"Even in challenging times, the business model for Lee Oil has remained constant and highly sustainable," said Terry Lee, chief executive officer of Heartland Inc. and founder of Lee Oil. "As the economy steadies in 2010, we see opportunities for external and internal [image-nocss] growth for Lee Oil, and I fully expect both 2010 revenue and earnings results to exceed 2009 levels."
Middlesboro, Ky.-based Lee Oil is a multi-state petroleum marketer and distributor with approximately 40 million gallons of petroleum product sales during the year ended December 2007. Lee has more than 35 long-term petroleum supply contracts with retail and wholesale customers. In addition, Lee Food Marts operates 23 convenience stores in Virginia, Tennessee and Kentucky.
Parent company Heartland Inc. is a diversified company with businesses in steel warehousing and fabrication and petroleum retail and wholesale operations. Mound Technologies is a full-service structural and miscellaneous steel fabricator located in Springboro, Ohio. Lee Oil Co. services and sells over 40 million gallons of petroleum product annually through a combination of retail and wholesale operations. Heartland Steel Inc. is a new venture that operates a structural steel service center in Washington Court House, Ohio.
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