HOUSTON, Dec. 7 /PRNewswire-FirstCall/ -- Consolidated Medical Management, Inc. (BULLETIN BOARD: CMMI) today announced that the Company will not move forward with the acquisitions of Troutman Oil Company, Inc., and US Fuel International.
"After thorough due-diligence and the evaluation of adding both Troutman Oil and US Fuel to our current operations, the board of directors has decided not to purchase the companies," commented Timothy G. Byrd, Sr., Consolidated Medical Management's chief executive officer. "The Company will only forfeit the $10,000 deposit paid concurrent with the signing of the original purchase agreement.
"I am pleased to report that our team has proven quite effective in analysis and decision making of acquisition targets, and we trust that shareholders recognize the benefits of such careful attention to development of lasting shareholder value, both through this due-diligence exercise and any future analysis of this type.
"We were impressed with Troutman's and US Fuel's organizations; however, the board believed the addition of retail locations with convenience stores would defocus Company resources and slow progress of our business plan to capture the majority of 'downstream' profits from reselling, storing, terminalling, blending, and distributing fuels.
"The Company remains focused on this second phase of our business plan, and currently expects to soon secure a line-of-credit to facilitate movement into what we believe is the most lucrative portion of the supply chain, the wholesaling of fuel the Company currently is storing, blending, and terminalling," Byrd concluded.
About Consolidated Medical Management, Inc.
Consolidated Medical Management, Inc. (CMMI) is a wholesale fuel distributor and fuel terminal operator based in Houston, Texas. CMMI not only offers storage, delivery, and blending of petroleum products such as gasoline and 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. Consolidated Medical Management, Inc., urges investors to review the risks and uncertainties contained within its filings with the Securities and Exchange Commission.
