Nate's Food Co. Secures Jet Fuel Purchase Order Valued at Nearly $5
Billion
Huntington Beach, CA --
January 18, 2024 -- InvestorsHub NewsWire -- Nate's Food Co.
(OTC: NHMD) announces that the company has
successfully secured a purchase order for 49,000,000 barrels of jet
fuel, with an estimated value of nearly $5 billion based on current
Platts pricing.
The deal is structured as
follows:
• An initial transaction
of 1,000,000 barrels of jet fuel.
• Subsequent monthly
deliveries of 4,000,000 barrels for a duration of 12
months.
This purchase order was
made possible by our recent joint venture (JV) partnership that was
announced last week. The partnership has enabled us to ensure a
consistent and reliable supply of jet fuel from a reputable
refinery, streamlining the entire process between our JV partner
and our buyers.
To guarantee the
successful execution of this order, Nate's Food Co is currently
engaged in several crucial activities:
-
Authorization to Verify (ATV) from Tank Farm: We are actively
working with our tank storage farm in Rotterdam to establish the
terminal agreement activation with the Port of Rotterdam. This step
is vital for obtaining the Authorization to Verify (ATV) from the
tank farm, which is a prerequisite for our supplier to proceed with
the delivery process of the purchased jet fuel.
-
SGS Report Confirmation: Once the ATV is sent and verified by both
our supplier and JV partner, we will receive an SGS (Société
Générale de Surveillance) report from the refinery. This report
will provide information on the quality and compliance of the jet
fuel, ensuring it meets the highest industry standards. We will
promptly forward the SGS report to our buyer, who commits to
sending the funds under the purchase order within 24 hours of
confirming the SGS report. It's worth noting that if the SGS report
is older than 72 hours, the buyer has the option to perform a dip
test on the fuel before funding.
-
Tank Storage Agreement (TSA): In this regard, we are pleased to
share that we have already received the draft tank storage
agreement from the tank farm. Our dedicated team is diligently
reviewing this agreement to ensure its alignment with our purchase
orders and the seamless execution of our commitments.
Link to Platts Pricing
for Jet Fuel:
Platts Pricing for Jet Fuel. Pricing for Platts North American was
$110.28
per barrel as of January 16, 2024 at 5:48 pm EST
About Nate's Food Co (OTC: NHMD): Nate's Food Co is a
dynamic and forward-thinking company dedicated to providing
high-quality solutions to its clients, with a strong focus on the
commodity business.
Please
note that certain statements in this release constitute
forward-looking statements. These statements include the
capabilities and success of the Company's business and any of its
products, services, or solutions. The words "believe," "forecast,"
"project," "intend," "expect," "plan," "should," "would," and
similar expressions, and all statements that are not historical
facts, are intended to identify forward-looking statements. These
forward-looking statements involve known and unknown risks,
uncertainties, and other factors, any of which could cause the
Company to not achieve some or all of its goals or the Company's
previously reported actual results, performance (finance or
operating) to change or differ from future results, performance
(financing and operating) or achievements, including those
expressed or implied by such forward-looking statements. More
detailed information about the Company and the risk factors that
may affect the realization of forward-looking statements is set
forth in the Company's filings with the SEC, copies of which may be
obtained from the SEC's website at
www.sec.gov. The Company assumes
no obligation to update the forward-looking statements contained in
this press release.
Please be aware that
while the Company believes that its revenue-related calculations
are accurate and based on factual information, there can be no
assurance that the Company will be able to achieve all projections
due to a number of business-related factors.
For more information:
Nate's Food Co.
Email:
nate@nateshomemade.com
Phone:
650-222-5141