NEW ORLEANS--(BUSINESS WIRE)--Third graph should read: Audited financial results for the fiscal year ending March 31, 2011 are scheduled to be released during early June 2011 (sted Audited financial results for the fiscal year ending March 31, 2010 are scheduled to be released during early June 2011).
The corrected release reads:
BLACKWATER MIDSTREAM CORP. ANNOUNCES HIGHEST GROSS REVENUE MONTH IN COMPANY’S HISTORY
Blackwater Midstream Corp., (OTCBB: BWMS) is pleased to announce that its’ gross revenue results for April, 2011 are the highest in the company’s history. Gross revenues totaled approximately $712,000 for the month, besting the previous high of approximately $692,000 from August, 2010. Mike Suder, Blackwater Midstream Corp.’s Chief Executive Officer stated, “We are extremely pleased with our outstanding gross revenues for April, 2011. In addition, with our activity levels increasing, we are anticipating even higher levels of gross revenue in the coming months. Increasing gross revenues serve as confirmation that we have built a solid foundation to our business. We will continue to actively pursue the acquisition of other under-performing assets, as we did when we acquired our Westwego, Louisiana and Brunswick, Georgia storage facilities, to improve and expand them with strategic capital investments that will increase the value to our shareholders.”
Frank Marrocco, Chief Commercial Officer of Blackwater Midstream Corp. added, “Most importantly, we view our gross revenue growth as a direct correlation on how well we are meeting and exceeding our customer’s expectations. In the brief three year history of our company, we have taken our combined facilities to a historically high utilization rate approaching 90%.”
Audited financial results for the fiscal year ending March 31, 2011 are scheduled to be released during early June 2011.
Blackwater Midstream Corp. is an independent developer and operator of bulk liquid storage terminals including facilities within the Port of New Orleans in Westwego, LA and Brunswick, GA. The Westwego facility consists of approximately 857,000 barrels of storage capacity while the Brunswick facility has 161,000 barrels of capacity. Both locations store a variety of chemical and agricultural products. Blackwater Midstream Corp. is a member of the International Liquid Terminal Association.
The information in this press release includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to prospective acquisitions or anticipated future results. Forward looking statements relate to expectations or forecasts of future events. Blackwater Midstream Corp. does not assume the obligation to update any forward-looking statement. Many factors could cause actual results to differ materially from Blackwater Midstream Corp.’s forward-looking statements, including market forces, economic factors, the availability of capital and credit, current and future competition and other uncertainties. For further details about these and other factors that may impact the forward-looking statements, see Blackwater Midstream Corp.’s Securities and Exchange Commission filings, including the “Risk Factors” in the Annual Report on Form 10-K. This discussion and analysis should be read in conjunction with our unaudited consolidated financial statements and related notes included in our Quarterly Report on Form 10-Q as of December 30, 2010 and our audited financial statements and notes included in our Annual Report on Form 10-K as of and for the year ended March 31, 2010 and for the year ended March 31, 2011, which are due to be released in June 2011. For more information, please reference our website at www.BlackwaterMidstream.com.