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NASHVILLE, Tenn. — First Colombia Gold Corp. inked a purchase-and-sale agreement to acquire 11 convenience stores in Alabama.
These convenience stores will be branded Norfleet Markets and are the first in a planned expansion that will include many more stores in the coming year.
The company is now in a position to close individually on each of the stores. The closings will begin in December and roll out on a schedule, concluding by the end of the quarter.
The agreement, signed by Enterprise Partners, a subsidiary of First Colombia Gold, includes real estate, physical inventory, merchandise and supplies for all 11 convenience stores.
"With these stores, we are launching the Norfleet Markets brand and plan to solidify the company's position in the c-store arena. Our goal is to make Norfleet Markets a brand that is instantly recognizable across the United States," said Pete Iodice, president of Enterprise Partners.
Iodice has been involved in the development and operations of convenience stores, travel centers and quick-service restaurants for more than 25 years, overseeing as many as 15 stores and more than 75 employees. He also managed a group of nine convenience stores and two 24-hour truck stops, later forming and operating a wholesale fuel distribution business as a direct distributor for most major gasoline brands, selling more than 50 million gallons per year.
The Alabama move comes on the heels of the company's recent acquisition of a fuel terminal in North Carolina.
"This fuel terminal, alongside the company's partnership with Singa Energy, allows the company to expand within its business model," said Jason Castenir, CEO of First Colombia Gold. "The company has been working very hard to secure multiple, high-yield streams of revenue, and each step we take gets us closer to that goal. I believe strongly in the path we are taking, and am excited for the future of this company."
This week, the company is in the process of securing multiple diesel distribution deals, and expects to be able to make additional announcements regarding the company's progress within the coming weeks.