PALM BEACH GARDENS, FL--(MARKET WIRE)--Apr 28, 2009 -- Petroleum Consolidators of America, Inc. (Other OTC:PCAI.PK - News), a gasoline station/convenience store consolidator, is pleased to offer the following updates to our shareholders.
Over the past year we have achieved many milestones that we believe can add shareholder value to the company. As released on February 9, 2009, we unveiled our ambitious plan for calendar 2009, which included acquiring gasoline stations with convenience stores, forming an oil and gas exploration division and most importantly, becoming a wholesale fuel supplier.
To date, we have created an oil and gas exploration division to fully capitalize on the worldwide demand for energy, signed two letters of intent, one for a producing oil well and another for a gasoline station/convenience store and secured a ten million dollar equity line. The latter will enable us to aggressively pursue undervalued acquisition opportunities at bargain prices due to recent economic times. These targeted acquisitions should be cash accretive and meet our return on investment goals, which helps maximize shareholder value.
Additionally, Petroleum Consolidators President & CEO David Cohen stated: "Growth through acquisitions is key to our core business strategy; however, we will continue to take a prudent approach to new acquisitions in calendar 2009 and beyond, requiring that any acquisition offer a strong return on our investment and maximize shareholder value."
Moreover, Cohen stated: "From an operational perspective, we have completed a corporate restructuring that eliminated several management and administrative positions. This reorganization and strategic move will help us to reduce expenses in calendar 2009 and remain proactive in delivering the leverage we need with general and administrative expenses."
About Petroleum Consolidators of America
Petroleum Consolidators of America, Inc. is a gasoline station/convenience store operator, which is implementing a targeted acquisition strategy to create a portfolio of consolidated retail gasoline facilities, producing oil wells and a wholesale fuel distributorship that will benefit from substantial operating efficiencies.
Safe Harbor
This release contains various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended which represent the company's expectations or beliefs concerning future events of the company's financial performance. These forward-looking statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. The words "may," "could," "should," "believe," "anticipate," "estimate," "expect," "intend," "plan" and similar words are intended to identify forward-looking statements. These forward-looking statements are based on the Company's current plans and expectations and involve a number of risks and uncertainties that could cause actual results and events to vary materially from the results and events anticipated or implied by such forward-looking statements. Any number of factors could affect actual results and events, including, without limitation: the ability of the Company to take advantage of expected synergies in connection with acquisitions; the actual operating results of stores acquired; the ability of the Company to integrate acquisitions into its operations; fluctuations in domestic and global petroleum and gasoline markets; changes in the competitive landscape of the convenience store industry, including gasoline stations and other non-traditional retailers located in the Company's markets; the effect of national and regional economic conditions on the convenience store industry and the markets we serve; the effect of regional weather conditions on customer traffic; financial difficulties of suppliers, including our principal suppliers of gas and merchandise, and their ability to continue to supply our stores; environmental risks associated with selling petroleum products; governmental regulations, including those regulating the environment; and acts of war or terrorist activity. Results actually achieved may differ materially from expected results included in these statements. The Company is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise. Furthermore, the Company cautions that the risk factors listed in this paragraph are not exhaustive.
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