SUNRISE, Fla., Aug. 7, 2013 (GLOBE NEWSWIRE) -- Fuelstream, Inc. (OTCQB:FLST) ("Fuelstream" or the "Company") announced today that it has wire transferred $124,600 to Peak One Opportunity Fund, L.P. ("Peak One") to redeem the unpaid balance and required premium of that certain convertible debenture issued on February 1, 2013 to Peak One. The redemption is part of the Company's ongoing efforts to deleverage and improve its balance sheet. Peak One has disputed the Company's attempt to redeem $11,000 of the principal amount of the debenture. The redemption, once effected, will result in Peak One no longer holding any debt securities of the Company.
Commenting on the redemption, Robert Catala, the Chief Executive Officer of the company stated "The redemption of the Peak One debenture represents a positive step forward in reducing the Company`s liabilities, as well as potential overhang on the Fuelstream stock price. We will continue to pursue additional ways to restructure and reduce our debt obligations along with our development of additional revenue opportunities to improve the financial health of the Company going forward."
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.
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.