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CHARLOTTE, N.C. -- NewGen Technologies secured an extension until June 16 to finalize financing for its purchase of Appalachian Oil Co. (APPCO).
"The acquisition of APPCO has been extremely detailed and time consuming due to the size of the company, multiple locations and complicated tax structures we have been reviewing," said S. Bruce Wunner, chairman and CEO of NewGen. "Part of the delay in closing this acquisition has been our successful negotiation of an option to purchase over 65 additional properties not originally included in the first phase of the acquisition."
As CSNews Online reported in January, NewGen, manufacturer and distributor of premium biofuels and hydrocarbon blends, signed agreements to acquire APPCO, a wholesale and retail distributor of petroleum products in the Southeast. APPCO, with more than $450 million in revenue, operates in six states, with 500 employees providing petroleum products to more than 200 retail gas stations and independent wholesale dealers.
Currently, APPCO supplies Exxon, BP, Marathon, Sunoco, CITGO and its proprietary APPCO-braded fuels to retail and wholesale customers in Tennessee, Kentucky, Virginia, West Virginia, North Carolina and South Carolina. The company also operates 58 company-owned convenience stores and supplies fuel to more than 160 other individual dealers.
Through this strategic acquisition, NewGen said it looks to obtain significant wholesale and retail distribution for ReFuel America's premium biofuels throughout the Southeast. APPCO also brings a talented and seasoned management team and dedicated employees.
NewGen's mission is to be the leading, global vertically-integrated (Fields-to-Wheels) manufacturer and distributor of premium biofuels and hydrocarbon blends, which are intended to dramatically reduce the environmental and economic impact of world petroleum use. NewGen is developing the cleanest-burning and highest-performing fuels in the world by utilizing its own proprietary products and other technology.
The vision of NewGen and ReFuel America, NewGen's wholly-owned U.S. subsidiary and brand, is a world less dependent on oil, using secure, renewable, homegrown fuels.