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WEST PALM BEACH, Fla. -- Petroleum Consolidators of America Inc. (PCAI) unveiled a new corporate strategy aimed at streamlining its core focus on gas station and convenience store operations.
"There are continuous opportunities in the gasoline retail and wholesale business because of the current landscape and the seismic shifts in the industry," PCAI President and CEO David Cohen said in a statement. "Moreover, the opportunities that we seek are distressed assets which could be purchased at significant discounts to their intrinsic value and can become accretive to earnings once a location is operational."
After several weeks of due diligence and negotiations toward completing a definitive merger agreement with an Indiana-based coal company, PCAI's board of directors made the decision to abandon the pending merger, the company stated.
And after evaluating the highest and best use of capital, PCAI decided aggressively pursuing and acquiring undervalued retail gasoline station assets could lead to the highest return on investment (ROI) in the shortest amount of time, according to the company.
Additionally, Cohen stated: "Our track record has been built on several years of retail gasoline experience and we feel that focusing on our core business will allow us to reach our goals and create shareholder value."
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