HOUSTON, April 12 /PRNewswire-FirstCall/ -- Adino Energy
Corporation (OTC Bulletin Board: ADNY) today commented on its
audited results for its fiscal year ended December 31, 2009, filed recently with the United
States Securities and Exchange Commission.
In 2009, the Company experienced a revenue increase of
$97,874, or 5% over 2008.
Revenue increased from $2,088,662 for the year ended December 31, 2008 to $2,186,536 for the year ended December 31, 2009. The Company's main revenue
source was its wholly owned subsidiary, Intercontinental Fuel
(IFL). IFL added 2 new customers in 2009, accounting for the
increased terminal revenue in 2009 of $347,874 or 18.9%. The terminal management
places emphasis on utilizing the storage and throughput capacity of
the facility to maximize potential revenue.
"Fiscal year 2009 was Adino's first year posting net income
since acquiring the IFL terminal," commented Timothy G. Byrd, Sr., Adino Energy Corporation's
chief executive officer. "We believe that our 2009 net income of
$23,029, while modest, is an
important milestone for the Company.
"In addition, we have completed our due diligence on a terminal
property in the Southeast. We may leverage this property along with
other initiatives our Board of Directors has developed and will
develop.
Our Board of Directors has always placed increasing shareholder
value as one of its criteria in executing any initiative. We firmly
believe our conservative, non-dilutive approach of managing and
turning around non-branded fuel and biofuel terminal properties is
validated by this filing. I am proud to say that we experienced
slow, but steady, revenue growth during and in spite of an economic
recession. I look forward to sharing more milestones as we continue
to grow," Byrd concluded.
About Adino Energy Corporation, Inc.
Adino Energy Corporation (ADNY) is a wholesale fuel distributor
and fuel terminal operator based in Houston, Texas. Adino Energy not only offers
storage, delivery, and blending of diesel fuel, but also offers
biodiesel to the growing "green" fuels market. Biodiesel is a clean
burning, nontoxic, sulfur-free, and biodegradable alternative fuel
for compression-ignition (diesel) engines made from animal fat or
vegetable oil.
One of our most important responsibilities is to communicate
with shareholders in an open and direct manner. Comments are based
on current management expectations, and are considered
"forward-looking statements," generally preceded by words such as
"plans," "expects," "believes," "anticipates," or "intends." We
cannot promise future returns. Our statements reflect our
best judgment at the time they are issued, and we disclaim any
obligation to update or alter forward-looking statements as the
result of new information or future events. Adino Energy
Corporation urges investors to review the risks and
uncertainties contained within its filings with the Securities and
Exchange Commission.
SOURCE Adino Energy Corporation