WEST PALM BEACH, Fla. -- Petroleum Consolidators of America Inc. has announced that it has formally entered into its second letter of intent with an independent owner to acquire a Chevron-branded gas station located in Charlotte County, Fla.
David Cohen, president and CEO of Petroleum Consolidators, said, We are extremely excited as to the progress and execution of our business plan. This is the second letter of intent signed within the last several weeks, thus allowing us to move forward with consolidating branded retail gasoline facilities in Florida. [image-nocss] We feel that with this pace of acquisitions, we will have the traction to achieve our revenue and income forecasts throughout 2007.
He added, Based on our market research and due diligence to date, we are confident that this acquisition will generate $3 million in annual revenue and approximately $195,000 in gross income. Furthermore, the underlying real estate will provide us with an additional tangible asset. This closing is subject to a land appraisal, Phase One environmental study, plus a successful review and verification of all required due diligence items.
Petroleum Consolidators, West Palm Beach, Fla., is a development-stage company focusing on land acquisition, ownership and operations of a portfolio of retail gas stations. The businesses being acquired will include convenience stores that offer a broad selection of merchandise and ancillary products and services including car care products, tobacco, beer, soft drinks, self-service fast food and beverages, publications, dairy products, groceries, health and beauty aids, money orders and other services, it said.
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