HOUSTON, April 12 /PRNewswire-FirstCall/ -- Adino Energy Corporation (OTC Bulletin Board: ADNY) today commented on its audited results for its fiscal year ended December 31, 2009, filed recently with the United States Securities and Exchange Commission.
In 2009, the Company experienced a revenue increase of $97,874, or 5% over 2008. Revenue increased from $2,088,662 for the year ended December 31, 2008 to $2,186,536 for the year ended December 31, 2009. The Company's main revenue source was its wholly owned subsidiary, Intercontinental Fuel (IFL). IFL added 2 new customers in 2009, accounting for the increased terminal revenue in 2009 of $347,874 or 18.9%. The terminal management places emphasis on utilizing the storage and throughput capacity of the facility to maximize potential revenue.
"Fiscal year 2009 was Adino's first year posting net income since acquiring the IFL terminal," commented Timothy G. Byrd, Sr., Adino Energy Corporation's chief executive officer. "We believe that our 2009 net income of $23,029, while modest, is an important milestone for the Company.
"In addition, we have completed our due diligence on a terminal property in the Southeast. We may leverage this property along with other initiatives our Board of Directors has developed and will develop.
Our Board of Directors has always placed increasing shareholder value as one of its criteria in executing any initiative. We firmly believe our conservative, non-dilutive approach of managing and turning around non-branded fuel and biofuel terminal properties is validated by this filing. I am proud to say that we experienced slow, but steady, revenue growth during and in spite of an economic recession. I look forward to sharing more milestones as we continue to grow," Byrd concluded.
About Adino Energy Corporation, Inc.
Adino Energy Corporation (ADNY) is a wholesale fuel distributor and fuel terminal operator based in Houston, Texas. Adino Energy not only offers storage, delivery, and blending of diesel fuel, but also offers biodiesel to the growing "green" fuels market. Biodiesel is a clean burning, nontoxic, sulfur-free, and biodegradable alternative fuel for compression-ignition (diesel) engines made from animal fat or vegetable oil.
One of our most important responsibilities is to communicate with shareholders in an open and direct manner. Comments are based on current management expectations, and are considered "forward-looking statements," generally preceded by words such as "plans," "expects," "believes," "anticipates," or "intends." We cannot promise future returns. Our statements reflect our best judgment at the time they are issued, and we disclaim any obligation to update or alter forward-looking statements as the result of new information or future events. Adino Energy Corporation urges investors to review the risks and uncertainties contained within its filings with the Securities and Exchange Commission.
Adino Energy Corporation
CONTACT: Steve Haag, Investor Relations of Adino Energy Corporation,
+1-281-209-9800, shaag@adinoenergycorp.com
