuss future expectations, describe future plans and strategies, contain projections of results of operations or of financial conditions or state other forward-looking information. Our ability to predict results or the actual effect of future plans or strategies is inherently uncertain.
Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual actions and results could differ materially from those set forth in the forward-looking statements. Forward-looking statements in some cases can be identified by the use of words such as "may," "will," "should," "potential," "intend," "expect," "seek," "anticipate," "estimate," "believe," "could," "would," "project," "predict," "continue," "plan," "propose" or other similar words or expressions. These forward-looking statements are made only as of the date of this press release and are based on our current intent, beliefs, plans and expectations. They involve risks and uncertainties that could cause actual future results, performance or developments to differ materially from those described in or implied by such forward-looking statements.
Factors that might cause or contribute to such differences include, but are not limited to, our ability to open new GAIN stations in the locations and on the schedule that we expect; our ability to realize the cost savings and benefits from converting the fleet; natural gas supply chain issues; the number of independent carriers that will use the GAIN stations; and; governmental regulations and any changes thereto. Refer to the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2013 originally filed with the SEC on March 3, 2014 and Part II, Item 1A, "Risk Factors" of any quarterly report on Form 10-Q subsequently filed by us. Except as provided by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.