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DALLAS -- Titan Global Energy subsidiary, Appalachian Oil Co. (APPCO), fuel distributor and operator of 56 convenience stores headquartered in Blountville, Tenn., signed agreements with London-based ethanol manufacturer Tate & Lyle to supply increased quantities of ethanol at reduced price levels for the 2008 calendar year, the company stated.
The agreement is part of APPCO's plan to source and distribute biofuels to its more than 160 petroleum and fuel product dealers in the southeast. When Titan acquired APPCO in mid-September, an agreement was formed between APPCO and Refuel America Inc., to supply biofuels to the chain. The agreement with Tate & Lyle is complementary to the previous agreement with Refuel America, the company stated.
"During our due diligence of APPCO, the management team laid out its strategic vision for the future of the industry," Bryan Chance, president and CEO Titan Global Holdings, parent company of Titan Global Energy, said in a statement. "The second strategic objective for Titan Energy was to preserve and expand the supply of biofuels products through strategic agreements that would enhance core profitability at the wholesale and retail distribution levels. With this milestone agreement, we have begun to fulfill these objectives."
In other company news, Titan Global Holdings appointed Marty Anderson to the position of CEO of APPCO and to Titan Global Energy's entire senior management team, the company stated.
"Since joining APPCO in 2001, Marty has been a driving force within the company," said Chance. "His leadership has been instrumental in growing APPCO's Retail Division, managing key partner relationships and positioning APPCO to be a leading petroleum distribution brand in the markets it serves. Marty has earned the respect of the over 550 employees of APPCO and he is the ideal candidate to lead APPCO through what we plan to be an unprecedented period growth."
Anderson joined APPCO in 2001, in the role of vice president of marketing. In 2006, he was promoted to the position of president of the convenience store division, where he was responsible for its 56 company-operated convenience stores, the company stated.
In this new role, Anderson will focus on continuing organic growth in existing markets, pursue strategic acquisitions, vertically integrate the supply chain and expand strategic partnerships and relationships to increase APPCO's available biofuels products, the company stated.
"It is an honor to take the reins of APPCO from Jeff Benedict and Jim Maclean, two visionaries in petroleum distribution in the Southeast United States," Anderson said in a statement. "I am thrilled with the opportunities in front of APPCO. We have an industry proven management team, an aggressive strategic vision, and the strategic and financial support of Titan and its equity partners. I couldn’t be more excited."