| Ticker: | FUEL | 2720 Northwest 55th Court | |
| Exchange: | NASDAQ-National Market | Ft. Lauderdale, Florida 33309 | |
| Industry: | Service | (954) 739-3880 |
| Type of Shares: | Common Shares | Filing Date: | 10/18/96 | |
| U.S. Shares: | 1,000,000 | Offer Date: | 12/12/96 | |
| Non-U.S. Shares: | 0 | Filing Range: | $5.00 - $7.00 | |
| Primary Shares: | 1,000,000 | Offer Price: | $6.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.60 | |
| Offering Amount: | $6,000,000 | Selling: | ||
| Expenses: | $634,000 | Reallowance: | ||
| Shares Out After: | 2,500,000 |
| Manager | Tier | Phone |
| Argent Securities, Inc. | Lead Manager | (404) 237-1100 |
| Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 1/31/96 | 7/31/96 | 7/31/95 | 7/31/96 | ||
| Revenue: | $23.99 | $13.89 | $10.78 | Assets: | $7.25 |
| Net Income: | $0.10 | -$0.21 | -$0.09 | Liabilities: | $7.02 |
| EPS: | $0.07 | -$0.14 | -$0.06 | Equity: | $0.23 |
Note: Dollar amounts are in U.S. millions; Audited figures expressed as full year, unaudited figures are partial year | |||||
| Business Description |
| The company provides mobile fueling services, primarily to customers which operate large fleets of vehicles (such as national courier services, major trucking lines, hauling and delivery services, utilities and governmental agencies). Company-owned custom fuel trucks deliver fuel on a regularly scheduled or as needed basis directly to vehicles at customers' locations, assuring the company's customers a dependable supply of fuel at competitive rates. The company utilizes its proprietary electronic fuel management system to measure, record and track fuel dispensed to each vehicle fueled at a customer location. This allows the company to verify the amount of fuel delivered and provides its customers with customized fleet fuel data for management analysis and tax reporting. The company's believes that mobile fueling provides several economic and other advantages to its customers, including eliminating the costs and potential environmental liabilities associated with equipping and maintaining fuel storage and dispensing facilities, reducing labor and administrative costs associated with fueling vehicles and providing centralized control over fuel inventories and usage. The company also believes that federal and state environmental regulations have created a "window of opportunity" for the company to convert fleet operators that currently utilize underground fuel storage tanks to mobile fueling customers. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for fuel truck and equipment purchases and the balance for working capital and other general corporate purposes. |
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