MONTREAL, Sept. 16 /CNW/ - TSX:WPO: World Point Terminals Inc. (the "Company") is pleased to announce that its wholly owned subsidiary, Center Point Terminal Company ("Center Point"), completed the previously announced acquisition of a 680,000 barrel petroleum storage facility located in Weirton, West Virginia for US$9,140,000. The terminal assets were purchased from Petroleum Fuel & Terminal Company, a wholly owned subsidiary of Apex Oil Company, Inc. ("Apex Oil"). Mr. Novelly, the Chairman of the Company is also the Chief Executive Officer of Apex Oil.
The closing of the purchase of the Weirton terminal assets completes the acquisition of the Weirton terminal facility. In June, 2009, Center Point acquired approximately 10.62 acres of land underlying the Weirton facility from ArcelorMittal Weirton, Inc., an unrelated party, for US$743,000, subject to the remaining term of a land lease to the Apex Oil subsidiary.
World Point Terminals Inc. ("World Point") and its subsidiaries (the "Company") own and operate 17.1 million barrels of liquid bulk storage and terminal facilities located in North America ("Center Point") and the Bahamas ("South Riding Point"). These facilities store, blend, and transship petroleum and other liquid products as an integral part of the wholesale distribution system. Through a joint venture, the Company also operates a fleet of tugboats around Grand Bahama Island in the Bahamas ("Freepoint").
On behalf of the Board:
Bernard A. Roy
President and CEO
August 13, 2009
SOURCE WORLD POINT TERMINALS INC.
For further information: For further information: Bernard A. Roy, President and CEO, (514) 847-4519