Petroleum Consolidators Nears Merger Completion

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Petroleum Consolidators Nears Merger Completion

WEST PALM BEACH, Fla. -- Petroleum Consolidators of America Inc., a gasoline station/convenience store consolidator, has made substantial progress over the last few weeks in reviewing the due diligence materials and working toward a closing to complete a merger.

As CSNews Online previously reported May 21, Petroleum Consolidators signed a letter of intent to merge with an Indiana-based private natural resource company, which currently has a sizeable proven mining reserve.

"Since having announced the record date of June 10, 2009, for the intended spin-off, both Petroleum Consolidators and the merger candidate, based in Sullivan County, Ind., have been working toward a firm closing date that we anticipate will be announced in the near future," Petroleum Consolidators' President and CEO David Cohen stated.

"While we have been extremely busy with the rigorous review of the due diligence items, we were excited to receive a visit during the week of June 8, from the CEO of the resource company. They were able to perform their due diligence on Petroleum Consolidators. Both sides were very pleased with the progress, and we are eager to reveal the dynamics and potential of this merger to the shareholders," Cohen continued.

Petroleum Consolidators has said it’s 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.

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