Blackwater Midstream Corp., (OTCBB:BWMS) announces that its gross
revenues of $1,065,000 for the month of March, 2012 are the highest in
the company’s history and has eclipsed the previous mark by more than
$160,000.
Mike Suder, Blackwater Midstream Corp.’s Chief Executive Officer stated,
“We are extremely pleased with the revenue results that we have achieved
for the month of March, 2012. Our financial success is being driven by
higher product throughput volumes and higher utilization rates of our
existing capacities. In fact, our three terminal facilities in Westwego,
Louisiana; Brunswick, Georgia; and Salisbury, Maryland currently have
any overall utilization rate of 94%.”
Frank Marrocco, Chief Commercial Officer of Blackwater Midstream Corp.
added, “In addition to our strong revenue results, we are also excited
to have future growth taking place as well. We are in the process of
constructing new capacity at our Brunswick, Georgia site for a long term
customer commitment, and are working diligently with local officials to
secure permitting to allow expansion at our Westwego, Louisiana
facility. Most importantly, the cornerstone of our success is based on
our outstanding customer service and operating our terminals safely and
efficiently.”
Blackwater Midstream Corp. is an independent developer and operator of
bulk liquid storage terminals including facilities within the Port of
New Orleans in Westwego, Louisiana, Brunswick, Georgia, and Salisbury,
Maryland. The Westwego facility consists of 856,000 barrels of storage
capacity, while the Brunswick facility has 162,000 barrels of capacity,
and 177,000 barrels at the Salisbury, Maryland terminal. All locations
are capable of storing a variety of liquid products. Blackwater
Midstream is a member of the International Liquid Terminal Association.
The information in this press release includes certain "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements relating to prospective
acquisitions or anticipated future results. Forward-looking statements
relate to expectations or forecasts of future events. Blackwater
Midstream does not assume the obligation to update any forward-looking
statement. Many factors could cause actual results to differ materially
from Blackwater Midstream Corp.’s forward-looking statements, including
market forces, economic factors, the availability of capital and credit,
current and future competition and other uncertainties. For further
details about these and other factors that may impact the
forward-looking statements, see Blackwater Midstream Corp.’s Securities
and Exchange Commission filings, including the "Risk Factors" in the
Annual Report on Form 10-K. This discussion and analysis should be read
in conjunction with our unaudited consolidated financial statements and
related notes included in our Quarterly Report on Form 10-Q as of
December 31, 2011 and our audited financial statements and notes
included in our Annual Report on Form 10-K as of and for the year ended
March 31, 2011. For more information, please reference our website at www.BlackwaterMidstream.com.
