Evolution Fuels (PINKSHEETS: EVFN) $0.0001. Today announced an update regarding the recent financial performance of the Willie's Place at Carl's Corner Truck Stop, of which the Company owns a membership interest.
The state-of-the-art truck stop features 12 diesel/biodiesel fueling lanes for tractor-trailers plus a wide load island. There is a separate fueling island for cars and trucks. In addition to the truck stop fueling facilities, "Willie's Place at Carl's Corner" features two restaurants, a convenience store, a saloon, a gift shop featuring official Willie Nelson merchandise and memorabilia, and the 500 seat "Night Life" theater that features regular live music performances.
Since the opening of the facility in December 2009, the truck stop has demonstrated significant improvement with respect to financial performance. Whereas the facility experienced average net losses (before interest, taxes, and depreciation) of more than $70,000 per month for the first quarter of 2009, the following three quarters averaged net losses of $16,000 per month. During the first quarter of 2010 the truck stop averaged net gains (before interest, taxes, and depreciation) of $14,000 per month, which improved to $43,000 per month during the second quarter of 2010.
The Improvements are due mostly to increased fuel sales concurrent with decreased operational expenses. Management expects performance to continue to improve as fuel volumes continue to increase.
What They Do: Evolution Fuels, Inc. endeavors to market renewable transportation fuels at retail fuel stations that will provide superior quality fuels to competing fuel stations by virtue of the blending capability within the fuel dispensers at its stations and offering the blends at competitive prices. The stations will offer ethanol/gasoline blends of fuel including 10% ethanol/90% gasoline (E10), 20% ethanol/80% gasoline (E20), 30% ethanol/70% gasoline (E30), and 85% ethanol/15% gasoline (E85). The latter three blends are intended for flex-fuel vehicles, although recent studies have shown that many legacy vehicles on the road today may use E20 and E30 blends without incurring damage to the engines or fuel systems. The Company's plan calls for the development of a chain of renewable fuel stations in the southwestern and southeastern United States that will be a combination of "Evolution Fuels"-branded fuel stations/convenience stores and western-motif truck stops modeled after Willie's Place Truck Stop in Carl's Corner, TX.
Nalco Mobotec (NYSE: NLC) $22.60. Today announced a significant contract with Arizona Electric Power Cooperative (AEPCO) for mercury emission control at AEPCO's Apache Generating Station in Cochise, Ariz. The approximately $3.6 million, five-year agreement will help AEPCO reduce mercury emissions in order to comply with the State of Arizona's mercury emissions regulations, which take effect on January 1, 2011.
AEPCO performed six months of rigorous testing and balance of plant initiatives to assess the effectiveness of Nalco Mobotec's patented MERCONTROL(R) 7895 technology. The results demonstrated that Nalco Mobotec's MERCONTROL 7895 technology can achieve an 80 percent reduction in mercury emissions, far exceeding Arizona's mandate of 50 percent. The technology will allow AEPCO to meet and potentially exceed the regulation while maintaining the marketability of coal combustion products.
What They Do: Nalco Mobotec, Inc. is a global leader in analysis, technology and total solutions for coal-fired power plants and industrial facilities around the world who are seeking to reduce their emissions without sacrificing combustion efficiency and plant up-time.
Baltic Trading Limited (NYSE: BALT) $11.06. Today announced that it has taken delivery of the Baltic Cove, a 2010-built Handysize vessel. The Baltic Cove is the second of three vessels to be delivered to the Company under Baltic Trading's agreement previously announced on June 9, 2010 to acquire three Handysize vessels from companies within the Metrostar group of companies.
The Company has signed a novation agreement for the vessel's current time charter with Cargill International S.A., for an initial duration of 45.5 to 50.5 months and a minimum expiration of February 2014. The rate for the spot market-related time charter will be based on 115% of the average of the daily rates of the Baltic Handysize Index (BHSI), as reflected in daily reports. Hire will be paid every 15 days in advance net of a 6.25% brokerage commission, which includes the 1.25% commission payable to Genco Shipping & Trading Limited. Baltic Trading will not be responsible for voyage expenses, including fuel.
What They Do: Baltic Trading Limited is a drybulk company focused on the spot charter market.
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