Court Declares Fuelstream Able to Collect on $600,000 in Aircraft Fuel Liens
21 Oktober 2013 - 1:00PM
Fuelstream, Inc. (OTCQB:FLST) ("Fuelstream" or the "Company")
announced today that the U.S. Bankruptcy Court for the Northern
District of Illinois has ordered that Aviation Fuel International,
a wholly-owned subsidiary of the Company, is able to collect
against fuel liens that it filed against certain aircraft owned
and/or operated by Ryan International Airlines, Inc.
notwithstanding Ryan's filing of a bankruptcy petition to expunge
the liens. The liens in question amount to approximately $600,000,
which the Company intends to use as working capital for its
business.
Robert Catala, CEO commented: "We are pleased with the decision
of the Court which has vindicated efforts by the Company to enforce
legitimate liens against aircraft for which it supplied aviation
fuel. We expect that the court's decision will help aviation fuel
buyers and sellers alike better understand the enforceability of
aircraft fuel liens to enforce payment for fuel deliveries."
About Fuelstream
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) 423-5345
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