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DALLAS -- Titan Global Holdings, Inc., a diversified holding company that is scheduled to complete the acquisition of Appalachian Oil Co. (APPCO) this week, completed a definitive BioFuels Supply Agreement with NewGen Technologies, effective upon Titan’s acquisition of APPCO, the company stated.
"The access to these additional sources of biofuels will help us lead APPCO’s markets in the distribution of such products," David Marks, chairman of Titan Global Holdings, said in a statement. "Titan's initiatives in the energy sector are consistent with Titan's unwavering commitment to the creation of shareholder value. This agreement leverages our financial and management strength with the biofuel know-how of NewGen."
Under the agreement, ReFuel America Inc., a wholly owned subsidiary of NewGen, will supply biofuels for APPCO. The 10-year agreement gives NewGen the right to supply biofuel products to APPCO at the prevailing market price at the time an order is placed, the company stated.
Blountville, Tenn.-based APPCO distributes petroleum products to more than 160 dealers in the southeastern United States and owns and operates 56 convenience store locations.
"Titan's senior management is committed to the utilization of APPCO's extensive distribution channels into 55 retail and 165 dealer accounts to distribute environmentally friendly biofuels while earning higher profit margins," Bryan Chance, CEO of Titan Global Holdings, said in a statement. "These additional supply sources will enable us to increase revenues and earnings in the energy sector. As well, we will continue to search for strategic opportunities in the dynamic energy sector."