First Colombia Gold Signs Letter of Intent to Acquire Commercial Fuel Terminal With Four Million Gallons of Storage Capacity
NASHVILLE, TN--(Marketwired - Dec 9, 2015) - First Colombia Gold Corp. (OTC PINK: FCGD) announced today that it has signed a Letter of Intent to purchase a large commercial fuel terminal in Pennsylvania. This fuel terminal eclipses the North Carolina terminal acquired last month not only in capacity, but also in operative capabilities. The terminal has a 4 million gallon liquid storage capacity, has a direct pipeline connection with a major refinery, and the ability to transport product by rail via rail spur on the Norfolk Southern Line.
Included within the terminal's 11 acres is an 11,000 square foot warehouse with office space, three truck bays, and room for over 40 trucks. The terminal also contains a loading rack, which allows the company to store and distribute product for third parties, providing an additional revenue stream through this facility. Also, because of its pickup capabilities, the facility can be used to store third party fuels for distribution to commercial clients. Additional revenue opportunities with this facility include the capability to treat, blend & reuse flow back water for use in fracking, send flow back water via rail for use in injection wells, provide fuel / lube services for both fleets and at the well site, and gather, store and distribute fresh water for the fracking process.
First Colombia Gold CEO Jason Castenir stated, "This announcement today demonstrates another piece of the broader plan being put in place. This terminal will not only give us the capacity to distribute greater quantities of fuel products, but because of our recent joint venture with Singa Energy Solutions, we will be able to source and exit much larger quantities of fuel to Singa's established customer base that utilize much larger quantities of fuel. That Joint Venture has allowed us to accelerate our growth plans and put us on the path to be very successful in selling bulk quantities of fuel products."
The company expects to close on the Pennsylvania terminal towards the end of the first quarter of 2016.
Singa Energy Solutions Chairman Alexander V. Misir stated, "Our strategy is focused on building new energy infrastructure that is contracted for the long term. Jointly, Singa and First Colombia Gold are pursuing multiple platforms for growth that include expanded hydrocarbon supply, Solar Energy projects and Waste to Energy projects. Currently we have issued Confirmed Letters of Intent to Jamaica and Belize to build and operate a total of 150 MW Solar Farm with an estimated cost of $175 million. Our aim with First Colombia Gold is to grow while maintaining a moderate risk and taking advantage of international opportunities. As the Chairman of Singa Energy Solutions, I could not be more excited about this Joint Venture, the many great opportunities ahead of us, and the number of significant projects that already are underway to help us achieve our growth strategy."
Additionally, the company announced today that the seller has accepted the terms for the previously announced acquisition of eleven convenience stores, and the company should begin the closing process on each of those stores beginning in the first quarter of 2016.
Investor Inquiries:
Website: www.FCGDcorp.com
Email: info@firstcolombiagoldcorp.com
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Disclaimer
This release contains forward-looking statements that are based on beliefs of First Colombia Gold Corp. management and reflect First Colombia Gold Corp.'s current expectations as contemplated under section 27A of the Securities Act of 1933, as amended, and section 21E of the Securities and Exchange Act of 1934, as amended. When we use in this release the words "estimate," "project," "believe," "anticipate," "intend," "expect," "plan," "predict," "may," "should," "will," "can," the negative of these words, or such other variations thereon, or comparable terminology, are all intended to identify forward looking statements. Such statements reflect the current views of First Colombia Gold Corp. with respect to future events based on currently available information and are subject to numerous assumptions, risks and uncertainties, including but not limited to, risks and uncertainties pertaining to development of mining properties, changes in economic conditions and other risks, uncertainties and factors, which may cause the actual results, performance, or achievement expressed or implied by such forward looking statements to differ materially from the forward looking statements. The information contained in this press release is historical in nature, has not been updated, and is current only to the date shown in this press release. This information may no longer be accurate and therefore you should not rely on the information contained in this press release. To the extent permitted by law, First Colombia Gold Corp. and its employees, agents and consultants exclude all liability for any loss or damage arising from the use of, or reliance on, any such information, whether or not caused by any negligent act or omission. This press release incorporates by reference the Company's filings with the SEC including 10K, 10Q, 8K reports and other filings. Investors are encouraged to review all filings. There is no assurance First Colombia Gold Corp. will identify projects of merit or if it will have sufficient financing to implement its business plan. There is no assurance that the Company's due diligence on the potential acquisition of oil and gas assets will be favorable nor that definitive terms can be negotiated. Information in this release includes representations from the private companies referred to which has not been independently verified by the company. A downturn in oil prices would affect the potential profitability of the proposed acquisition negatively.