SIMONS PETROLEUM ANNOUNCES STRATEGIC AGREEMENT WITH LOVE’S TRAVEL STOPS
LOVE’S TRAVEL STOPS WILL BECOME ANCHOR CHAIN OF SUCCESSFUL PATHWAY NETWORK OVER-THE-ROAD PROGRAM
OKLAHOMA CITY, OK, April 21, 2008 - Simons Petroleum, Inc. (“Simons”) announced today a definitive agreement with Love’s Travel Stops (“Love’s”). Under the agreement, Love’s national travel center locations will become the anchor chain of the successful Simons’ Pathway Network, effective May 9, 2008.
Created in 1994, Pathway Network provides trucking fleets of all sizes with unique ways to control volatile fuel costs through a variety of proprietary offerings designed for over-the-road trucking fleets. Pathway’s 14 year relationship with its current anchor chain, TravelCenters of America or “TA”, will officially end on November 7, 2008. Simons’ agreement with TA provides for a transition period and the addition of the Love’s locations, beginning May 9, 2008, will facilitate the transition period for all of Simons’ customers and give Pathway Customers additional options for utilizing Pathway’s programs at the Love’s locations.
Love’s Travel Stops currently operates 150 Interstate facilities with plans to grow their network of locations by 20 full facility sites per year.
“We are excited for Love’s to become Pathway’s new anchor chain. Both the Love’s and Simons organizations share similar values and we believe Love’s growth strategy is well matched with our plans for the future.” said Brad Simons, President of Pathway Network.
In addition to the Love’s locations, Pathway Network will continue existing relationships with Independent Truck Stop sites to ensure the same nationwide coverage its customers have experienced in the past.
About Simons Petroleum, Inc.
Simons Petroleum, Inc. is a national marketer of petroleum products, focused on providing a comprehensive fuel and lubricant offering to commercial and industrial industries. Hedging and financial management tools, proprietary fuel management applications, engineering and testing services and custom products differentiate Simons in the marketplace. Simons is an operating company of Maxum Petroleum, Inc., based in Old Greenwich, CT. Maxum is a leading independent energy logistics company that markets and distributes a comprehensive offering of refined petroleum products and services to commercial and industrial customers.
For more information, contact Stephanie Kim at 405-551-2130, or Thomas Wolfe at 405-551-2154 .
Simons Petroleum, Inc.
210 Park Avenue, Suite 1800
Oklahoma City, OK 73102
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