HOUSTON, May 18 /PRNewswire-FirstCall/ -- Adino Energy
Corporation (OTC Bulletin Board: ADNY) commented on its first
quarter results filed today with the United States Securities and
Exchange Commission.
In the first quarter of 2010, the Company experienced a revenue
increase of $168,606, or 35% over the
first quarter of 2009. Revenue increased from $487,361 for the quarter ended March 31, 2009 to $655,967 for the quarter ended March 31, 2010. The Company's main revenue
source was its wholly owned subsidiary, Intercontinental Fuels, LLC
(IFL). IFL added two new customers in 2009, accounting
for the increased terminal revenue in the latter part of 2009 and
early 2010.
"We continue to be very pleased with our slow, steady, yet
significant revenue growth," commented Timothy G. Byrd, Sr., Adino Energy's chief
executive officer. "Our business model has proven resilient,
weathering the wild fluctuations over the past several years.
"Since 2007, we have cleaned-up the balance sheet and
streamlined operations while simultaneously increasing customer
revenues by emphasizing maximum utilization of our terminal's
storage and throughput capacity.
"With IFL 'hitting-on-all-cylinders,' and the economy slowly
improving, we are today poised to move ahead with projects I have
been touching-on over the last year-and-a-half.
"I also want to thank our shareholders for their continuing
support, and remind all that Adino's board and management are also
stakeholders who daily strive to add shareholder value.
Although our work has only begun, and the path has at times
been difficult, much has already been accomplished as today's
revenue milestone reminds us," Byrd concluded.
About Adino Energy Corporation, Inc.
Adino Energy Corporation (ADNY) is a wholesale fuel distributor
and fuel terminal operator based in Houston, Texas. Adino Energy not only offers
storage, delivery, and blending of diesel fuel, but also offers
biodiesel to the growing "green" fuels market. Biodiesel is a clean
burning, nontoxic, sulfur-free, and biodegradable alternative fuel
for compression-ignition (diesel) engines made from animal fat or
vegetable oil.
One of our most important responsibilities is to communicate
with shareholders in an open and direct manner. Comments are
based on current management expectations, and are considered
"forward-looking statements," generally preceded by words such as
"plans," "expects," "believes," "anticipates," or "intends."
We cannot promise future returns. Our statements
reflect our best judgment at the time they are issued, and we
disclaim any obligation to update or alter forward-looking
statements as the result of new information or future events.
Adino Energy Corporation urges investors to
review the risks and uncertainties contained within its filings
with the Securities and Exchange Commission.
SOURCE Adino Energy Corporation
