International Fuels News
Wednesday March 4, 2009 8:00 AM Eastern Time
International Fuel Technology, Inc. Files 8-K Announcing Major Commercial Sale
ITEM 8.01 OTHER EVENTS (AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON MARCH 4, 2009)
ST. LOUIS, March 4, 2009 – On February 26, 2009, International Fuel Technology, Inc. (the “Company”) sold 600 metric tons of DiesoLIFT™10 at a price of 6,000 Euros (approximately $7,600) per metric ton to Vision Oil Services Ltd (“VOS”) and received cash proceeds net of the related selling expenses. The Company will recognize gross revenues of approximately $4.5 million after all of the DiesoLIFT™10 has been delivered.
VOS is the exclusive distribution partner for sales of the Company’s products to Libya Oil Holdings and Tamoil (collectively “LOH”), which are affiliated with VOS.
The Company, VOS, LOH and Libya Africa Investment Portfolio signed a memorandum of understanding (“MOU”) in June of 2008 regarding the launch of a new premium diesel fuel additized with DiesoLIFT™10 by LOH through their network of retail petrol stations. The 600 metric ton sale of DiesoLIFT™10 discussed above is the first purchase order pursuant to the MOU.
LOH is an integrated oil company involved in the shipping, trading, refining, marketing and sale of crude oil and refined petroleum products. LOH also operates approximately 3,000 retail petrol stations in Europe through its Tamoil Europe subsidiary and another 1,200 retail petrol stations in Africa.
NOTE: Statements contained in this web site that are not strictly historical are forward-looking within the meaning of the safe harbor clause of the Private Securities Litigation Reform Act of 1995. Editors and investors are cautioned that such forward-looking statements involve risks and uncertainties that may cause the Company’s actual results to differ materially from such forward-looking statements. These risks and uncertainties include, but are not limited to, demand for the Company’s product both domestically and abroad, the Company’s ability to continue to develop its market, general economic conditions and other factors that may be more fully described in the Company’s literature and any periodic filing with the Securities and Exchange Commission.
