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WEST PALM BEACH, Fla. -- Petroleum Consolidators of America Inc. (PCAI), a gasoline station/convenience store operator, has entered into a capital raising agreement with a broker-dealer in Clearwater, Fla., for $15 million in financing.
"We are extremely excited to have entered into our capital raising agreement with this boutique investment banking firm. This financing engagement is a critical milestone in our company's history," David Cohen, president and CEO of PCAI, said in a statement. "It sends a clear and positive message to our industry that we will have the resources to continue moving forward with our business plan to build a regional presence of gasoline stations with convenience stores and a wholesale fuel business."
Additionally, Cohen stated, "We are confident that these funds will be used efficiently to maximize Petroleum Consolidators’ revenue and profitability as we continue to pursue strategic opportunities in our industry."
Petroleum Consolidators has said it is implementing a targeted acquisition strategy to create a portfolio of consolidated retail gasoline facilities and wholesale fuel distributorships that will benefit from substantial operating efficiencies.
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