Taylor & Martin Grp., Inc.Common Stock (NYSE:TMG)
Historical Stock Chart
From Jun 2019 to Jun 2024
![Click Here for more Taylor & Martin Grp., Inc.Common Stock Charts. Click Here for more Taylor & Martin Grp., Inc.Common Stock Charts.](/p.php?pid=staticchart&s=NY%5ETMG&p=8&t=15)
TransMontaigne Inc. (NYSE:TMG) today announced the
signing of separate purchase agreements by its wholly owned
subsidiary, TransMontaigne Product Services Inc., with Rio Vista
Energy Partners L.P. and Penn Octane Corporation, to acquire, for
total consideration of $27,500,000, their combined LPG assets and
refined products tankage, including their Brownsville LPG and refined
products terminal facility and tank farm; owned pipelines located in
the United States; LPG inventory; all of the outstanding stock of
their respective Mexican subsidiaries and affiliates, which own and
operate product pipelines and the Matamoros Terminal Facility; and the
assignment of the Seadrift Pipeline lease, the P.M.I. Trading Limited
sales agreement, and the ExxonMobil LPG supply contract. In connection
with the transaction, TransMontaigne agreed to loan Rio Vista
$1,300,000. The loan is to be secured by the tank farm and certain LPG
storage tanks located at the Brownsville Terminal Facility and is
subject to receipt of consent from RZB Finance LLC and the issuance of
an estoppel letter from the Brownsville Navigation District.
The transaction is anticipated to close on or before October 31,
2005, and is subject to further due diligence by TransMontaigne. The
Company plans to provide additional information on its conference
call, which has already been scheduled for September 12, 2005.
"We are excited about the opportunity to expand our Brownsville
facilities and our existing relationship with P.M.I.," 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.