WEST PALM BEACH, Fla. -- Petroleum Consolidators of America Inc. has announced that it has formally entered into a letter of intent with an independent owner to acquire a BP-branded gas station located in Charlotte County, Fla.
David Cohen, president and CEO of Petroleum Consolidators, said, As a result of efforts to meet the goals of our business plan, we are moving forward to acquire this BP operation as the first in a series of planned acquisitions. Based on our market research and due diligence to-date, we are confident that this first acquisition [image-nocss] will generate $4.5 million in annual revenue and approximately $275,000 in gross income.
He added, The underlying real estate will provide us with a tangible asset which will lead to an increase in book value. 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 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.
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