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WILMINGTON, Del. -- Alternative Fuel Distributors Inc., an alternative fuel marketer and soon-to-be c-store operator based here, unveiled a three-year plan to construct and operate 1,000 convenience stores on the East Coast of the U.S. that will provide E-85 and other alternative fuels.
The development-stage company was created in June 2007 with the goal of developing, constructing, owning and operating convenience stores that offer only alternative fuels to consumers, the company said in a statement.
Company-owned convenience stores will be branded Go Green Stations and the company estimates that the first 100 stores will be open by the first quarter of 2009 in Pennsylvania, New Jersey, Maryland and Delaware, the company stated.
In addition, Alternative Fuel Distributors will develop a wholesale distribution division with terminals in New Jersey, Pennsylvania and Maryland for its c-stores and wholesale customers located between Washington D.C. and New York. Its wholesale operation will supply alternative fuel products including E85, biodiesel, liquefied hydrogen and other mass consumption alternative fuels, the company stated.
To reach the goal, Alternative Fuel Distributors expects to file a registration statement with the Securities and Exchange Commission (SEC) for an initial public offering (IPO) of up to two million shares of its Class A membership units, the company said in a statement.
Less than 20 gas stations offer E85 between New York and Richmond, Va., according to the company. The opening of the company's Go Green Station convenience stores will provide a competitive automotive fueling alternative to regular gasoline for flex fuel vehicles currently on the road, the company stated.
Alternative Fuel Distributors co-founder, Gerald Jones, will serve as the company's president. Jones is a principal in the affordable housing development firm Broadway Properties, Inc., located in Wilmington. In addition, Keith Daviston will serve as chief financial officer of the company. Daviston, a former finance vice president of Bank of America’s MBNA, has also served as a controller of a Dallas-based manufacturer of industrial gases and assistant controller for JCPenney National Bank, the company stated.