Saratoga Springs, New York (PRWEB) December 21, 2016
American Natural Gas (ANG), a premier distributor of alternative motor fuels, and a portfolio company within HC2 Holdings (NYSE: MKT: HCHC), announced today that it has acquired seven compressed natural gas (CNG) fueling stations in Indiana and Ohio via the acquisition of Constellation CNG, LLC, formerly a subsidiary of Constellation. Financial terms were not disclosed.
As a result of the acquisition, which closed on December 20, 2016, ANG now owns and operates the following seven Constellation CNG stations:
- 2323 West Pleasant Center Rd., Fort Wayne, IN 46819
- 2240 North Michigan Ave., Greensburg, IN 47240
- 510 South Post Rd., Indianapolis, IN 46239
- 290 Yost Dr., Lafayette, IN 47905
- 420 Steven’s Way, Seymour, IN 47274
- 2720 Needmore Rd., Dayton, OH 45414
- 5343 Distribution Dr., Findlay, OH 45840
The purchase also includes a parcel of land for the development of an eighth CNG station located at 1325 East Drinker Street in Dunmore, Pennsylvania.
As a result of this acquisition and that of Questar Fueling Company on December 16, ANG now owns and operates approximately 40 fueling stations in 13 states across the United States, inclusive of stations in process and under development, up from only two stations at the time of HC2’s initial investment in ANG in August 2014.
“This strategic purchase aligns with our mission to grow our CNG network, extend the reach of alternative fuels, and deliver opportunity to fleets across the country,” said Drew West, Chief Executive Officer of ANG. “We look forward to welcoming new and existing users of these stations, while continuing the relationship with Constellation as our natural gas supplier and in marketing ANG’s fueling programs to customers.”
Over the next few months, ANG will be introducing technology and equipment upgrades to these stations so customers can anticipate a smooth, reliable and improved fueling experience. Service at all stations will continue uninterrupted throughout the ownership transition. ANG will oversee operations with state-of-the-art 24-hour monitoring platforms and an expert on-call maintenance team.
According to calculations by the US Environmental Protection Agency, switching vehicles from gasoline to CNG can reduce carbon monoxide emission by 90-97 percent, carbon dioxide emission by 25 percent, nitrogen oxide emissions by 35-60 percent, and lessen toxic and carcinogenic pollutants. Overall costs to operate heavy-duty trucks on CNG are significantly less than running the same trucks on gasoline or diesel fuel.
Those looking to learn more about ANG are encouraged to visit its website, http://www.americannaturalgas.com, or call 866-264-6220 with questions.
About American Natural Gas, LLC
At American Natural Gas (ANG) the future is within reach and we can bring you closer. Through our growing network of Compressed Natural Gas (CNG) stations for the transportation industry, we’re delivering opportunity to fleets across the country. Our team of highly-trained strategists, designers and operations professionals is changing perspectives and increasing potential as we improve the CNG experience and move the alternative fuel industry forward. ANG is a portfolio company within HC2 Holdings, Inc. (NYSE MKT:HCHC). To learn more visit http://www.americannaturalgas.com.
Cautionary Statement Regarding Forward-Looking Statements
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: This release contains, and certain oral statements made by our representatives from time to time may contain, forward-looking statements. Generally, forward-looking statements include information describing actions, events, results, strategies and expectations and are generally identifiable by use of the words "believes," "expects," "intends," "anticipates," "plans," "seeks," "estimates," "projects," "may," "will," "could," "might," or "continues" or similar expressions. The forward-looking statements in this press release include without limitation statements regarding the beliefs and assumptions of ANG's management. The Company believes these judgments are reasonable, but you should understand that these statements are not guarantees of performance or results, and the Company's actual results could differ materially from those expressed or implied in the forward-looking statements due to a variety of important factors, both positive and negative. Such important factors include, without limitation, issues related to our ability to realize efficiencies, cost savings, income and margin improvements, growth, economies of scale and other anticipated benefits of strategic transactions; and difficulties related to the integration of financial reporting of acquired or target businesses; effects of litigation, indemnification claims, and other contingent liabilities.