FT. LAUDERDALE, Fla.,
Nov. 17, 2011 /PRNewswire/ -- SMF
ENERGY CORPORATION (NASDAQ: FUEL), a leading energy logistics
company, today announced the retirement of Richard E. Gathright, the Company's Chief
Executive Officer, President and Chairman of the Board. The
Board of Directors has appointed Steven R.
Goldberg to be the new Chief Executive Officer and
President. Larry S. Mulkey, a current director of the
Company, will assume the role of Chairman of the Board.
(Logo:
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"On behalf of the Board and everyone at SMF Energy Corporation,
I would like to thank Richard for his leadership as Chairman, CEO
and President and his dedicated and tireless service to the
Company," said Mulkey. "Richard leaves enormous shoes to
fill, but the Board has every confidence that Steve Goldberg is up the challenge of leading
the Company forward to even greater successes."
Mr. Goldberg has served as a member of the Company's Board of
Directors since July 2005. Since 2007
he has been President of Goldhammer Advisory LLC, specializing in
M&A and corporate finance matters, located in Miami, Florida and has been a Senior Advisor
to Boyne Capital Partners, a private equity firm. He has
substantial experience in transportation and logistics businesses,
having served in senior positions in finance and corporate
development at Ryder System (and subsidiary), Republic Services and
Arrow Cargo, as well as having held finance positions with Squibb
Corporation and J. E. Seagram and
Sons, Inc.
Mr. Mulkey, who retired from Ryder System in 1997 after 31 years
of service, including service as President of Worldwide Logistics
and a member of the executive committee, currently provides
consulting services relating to transportation and logistics,
business strategy, and real estate.
"I am extremely excited about the opportunity to lead SMF Energy
at this point in its corporate history," said Goldberg. "We
have a talented management team, dedicated and highly-skilled
employees and a sophisticated operational platform. As a
result, the transition in senior leadership will be seamless to our
customers, suppliers and business partners. As stated in our
November 14 earnings release, the
outlook for our current fiscal year is very positive and we
continue to explore avenues to aggressively grow our business.
We plan to concentrate our efforts on identifying new growth
opportunities and even greater cost savings in order to deliver
superior shareholder value. I am grateful to Richard Gathright for leaving the Company poised
for continuing improvements in performance and accelerating growth
in the future."
Mulkey continued, "As the result of Richard's eleven years
directing our business, we are now one of the leading providers of
petroleum product distribution services, transportation logistics
and emergency response services in the country. Richard's
accomplishment is particularly noteworthy since he did so
notwithstanding some of the most challenging economic circumstances
in history for our industry and for the economy as a whole, coupled
with the burden of being a public company during periods of ever
increasing regulatory scrutiny.
"Richard's understanding of our customers and their ever
changing needs, his expertise in energy and logistics, and his
dedication to building both a modern infrastructure for the
Company's business and a strong, cohesive, management team have led
us to profitability and have laid a solid foundation for the growth
and profitability of our business going forward."
Goldberg added, "We look forward to working with Richard during
this transition and we wish him the very best in his future
endeavors, both personal and professional."
ABOUT SMF ENERGY CORPORATION (NASDAQ: FUEL)
The Company is a leading provider of petroleum product
distribution services, transportation logistics and emergency
response services to the trucking, manufacturing, construction,
shipping, utility, energy, chemical, telecommunications and
government services industries. The Company provides its services
and products through 34 locations in the eleven states of
Alabama, California, Florida, Georgia, Louisiana, Nevada, Mississippi, North
Carolina, South Carolina,
Tennessee and Texas. The broad range of services the Company
offers its customers includes commercial mobile and bulk fueling;
the packaging, distribution and sale of lubricants and chemicals;
integrated out-sourced fuel management; transportation logistics
and emergency response services. The Company's fleet of custom
specialized tank wagons, tractor-trailer transports, box trucks and
customized flatbed vehicles delivers diesel fuel and gasoline to
customers' locations on a regularly scheduled or as needed basis,
refueling vehicles and equipment, re-supplying fixed-site and
temporary bulk storage tanks, and emergency power generation
systems; and distributes a wide variety of specialized petroleum
products, lubricants and chemicals to our customers. More
information on the Company is available at
www.mobilefueling.com.
FORWARD LOOKING STATEMENTS
This press release includes "forward-looking statements" within
the meaning of the safe harbor provision of the Private Securities
Litigation Reform Act of 1995. For example, predictions or
statements of belief or expectation concerning the future
performance of the Company, the future trading prices of the
Company's common stock, the Company's ability to declare and pay
future dividends, and the potential for further growth of the
Company are all "forward looking statements" which should not be
relied upon. Such forward-looking statements are based on the
current beliefs of the Company and its management based on
information known to them at this time. Because these statements
depend on various assumptions as to future events, they should not
be relied on by shareholders or other persons in evaluating the
Company. Although management believes that the assumptions
reflected in such forward-looking statements are reasonable, actual
results could differ materially from those projected. In addition,
there are numerous risks and uncertainties that could cause actual
results to differ from those anticipated by the Company, including
but not limited to those cited in the "Risk Factors" section of the
Company's Form 10-K for the year ended June
30, 2011.
Contact:
Michael S. Shore
Chief Financial Officer
954-308-4200
SOURCE SMF Energy Corporation