Blackwater Midstream Corp. (OTCBB: BWMS) is pleased to announce continued strong gross revenue performance with August 2011 results expected at approximately $800,000 for the month. Mike Suder, Blackwater Midstream Corp.'s Chief Executive Officer stated, "Since the start of our fiscal year on April 1, 2011, we have realized outstanding gross revenue results month after month. This is attributed to the increased utilization of our assets, which is currently at 95%, and a high level of customer throughput activity. Based on our current forecasts, we are on track to have the best fiscal year in the company's history with expected results approaching $10 million in gross revenues. Our task is to continue this growth trend by expanding our facilities through new construction and acquiring other under-performing assets with upside growth potential. To that end, we are currently in the process of acquiring a terminal facility in Salisbury, Maryland as previously announced."
Frank Marrocco, Chief Commercial Officer of Blackwater Midstream Corp. added, "We have most certainly hit our stride in growing our business. It is very satisfying to have outstanding financial results month after month. Most importantly, it indicates that we have built a strong foundation with our existing customers; while continuing to attract new business opportunities to our facilities. In fact, we are well into discussions with potential customers to expand our Brunswick, Georgia facility by constructing an additional 150,000 barrels of new capacity at the site. We expect the capital funding requirements for the expansion to be supported by our senior lender."
Blackwater Midstream Corp. is an independent developer and operator of bulk liquid storage terminals including facilities within the Port of New Orleans in Westwego, LA and Brunswick, GA. The Westwego facility consists of approximately 857,000 barrels of storage capacity while the Brunswick facility has 161,000 barrels of capacity. Both locations are capable of storing a variety of liquid products. Blackwater Midstream Corp. is a member of the International Liquid Terminal Association.
The information in this press release includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to prospective acquisitions or anticipated future results. Forward looking statements relate to expectations or forecasts of future events. Blackwater Midstream Corp. does not assume the obligation to update any forward-looking statement. Many factors could cause actual results to differ materially from Blackwater Midstream Corp.'s forward-looking statements, including market forces, economic factors, the availability of capital and credit, current and future competition and other uncertainties. For further details about these and other factors that may impact the forward-looking statements, see Blackwater Midstream Corp.'s Securities and Exchange Commission filings, including the "Risk Factors" in the Annual Report on Form 10-K. This discussion and analysis should be read in conjunction with our unaudited consolidated financial statements and related notes included in our Quarterly Report on Form 10-Q as of June 30, 2011 and our audited financial statements and notes included in our Annual Report on Form 10-K as of and for the year ended March 31, 2011. For more information, please reference our website at www.BlackwaterMidstream.com
Contacts:
Blackwater Midstream Corp.
Mike Suder, CEO, 504-340-3000