Voyager Petroleum Announces Factoring Agreement With BLN Capital Funding, LLC Through...
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Voyager Petroleum Announces Factoring Agreement With BLN Capital Funding, LLC
Through Fifth Third Bank
HINSDALE, Ill., June 6, 2008 (PRIME NEWSWIRE) -- Voyager Petroleum Inc.
(OTCBB:VYGO) (Frankfurt:DXD) is pleased to announce that it has entered into a
factoring agreement with BLN Capital Funding LLC, for up to $1 million in
purchase order, inventory and receivables financing. Management believes this
credit facility will provide the working capital necessary to generate
additional revenue by accelerating production at the Detroit facility. The
company is marketing its eco-friendly, re-processing method for reclaimed used
oil and working diligently to inform regional automotive and industrial
customers in the Midwest of its processing capabilities.
Monarch Petroleum, Voyager's wholly-owned subsidiary, operates the 20,000 sq.
ft. Detroit facility using its own process for reclaimed used oils to produce
petroleum and other lubricants in an economically, environmentally, and what
management believes to be a socially responsible manner. The United States
generates approximately 1.4 billion gallons of recoverable used oil every year
according to America's Choice, the website of Safety-Kleen, a major United
States re-refinery. Voyager expects to capitalize on the demand for recycled
lubricants through its own process and available capacity by market penetration,
customer retention and cost reductions for its potential customers.
About Voyager Petroleum
In its quest to manufacture and distribute eco-friendly petroleum-based products
and services to the automotive and manufacturing aftermarket, the Company
intends to promote its environmentally conscious processing methods for
reclaimed used oil. The Company will seek to acquire reputable middle-market
petroleum-based lubricant companies that process, blend, package, and distribute
lubricants and related products as well as acquire facilities to conduct like
operations.
Forward-Looking Statements
This press release contains forward-looking statements, which represent the
Company's expectations or beliefs, including, but not limited to, statements
concerning plans, growth and strategies, which include, without limitation,
statements preceded or followed by or that include the words may, will, expect,
anticipate, intend, could, estimate, or continue or the negative or other
variations thereof or comparable terminology. Any statements contained in this
press release that are not statements of historical fact may be deemed to be
forward-looking statements. These statements by their nature involve substantial
risks and uncertainties, some of which are beyond the Company's control, and
actual results.
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CONTACT: Voyager Petroleum
Investor Relations Inquiries:
Sebastien C. DuFort
(630) 325-7130 Ext. 222
sdufort@voyagerpetroleum. com
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