NewGen Technologies has completed a definitive consulting agreement with Titan Global Holdings that will become effective upon Titan’s acquisition of Appalachian Oil Company (APPCO).
Bruce Wunner, NewGen chairman and CEO, said: ‘The completed agreements provide us with ongoing revenue and the exclusive right to supply biofuels long-term to APPCO.
‘NewGen plans to capitalise on APPCO's existing distribution network of more than 160 locations and its 80 years of operational expertise.
‘NewGen will now focus on the ReFuel America fuel terminal revitalisation, expansion and upgrades to also facilitate blended biofuels, including ethanol and biodiesel, as well as premium gasoline and diesel fuel distribution initially into the Charlotte, North Carolina, Spartanburg, South Carolina and Columbus, Georgia markets, as well as other target markets in the Southeastern US.’
Under the 10-year agreement, NewGen will also receive $600,000 annually to provide advice on strategic and operational business matters related to biofuels and related areas.
APPCO’s current distribution of fuel product is more than 852 million litres per year.
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