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WEST PALM BEACH, Fla. -- Petroleum Consolidators of America, Inc. announced it has formally entered into a Letter of Intent with an independent owner to acquire a BP branded gas station located in Charlotte County, Fla., according to an Associated Press report.
"As a result of efforts to meet the goals of our business plan, we are moving forward to acquire this BP operation as the first in a series of planned acquisitions," said David Cohen, president and CEO of Petroleum Consolidators. "Based on our market research and due diligence to-date, we are confident that this first acquisition will generate $4.5 million in annual revenue and approximately $275,000 in gross income."
He continued: "The underlying real estate will provide us with a tangible asset which will lead to an increase in book value. This closing is subject to a land appraisal, Phase One environmental study, plus a successful review and verification of all required due diligence items."
Petroleum Consolidators of America, Inc. is a development stage company focusing on land acquisition, ownership and operations of a portfolio of retail gasoline stations. The businesses being acquired will include convenience stores that offer a broad selection of merchandise and ancillary products and services including car care products, tobacco, beer, soft drinks, self-service fast food and beverages, publications, dairy products, groceries, health and beauty aids, money orders and other services, the report stated.