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FuelNation Completes Capital Raise for Bond Application.

Business Editors

DAVIE, Fla.--(BUSINESS WIRE)--July 29, 2002,

FuelNation Inc. (OTCBB:FLNT) today announced they have completed the capital raise for the bond application. This capital allows the company to submit the formal application for the Municipal Taxable Bond Issue, which the company has been working diligently to complete.

Chris Salmonson, CEO of FuelNation stated: "We are very pleased that we were able to arrange the necessary capital for the bond application and offering. The events happening in the market have made raising capital very difficult, even when the investor has no exposure. Once everything was said and done we actually over subscribed for the capital and had to carefully choose which investors. FuelNation will pay the application and commitment fees, interest for three years and retain the legal to prepare the documents. The company is now positioned to prepare the documentation for the Taxable Municipal Bond Offering."

Sheikh Isa Mohammed Isa Alkhalifa, Director of FuelNation stated: "We have shown the petroleum companies our ability to track petroleum can be done on a global level, and we have proven that we can raise the necessary capital in difficult times. We continued to support the company and install and develop our system to improve efficiencies in the petroleum marketing business. We feel confident that the underwriting of the Municipal Taxable Bond Issue will allow FuelNation to complete the construction and acquisitions. As part of the concessions given to the municipality outside of Florida that will be sponsoring FuelNation for the Municipal Taxable bond offering, we have agreed to maintain an active presence in their state."

Included in this release are "forward-looking statements." Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations reflected in such forward-looking statements will prove to have been correct. The company's actual results could differ materially from those anticipated in the forward-looking statements as a result of certain factors including sales levels, distribution and competition trends and other market factors.
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Publication:Business Wire
Date:Jul 29, 2002
Words:336
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