Compass Energy Corporation Continues On Acquisition Trail.Business Editors ATHENS, Ga.--(BUSINESS WIRE)--Aug. 17, 2001 Compass Energy (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :CECP CECP Center for Effective Collaboration and Practice CECP Country Extended Code Page (IBM) CECP Conseil de l'Enseignement des Communes et des Provinces (Belgium) CECP China Energy Conservation Program ) announced today through its operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , Retail Convenience Stores Inc. (RCS (1) (Remote Computer Service) A remote timesharing service. (2) (Revision Control System) A Unix utility that provides version control. RCS - Revision Control System ), it has acquired a convenience store located in Madison, Georgia. The purchase is anticipated to add approximately $750,000 per year in revenue to Compass Energy with approximately 15%, or $112,500 in earnings. Pete Iodice, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Compass Energy, states, "This new acquisition is an existing neighborhood convenience store that will trade under the name Check-N-Go. We believe the business is undervalued Undervalued A stock or other security that is trading below its true value. Notes: The difficulty is knowing what the "true" value actually is. Analysts will usually recommend an undervalued stock with a strong buy rating. and can be run much more efficiently, with sales volume increasing to over 1 Million annually within the next 12 months. This new location, with the additional revenue and earnings, is a great addition to our existing chain." Compass Energy has filed its form 10SB and is currently responding to comments to the SEC to complete its uplisting to OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. . Compass Energy, founded in 1987, is headquartered in Athens, Georgia and operates three divisions, Retail Convenience Stores, Inc., Independent Southern, Inc., and Petroleum Products Southern Inc., which distributes, markets, and sells, fuel and other items through its fleet of trucks, convenience stores and recently purchased travel center. The company has phased out all its subsidiaries that are non-energy related and is strongly focused on building its fuel distribution and energy related businesses. The company reported non-audited approximate gross revenues for fiscal year end 2000 of $2.75 million with approximate net earnings of $192,500. The company is projecting for fiscal year end 2001 approximate gross revenues of $7.2 million and approximate net earnings of $700,000. Certain statements contained in this release are forward looking. Although Compass Energy Corporation believes that its expectations are based on reasonable assumptions within the bounds of its knowledge of its business and operations; there can be no assurance that actual results will not differ materially from its expectations. Factors that could cause actual results to differ from expectations include general economic, business and market conditions, volatility of gasoline prices, merchandise margins, customer traffic, weather conditions, labor costs and the level of capital expenditures. For Additional Information Contact: http://www.compassenergyinc.com. |
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