Podium Acquiring Capital Oil & Gas

Holding company says additional locations already contracted

HIALEAH, Fla. -- Podium Venture Group Inc. announced Wednesday that its board of directors has approved the acquisition of Hialeah, Fla.-based Capital Oil & Gas Inc. as a wholly owned subsidiary of Podium Venture Group.

Capital Oil & Gas operates an undetermined number of retail gas stations with convenience stores under the Chevron brand. The company will have revenues in excess of $25 million per year, according to Podium Venture Group. It also sells motor vehicle lubricants.

Neither company responded by presstime to CSP Daily News inquiries; however, based on Capital Oil's [image-nocss] website, it appears that at least one location was branded Terror-Free Oil. The Terror-Free Oil Initiative announced in early 2007 its intentions to sell only gasoline that originated from countries that do not support terrorism and from oil companies that do not do business in the Middle East.

"The company is extremely excited to complete this acquisition and will continue to add new locations on a regular basis," said Ariel Rodriguez, who was named president and COO of Marietta, Ga.-based Podium Venture Group in May. "The company has already contracted additional locations that will add significant additional revenues and growth to our existing revenue stream."

Podium Venture Group Inc. is a holding company with holdings in wireless broadband and disaster recovery and business continuity. Coastal Broadband is a subsidiary of Podium Venture Group and is a wireless broadband provider in Southern Georgia. Noh Limits Consulting represents Podium Venture Groups holdings in the disaster recovery and business continuity markets.

In May, Podium Venture Group branched out into real estate with the launch of its Riviera Properties Inc. subsidiary to promote the growth of its other subsidiaries. At that time, it also announced a complete restructuring of its corporate business model and identity. It said it would establish new corporate headquarters in Miami, saying that this location geographically will better suit the company's new business operations soon to be announced. "The company will undergo major changes while implementing its new business model. Several major acquisitions within a major industry have already been put in place and contracted that will add significant revenues and shareholder value immediately," said Rodriguez at the time.