Press Release Source: Universal Property Development and Acquisition Corporation
UPDA Texas Trading Applies for Fuel Distributor\'s License in Twelve States to Finalize Negotiation with Major Purchaser - Completes Formulation of RBOB Gasoline Blend
Wednesday January 31, 9:45 am ET
SAN ANTONIO--(BUSINESS WIRE)--In order to complete the negotiation of a contract to distribute fuels to a customer with locations in 12 states, UPDA Texas Trading, a subsidiary of Universal Property Development and Acquisition Corporation (OTCBB:UPDA - News; FWB:UP1)(BCN:UP1)(GER:UP1)(MUN:UP1)(STU:UP1), has submitted application for a distributor\'s license in each of those states and is prepared to file the necessary bonds to obtain those licenses.
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In addition to making application for the distributor\'s licenses, UPDA Texas Trading has completed the formulation of its RBOB (Reformulated Blendstock for Oxygenate Blending) gasoline blend for utilization in the distribution agreement under negotiation.
RBOB conforms to industry standards for reformulated regular gasoline blendstock for blending with 10% denatured fuel ethanol (92% purity) as listed by the Colonial Pipeline for fungible F grade. RBOB is a wholesale non-oxygenated blendstock traded in the New York Harbor barge market and elsewhere that is ready for the addition of 10% ethanol at the truck rack.
In conjunction with its partners and vendors, UPDA Texas Trading is establishing facilities to distribute this blend and deliver the completed product to market in each of the 12 states in which it will obtain a distributor\'s license. UPDA Texas Trading has also prepared the IRS Form 637 required by the US Department of Treasury for authorization to distribute these blended fuels.
UPDA\'s continued expansion, development and progress will be reported together with all well production at www.universalpropertydevelopment.com
About UPDA
Universal Property Development and Acquisition Corporation (OTCBB:UPDA - News) focuses on the acquisition and development of proven oil and natural gas reserves and other energy opportunities through the creation of joint ventures with under-funded owners of mineral leases and cutting-edge technologies.
Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the current views of management with respect to Future events and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected, or described pursuant to similar expressions.
Contact:
Universal Property Development and Acquisition
Corporation
Jack Baker (Investor Relations), 561-630-2977
info@updac.com