TransMontaigne Inc. to Expand Brownsville Terminaling Network
17 8월 2005 - 8:03AM
Business Wire
TransMontaigne Inc. (NYSE:TMG) today announced the signing of
separate purchase agreements by its wholly owned subsidiary,
TransMontaigne Product Services Inc., with Rio Vista Energy
Partners L.P. and Penn Octane Corporation, to acquire, for total
consideration of $27,500,000, their combined LPG assets and refined
products tankage, including their Brownsville LPG and refined
products terminal facility and tank farm; owned pipelines located
in the United States; LPG inventory; all of the outstanding stock
of their respective Mexican subsidiaries and affiliates, which own
and operate product pipelines and the Matamoros Terminal Facility;
and the assignment of the Seadrift Pipeline lease, the P.M.I.
Trading Limited sales agreement, and the ExxonMobil LPG supply
contract. In connection with the transaction, TransMontaigne agreed
to loan Rio Vista $1,300,000. The loan is to be secured by the tank
farm and certain LPG storage tanks located at the Brownsville
Terminal Facility and is subject to receipt of consent from RZB
Finance LLC and the issuance of an estoppel letter from the
Brownsville Navigation District. The transaction is anticipated to
close on or before October 31, 2005, and is subject to further due
diligence by TransMontaigne. The Company plans to provide
additional information on its conference call, which has already
been scheduled for September 12, 2005. "We are excited about the
opportunity to expand our Brownsville facilities and our existing
relationship with P.M.I.," said William S. Dickey, Executive Vice
President/COO. To the extent that the acquired assets generate
master limited partnership qualified income, TransMontaigne
Partners L.P. (NYSE:TLP) has an existing right to acquire them from
TransMontaigne Inc. over the next two years. TransMontaigne Inc. is
a refined petroleum products marketing and distribution company
based in Denver, Colorado with operations in the United States,
primarily in the Gulf Coast, Midwest and East Coast regions. The
Company's principal activities consist of (i) terminal, pipeline,
and tug and barge operations, (ii) marketing and distribution, and
(iii) supply chain management services. The Company's customers
include refiners, wholesalers, distributors, marketers, and
industrial and commercial end-users of refined petroleum products.
Corporate news and additional information about TransMontaigne Inc.
is available on the Company's web site: www.transmontaigne.com
Forward-Looking Statements This press release includes statements
that may constitute forward-looking statements made pursuant to the
safe harbor provision of the Private Securities Litigation Reform
Act of 1995. This information may involve risks and uncertainties
that could cause actual results to differ materially from the
forward-looking statements. Although the Company believes that the
expectations reflected in such forward-looking statements are based
on reasonable assumptions, such statements are subject to risks and
uncertainties that could cause actual results to differ materially
from those projected.
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