Taylor & Martin Grp., Inc.Common Stock (NYSE:TMG)
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TransMontaigne Inc. (NYSE: TMG) today announced that its
wholly-owned subsidiary, TransMontaigne Product Services Inc.
("TransMontaigne"), completed the purchase of certain liquefied
petroleum gas assets (the "LPG Assets") from Rio Vista Energy Partners
L.P. (NASDAQ: RVEP) and Penn Octane Corporation (PINK SHEETS: POCC) in
accordance with the respective Purchase and Sale Agreements between
Rio Vista, Penn Octane and TransMontaigne, each amended and restated
as of August 15, 2006 (each a "Restated PSA"). The LPG Assets acquired
by TransMontaigne from Rio Vista include: Rio Vista's Brownsville,
Texas, terminal and refined products tank farm, together with
associated improvements, leases, easements, licenses and permits; Rio
Vista's LPG sale agreement with P.M.I. Trading Limited ("PMI."); and
all of Rio Vista's associated LPG inventory. Total cash consideration
paid to Rio Vista was $7,092,416, following adjustments and payments
provided for in the Restated PSA. In addition, pursuant to an LPG
Transportation Agreement, TransMontaigne has agreed to exclusively use
the services and retained assets of Rio Vista on a fee basis for the
transportation of LPG to be delivered into northeastern Mexico and/or
LPG sold pursuant to the PMI LPG sale agreement.
TransMontaigne also completed the purchase of the LPG Assets of
Penn Octane which include: Penn Octane's pipeline lease with Seadrift
Pipeline Corporation, together with associated improvements, leases,
easements, licenses and permits; Penn Octane's LPG supply agreement
with Exxon Company, U.S.A.; and all of Penn Octane's associated LPG
inventory. Total cash consideration paid to Penn Octane was
$9,820,126, following adjustments provided in the Restated PSA.
Pursuant to the respective Restated PSAs, TransMontaigne will
assume both Rio Vista and Penn Octane's obligations arising after the
closing under the contracts included in the respective LPG Assets
purchased.
"We are pleased to announce the closing of the related
transactions with both Rio Vista and Penn Octane, which allows us to
further expand our Brownsville facilities, as well as our existing
relationship with PMI," said William S. Dickey, Executive Vice
President/COO.
To the extent that the acquired assets generate master limited
partnership qualified income, TransMontaigne Partners L.P. (NYSE: TLP)
has an existing right to acquire them from TransMontaigne Inc. over
the next two years.
TransMontaigne Inc. is a refined petroleum products marketing and
distribution company based in Denver, Colorado, with operations in the
United States, primarily in the Gulf Coast, Midwest and East Coast
regions. The Company's principal activities consist of (i) terminal,
pipeline, and tug and barge operations, (ii) marketing and
distribution, and (iii) supply chain management services. The
Company's customers include refiners, wholesalers, distributors,
marketers, and industrial and commercial end-users of refined
petroleum products. Corporate news and additional information about
TransMontaigne Inc. is available on the Company's web site:
www.transmontaigne.com.
Forward-Looking Statements
This press release includes statements that may constitute
forward-looking statements made pursuant to the safe harbor provision
of the Private Securities Litigation Reform Act of 1995. This
information may involve risks and uncertainties that could cause
actual results to differ materially from the forward-looking
statements. Although the Company believes that the expectations
reflected in such forward-looking statements are based on reasonable
assumptions, such statements are subject to risks and uncertainties
that could cause actual results to differ materially from those
projected.