Jun 17 2008
Titan Global Holdings, Inc., a high growth, diversified holdings company, announced today that Titan’s energy subsidiary, Appalachian Oil Company, has distributed more than 2.4 million gallons of ethanol in fiscal 2008 year to date. Titan’s progress in the distribution of ethanol reflects both the Company’s strategic vision as well as macroeconomic factors increasing demand for alternative energy solutions.
Titan is committed to creating a vibrant vertically integrated national energy company that is focused on the production and distribution of environmentally friendly and sustainable sources of renewable fuels, along with traditional hydrocarbons, from its distribution network based in the Southeastern United States. The Company intends to acquire additional locations and assets for the retail and wholesale distribution of biofuels and hydrocarbons across the United States for such products.
“We believe that the distribution of ethanol represents one of the most significant opportunities for growth,” said Bryan Chance, President and Chief Executive Officer of Titan Global Holdings. “We have established specific initiatives to capitalize on the uses of renewable energy sources, including biodiesel products. Titan is committed to leveraging its distribution network to provide energy independent, environmentally friendly biofuels as a means to building value for both our customers and shareholders.”
Titan has already made exceptional progress in the distribution of ethanol. The following summarizes Ethanol and its uses in Titan’s energy mix:
- Ethanol is grain alcohol, produced from domestically produced crops, which helps reduce America’s dependence on foreign sources of energy.
- Currently, ethanol is blended with gasoline which decreases fuel cost, increases the fuel octane rating and decreases gasoline’s harmful emissions.
- Ethanol is currently blended in E10 and E85 products. E10 contains 10% ethanol and 90% gasoline. Today about 46% of gasoline contains 10% ethanol. E85 contains 85% ethanol and 15% gasoline. E85 is used by recently produced flex fuel vehicles.
Today, Titan announced additional details of its growth in biofuel distribution:
- The Department of Energy’s Ethanol reports indicate the use of ethanol saves consumers $.20 to $.35 cents per gallon. Accordingly, Appco has provided fuel cost saving of over $840,000 to its customers in fiscal 2008.
- Appco partnered with the State of Tennessee’s Green Island Grant to open E85 locations in its markets.
- Appco is now providing E85 for flexible fuel vehicles in three locations in Tennessee with an additional ten locations expected before the end of fiscal 2008.
- Appco’s E85 locations are providing more than 7,000 gallons of E85 per month, which is 75% greater than the national average of E85 usage per location.
“Our team is focused on building a vibrant vertically integrated national energy company that produces and distributes environmentally friendly and sustainable energy,” said David Marks, Chairman of Titan Global Holdings. “As well, we are building alliances with producers of biodiesel. These plans will benefit our customers, our shareholders and our environment.”