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Apollo Resources Subsidiary to Purchase Second Truck Stop for the Sale of Biodiesel Fuel
Monday June 20, 9:25 am ET
DALLAS--(BUSINESS WIRE)--June 20, 2005--Apollo Resources International, Inc. (OTCBB:AOOR - News) today announced that its 50% owned subsidiary, Earth Biofuels, has signed a letter of intent to purchase a full-line truck stop located on a major highway in northern Mississippi. This station will be the second acquisition of a retail outlet and part of the biodiesel producer's growth program.
Tommy Johnson, CEO Earth Biofuels and President Apollo Alternative Fuels, stated, "This truck stop currently sells over five million gallons of diesel annually, and we plan to increase the site's fuel sales volume with our biodiesel offering. We will continue to identify future locations that fit strategically into our growth plan."
Current plans call for Earth Biofuels to establish 170 retail station outlets under the 'Earth Biofuels' brand, 90% of which will be under franchise. Franchise arrangements are in process, with the first 25 official stations set to open under the new banner within 90 days. Pumps at all station outlets will sell Earth Biofuels biodiesel fuel in addition to regular diesel, and 60% to 70% of the stations will sell Earth Biofuels biodiesel fuel only.
"We expect to meet our goal of 170 stations by the end of 2006, with about 20 of those company-owned," continued Mr. Johnson. "Our biodiesel retail growth plan calls for initial expansion in Mississippi and Oklahoma, and then to other states where we have a presence. The acquisition of a major truck stop on a major highway in Mississippi is a significant step for Earth Biofuels."
Apollo Resources International (
www.apolloresources.com) is a public energy company focused on the acquisition and development of upstream oil & natural gas production assets. In the Four Corners area of New Mexico, Apollo has over 1.5 million barrels of oil in recoverable reserves and 10 billion cubic feet of natural gas reserves. Apollo owns approximately 1,800 miles of pipeline easements and pipelines in Oklahoma, Texas, Kansas, and Illinois. Apollo also has government certified 4.3 million barrels of oil in recoverable reserves through the acquisition of JSC Kaliningradneft in the Russian province of Kaliningrad. Additionally, the Company evaluates and develops existing and future alternative energy sources, such as biodiesel fuel. Earth Biofuels is a subsidiary of Apollo with headquarters in Jackson, Miss., and may be contacted by calling Jay Johnson at 580-775-1729.
This press release includes "forward-looking statements" within the meaning of the federal securities laws, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates" and other terms with similar meaning. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Important factors that could cause actual results to differ materially from the Company's projections and expectations are disclosed in the Company's filings with the Securities and Exchange Commission. All forward-looking statements in this press release are expressly qualified by such cautionary statements and by reference to the underlying assumptions.
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