Continental Fuels, Inc. (CFUL.OB) distributes crude and refined petroleum products. Its business includes purchasing, selling, storing, blending and transporting petroleum products, both domestically and internationally. Continental Fuels has started the New Year off with an expansion and modernization program valued at 36 million dollars.
The Company completed the purchase of all the outstanding shares of Geer Tank Trucks, Inc., in December 2007. Geer Tank Trucks has five locations in North Texas and generates almost $50 million in annual current revenue. In combination with Continental’s experience and relationships in the crude trading industry, it is anticipated that Geer’s monthly revenue can be more than tripled during the first 12 months of operations at current oil prices.
The Geer facilities include 4 pipeline terminals with connections to major pipeline companies such as TEPPCO and Plains, as well as 5 service yards in various locations throughout North Texas.
Geer will be installing state of the art GPS systems in all of its trucks in order to provide better service with greater efficiency. “Continental’s innovative application of technology and aggressive pursuit of expansion coupled with the history, experience and dedication of Geer Tank Trucks will allow us to seize those opportunities and continue to build shareholder value,” remarked Continental CEO Tim Brink.
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