NEWS RELEASE
For more information contact: Steve Boyd (713) 844-9689
SUN COAST RESOURCES, INC. ANNOUNCES THE ACQUISITION OF THE BUSINESS AND ASSETS OF H&W PETROELUM CO. AND THE PURCHASE OF CERTAIN ASSETS FROM SMF ENERGY CORPORATION
Houston, TX – May 30, 2012 – Sun Coast Resources, Inc. (“Sun Coast”) announced today that it has received approval from the United States Bankruptcy Court, Southern District of Florida, to purchase certain assets from SMF Energy Corporation (“SMF”) and its wholly owned affiliate H&W Petroleum Co. (“H&W”) under sections 105, 363, and 365 of the Bankruptcy Code. SMF and its affiliates filed for Chapter 11 protection on April 16, 2012.
Under the approved order Sun Coast will acquire 102 fuel transportation and support vehicles from SMF previously used for SMF’ mobile refueling operations outside of Texas. Sun Coast will also acquire an additional 97 fuel and chemical transportation and support vehicles from H&W, the Lufkin blending facility previously operated by H&W, and all fixed and portable fuel storage tanks previously owned by H&W throughout Texas.
H&W employed nearly 40 experienced and dedicated fuel and lubricant personnel who will join Sun Coast.
About Sun Coast Resources
Founded in Houston, Texas by Kathy Lehne in 1985, Sun Coast operates in 35 states from 20 locations in Texas and Louisiana, and currently has nearly 1,500 employees. It is the 11th largest privately held company in Houston. Sun Coast delivers nearly 1 billion gallons of fuels, lubricants and condensate annually, and is one of the largest distributors of Chevron lubrication products in the United States. Sun Coast provides outstanding customer service with more than 750 delivery and service vehicles and nearly 7,000 fuel and lubricant storage tanks.
Sun Coast provides fuel supply, transportation services, and equipment to the oilfield services industry, convenience stores, card locks, governmental agencies, utilities, communication companies, railroad transportation companies, manufacturing plants, sports complexes, hotels, mines, marine companies, construction firms, demolition companies, delivery services and thousands of other commercial operations. It is the largest emergency fuel provider during periods when disasters cause power interruptions, supply outages or fuel access restrictions.
