ORANGE, Calif., Aug. 5 /PRNewswire-FirstCall/ -- United Fuel & Energy Corporation (Pink Sheets: UFEN), a leading distributor of gasoline, diesel and lubricant products to customers in the southwestern and south central U.S. today announced that the company has withdrawn the listing of its common stock from the OTCQX. The company is advised that its common stock will continue to be quoted by the Pink OTC Markets, commonly known as the Pink Sheets. Effective August 6, 2009, the company's common stock will begin trading on the Pink Sheets under the symbol UFEN and will cease trading on the OTCQX. Pink OTC Markets offer widespread access to all U.S. broker-dealers, enabling investors to seamlessly trade registered securities through their institutional, online, or full service brokers.
Frank Greinke, United Fuel's Chairman and Chief Executive Officer, stated, "With the persistently weak economy and poor demand for our services, particularly within the oil and gas drilling industry, we have continued to experience an imbalance between costs and revenue. As a result, we are working to further reduce expenses, including those associated with the trading of United Fuel's common stock. By moving from the OTCQX to the Pink OTC Market, we lowered our listing fee substantially and eliminated expenses associated with the use of a Dedicated Advisor for Disclosure ("DAD"), who is charged with verifying that companies meet and comply with the OTCQX listing requirements.
"Going forward, our condensed financial reports will be posted on our website approximately 30 days after the end of each month and audited financial reports will be available 120 days after the end of the fiscal year," added Mr. Greinke. "You may register to receive notifications via email that a financial report or news announcement has been posted to the site by going to the investor relations section of http://www.ufeonline.com/ and choosing Join Email Alert. United Fuel's condensed financial reports for the three and six months ended June 30, 2009 will be available from our website starting around August 15th. We believe that this new communication process will continue to provide timely operational and financial disclosure to our shareholders and interested parties, while enabling us to reduce our expenses."
About United Fuel & Energy Corporation
United Fuel & Energy is engaged in the business of distributing gasoline, diesel and lubricant products primarily in certain markets of Texas, California, New Mexico, Arizona and Oklahoma. United Fuel represents the consolidation of numerous companies, the most significant of which are the Eddins-Walcher Company and Cardlock Fuels System.
United Fuel currently engages in the following activities: -- Card-lock operation (unattended re-fueling of commercial vehicles) -- Wholesale fuels and lubricants (to commercial customers)
For more information, please visit the Company's website at http://www.ufeonline.com/.
Safe Harbor Statement
Certain statements included in this press release may constitute forward-looking statements. Actual outcomes could differ materially from such statements expressed or implied herein as a result of a variety of factors including, but not limited to: weather, levels of oil and gas drilling and general industrial activity in United Fuel's area of operations, changes in oil and gas prices, risks associated with acquiring other businesses, the price of United Fuel's products, availability of financing and interest rates, competition, changes in, or failure to comply with, government regulations, costs, uncertainties and other effects of legal and other administrative proceedings, general economic conditions and other risks and uncertainties. As a result, this press release should be read in conjunction with periodic filings United Fuel has made in the past with the SEC and the OTCQX. The forward-looking statements contained herein are made only as of the date of this press release, and United Fuel does not undertake any obligation to publicly update such forward- looking statements to reflect subsequent events or circumstances.
Contact: Frank Greinke, Chairman and CEO fgreinke@ufeonline.com / 714-516-7306 Lisa Elliott / lelliott@drg-e.com DRG&E / 713-529-6600
United Fuel & Energy Corporation
CONTACT: Frank Greinke, Chairman and CEO of United Fuel & Energy
Corporation, +1-714-516-7306, fgreinke@ufeonline.com; or Lisa Elliott of
DRG&E, +1-713-529-6600, lelliott@drg-e.com, for United Fuel & Energy
Corporation
Web Site: http://www.ufeonline.com/
