In a prepared statement, Compass president and CEO Pete Iodice says the acquisition will be completed "within the early stages" of theAgreement. The stores are located off I-95 inKingsland, GA and Brunswick, GA and on Riverside Drive in Macon, GA.
Iodice tells GlobeSt.com the acquisition will bring Compass' total convenience store holdings to nine locations, most of them in the Athens area.
Compass expects each location to sell 150,000 gallonsof fuel per month. The company, which trades on theOTC Pink Sheets under the symbol CECP, anticipatesthe stores will add $7 million in revenue per year infuel sales and $1.8 million annually from in-storesales.
Compass, formerly QCL Group, reported approximategross revenues of $2.75 million in 2000 and netearnings of $192,500. It projects 2001 gross revenueswill fall near $7.5 million and net earnings will growto $763,000.
Compass opened trading Wednesday at 15 cents per shareand traded at 10 cents per share near market close.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
