WILMINGTON, Del. -- Alternative Fuel Distributors Inc. claimed that it will construct and operate 1,000 "Go Green Station" convenience stores providing only E-85 and other alternative automotive fuels along the East Coast within three years. To achieve this objective, it intends to file a registration statement with the Securities & Exchange Commission (SEC) for an initial public offering of up to two million of its Class A membership units.
The company said it will also develop a wholesale distribution channel for alternative fuel products such as E-85, various biodiesel products, [image-nocss] liquefied hydrogen and other possible mass consumption alternative fuels. The company will own and operate alternative fuel terminals located in New Jersey, Pennsylvania and Maryland to supply fuels to company-owned c-stores and wholesale customers from Washington, D.C. to New York.
Alternative Fuel Distributors said it to open the first 100 stores by first-quarter 2009 in Pennsylvania, New Jersey, Maryland and Delaware. Retail E-85 gasoline is expected to sell for $2.25 to $2.50 per gallon as compared to the predicted $4 per gallon for regular gasoline, the company claimed.
The company said that it hopes to provide a competitive automotive fueling alternative to regular gasoline for the millions of flexible-fuel vehicles (FFVs) currently on the road.
Alternative Fuel Distributors is a development-stage company that was organized in June 2007 to develop, construct, own and operate c-stores dedicated to supplying alternative fuels to retail customers. It added that it expects to be one of the largest wholesale distributors of biodiesel products in the United States. It will focus on selling reduced-priced biodiesel products to fleet operators, school districts, municipalities and home heating companies as an alternative to their regular diesel products.
With the sales of its membership units in its IPO, Alternative Fuel Distributors intends to build and operate the company's c-stores and wholesale terminal facilities, it said.
Gerald Jones, the company's co-founder, will serve as president of Alternative Fuel Distributors. He is a principal in the firm Broadway Properties Inc., a Wilmington, Del.-based affordable housing development company. He is former vice president and finance manager for BlackRock Institutional Management, Verizon Communications and Bank One.
Keith Daviston will serve as CFO of Alternative Fuel Distributors. He is a former finance vice president of Bank of America business unit MBNA. He is also a former controller of a Dallas-based manufacturer of industrial gases and assistant controller for JCPenney National Bank.
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