StockGuru News: GeoBioEnergy (GBOE) Signs Letter of Intent to Acquire Fuel Distribution Company in Southwestern United States
Acquisition Has Annual Gross Revenues of over $30,000,000 SALT LAKE CITY–Mr. Ken Bennett, CEO of GeoBio Energy, Inc., today announced the Company’s entry into a Letter of Intent (“LOI”) to acquire a third generation petroleum fuel distribution company (the “Distributor”) serving customers in Utah, Arizona and Colorado. The “LOI” contemplates GeoBio Energy’s payment for the acquisition with a combination of cash, a note and the assumption of debt of the Distributor. This is the first target of the GeoBioEnergy roll up strategy for acquiring profitable petroleum distribution companies in the Southwestern United States. Within the next 12 months the Company…