SUNRISE, Fla., Sept. 23, 2013 (GLOBE NEWSWIRE) -- Fuelstream, Inc. (OTCQB:FLST) ("Fuelstream" or the "Company" announces it has signed a non-binding Memorandum of Understanding ("MOU") with Silverside Group for the procurement of up to 300,000 Barrels of Aviation Jet Fuel per week directly from a gulf coast refinery. By taking delivery at the refinery, Fuelstream will have the flexibility to ship the fuel via pipeline to various airport storage facilities throughout the southeastern United States and hold a competitive pricing advantage against resellers in the region. If the MOU becomes effective, Fuelstream will be positioned to bid on tenders provided by major airlines who commit to large volumes delivered into storage instead of the more common into-wing.
Robert Catala, CEO of Fuelstream said "We are excited that Silverside Group and Fuelstream have entered into this MOU as it provides immediate benefits to both companies. Fuelstream will be able to procure jet fuel at much larger quantities and direct the delivery to preferred locations. Silverside will have a vendor for their inventory of jet fuel with the ability to move these quantities. Hopefully this will increase industry awareness of Fuelstream as a viable source for jet fuel as we grow our presence in the US. Not only will Fuelstream grow exponentially as a reseller, but will also join ranks with the major distributors of jet fuel in the region. Paula Villegas, Trade Manager for Silverside, added "We have carefully analyzed different companies that share mutual complementary values and purpose, Fuelstream was selected for their expertise in logistics and worldwide presence in the Aviation fuel industry, and they will enable us to enter the market much quicker than if we were to enter it alone." Silverside will provide the financing and the fuel, while Fuelstream provides the customers, it`s that simple.
Fuelstream is an operating fuel logistics company that concentrates its supply chain management efforts in the distribution of aviation fuel to corporate, commercial, military, and privately-owned aircraft throughout the world. Currently, a majority of the Company's fuel and related services are concentrated in the sourcing, purchase and delivery of (Jet-A) fuel "into the wing" of private and commercial aircraft at various airports. With offices in Sunrise, Florida and Johannesburg South Africa, the Company intends to supply a variety of ground services either directly or through its affiliates, including concierge services, passenger and baggage handling, landing rights, coordination with local aviation authorities, aircraft maintenance services, catering, cabin cleaning, customs approvals, and third-party invoice reconciliations. For more information please visit www.thefuelstream.com.
About Silverside Group
Silverside Group Corp is a energy trading company based in Miami, Florida with offices in strategic areas around the world. Founded in 2002, Silverside Group began its operations in the Caribbean and eventually built strong relations in Asia. Their worldwide network has become paramount to the future of the company. For more information on Silverside Group Corp visit our website www.silversidegroup.com
Safe Harbor and Forward-Looking Statements
This press release contains certain forward-looking statements regarding possible future circumstances. These forward-looking statements are based upon the Company's current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements including, in particular, any risks and uncertainties with respect to the Company's operations, as well as those contained in the Company's quarterly, annual, and periodic filings with the Securities and Exchange Commission. Actual results, events, and performance may differ. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date hereof. The Company undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by the Company or any other person that the events or circumstances described in such statements are material.
CONTACT: Investor Relations (954) 423-5345Source:Fuelstream, Inc.