ENGLEWOOD, Colo., Dec. 16, 2010 (GLOBE NEWSWIRE) -- Voyager Petroleum, Inc. (Pink Sheets:VYGO), an emerging leader in Eco–Friendly processing and Oil distribution announces Letter of Intent which contemplates an Exchange of capital stock of Voyager for all the outstanding capital of Scrap USA, LLC.
The letter of Intent contemplates a definitive agreement on or before December 31, 2010.
For some time Voyager has been looking for a catalyst to add significant value to its already existing oil reclamation and distribution assets according to Sebastien C. DuFort, CEO of Voyager.
DuFort further comments that, the contemplated share exchange is an "Excellent opportunity to expand the companies' recycling services throughout North America and increasing shareholder value." The share exchange offers a furtherance of the companies' business aspirations and also calls for the diversification of integrating Oil recovery along with metals and other auto-related reclamation and distribution.
There is tremendous opportunity in the integration and further execution of the business plans of Scrap USA and Voyager according to Vincent J. Smith, CEO of Scrap USA, LLC.
"Furthermore," explains Smith, "We have been committed for some time to developing an integrated brand in Industrial recycling. Although our focus has been on Scrap metal, Voyager will provide the mechanism to roll-out an integrated recycling opportunity in North America, targeting the Automotive Service Center Industry."
About Voyager Petroleum, Inc.
Voyager is a publicly traded mid-market petroleum based brokerage, processing and distributor in an $11 Billion Dollar U.S. market.
The company provides private label and wholesale Eco-friendly petroleum-based products to end users including small to medium sized fuel blenders, refineries as well as automotive and manufacturing markets.
Managements' goal is to deliver high quality products at an affordable price to its customers.
Voyager's strategy has been to build shareholder value through acquisition and growth. The company seeks target companies that may save costs and generate greater revenue from increased capital expenditures, vertical integration and wider distribution channels.
About Scrap USA, LLC
Scrap USA is based in the city of Reading, PA and has been operating since 2007 as a Scrap Metal Recycler servicing commercial and Industrial customers throughout North America.
Scrap has been focused on and successful in targeting the Automotive Service Center Industry.
The company currently provides specialty recycling programs to more than 4000 automotive service center locations operated by some of the most recognizable names in that retail category. Scrap USA's contracted automotive scrap metal suppliers are listed on the Nasdaq, New York Stock Exchange and others are owned by some of the world's largest hedge funds.
The company has procured a solid footing in its current market of Scrap metal. The company is now comfortable with integrating other ancillary products such as Oils, and other automotive related products to its services.
Forward Looking Statements
Statements about the company's expectations including revenue and earnings and all other statements in this press release, other than historical facts are "forward-looking" statements and are made pursuant to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. Such forward looking statements involve risk and uncertainties and are subject to change at any time. The actual results of the future events described in the forward-looking statements in this document could differ materially from those stated in the forward-looking statement due to numerous factors and other risks identified in the filings made by the company filing with the Securities and Exchange Commission. In reflecting subsequent events or circumstances, the company undertakes no obligation to update forward-looking statements.
CONTACT: Voyager Petroleum, Inc. Sebastien C. DuFort - CEO 630-532-3625 Scrap USA, LLC Vincent J. Smith - CEO 877-464-5865