FuelQuest's ZyTax Enterprise Compliance and General Ledger Reconciliation Solutions to Help Automate Excise Tax and Compliance Filing Requirements HOUSTON, May 30 /PRNewswire/ -- FuelQuest, Inc., the leading on-demand software and services company for the downstream energy industry, announced today that Holly Corporation (NYSE:HOC) has chosen FuelQuest's ZyTax Enterprise Compliance and ZyTax GL/Reconciliation solutions to help streamline its excise tax filing requirements. Holly Corporation -- a leading independent refiner and marketer of gasoline, diesel and jet fuel -- prepares complex excise tax filings on a monthly basis. Various state and federal laws require the company to collect, categorize, interpret and calculate large dollar sums based on sales volume. FuelQuest's ZyTax Enterprise Compliance module helps the company centralize and automate the preparation and filing of monthly tax returns. The product also helps Holly gain deeper insights into current tax laws and reporting requirements, allowing them to reduce potential liabilities, and analyze business opportunities that may impact tax calculation and reporting functions. "Holly's investment in these FuelQuest solutions helps the company facilitate audit requirements, support tax analysts' needs and free up the tax department to focus on more strategic, value-added activities," said John Beaty, FuelQuest Vice President of Global Tax Solutions. "We anticipate that these solutions will enable Holly Corporation to become even more process-driven in their approach and help it avoid potential liabilities related to tax filing and compliance requirements." Currently, Holly uses FuelQuest's ZyTax solution to calculate excise taxes for a portion of its jurisdictions. As Holly completes its migration to SAP and continues to automate internal systems, FuelQuest's ZyTax Enterprise Compliance will help the tax department streamline and replace the existing combination of outsourcing, manual processes and spreadsheet tools used to report fuel excise taxes. Mr. Beaty points out, "This system allows Holly to ensure enhanced accuracy and reliability with regard to its rigorous tax calculations. This level of sophistication is critical when reconciling its records on the audit side of the equation." The ZyTax GL Reconciliation solution provides additional confirmation and assurance that a company's tax return is aligned with expectations. This automated tool for identifying mismatched fuel transactions will optimize productivity by saving analysts hours of manual investigation steps, and guarantee accuracy, integrity and transparency in the audit process. "FuelQuest's system facilitates dependable and reliable tax compliance and reporting capabilities that complement Holly Corporation's SAP foundation," said Ryan Mossman, Vice President of Marketing and Product Management for FuelQuest. "These solutions will not only reduce compliance complexities and reporting risks from changing regulations, but will also be able to scale with the company as it continues to expand." About Holly Corporation Holly Corporation, headquartered in Dallas, Texas, is an independent petroleum refiner and marketer that produces high value light products such as gasoline, diesel fuel and jet fuel. Holly operates through its subsidiaries an 83,000 barrels per stream day ("bpsd") refinery located in New Mexico, and a 26,000 bpsd refinery in Utah. Holly also owns a 45% interest (including the general partner interest) in Holly Energy Partners, L.P., which through subsidiaries owns or leases approximately 1,700 miles of petroleum product pipelines in Texas, New Mexico and Oklahoma and refined product terminals in several Southwest and Rocky Mountain states. For more information about Holly Corporation, visit http://www.hollycorp.com/. About FuelQuest FuelQuest, Inc. has uniquely captured the market as the preferred fuel platform provider for the global downstream energy industry. The Company provides information technology, supply chain management, tax automation, and energy services to the entire refined petroleum complex. FuelQuest helps its over 750 customers manage the supply chain complexity, tax/environmental regulation, and commodity market volatility of billions of gallons of gasoline and diesel fuel annually FuelQuest customers include fuel retailers, fuel suppliers, government entities, distributors, trading firms and large transportation companies who benefit from real-time product information and fuel procurement, logistics and working capital savings. The Company's technology initiatives and energy services align with the increasing market/customer demands to become more fully integrated with the primary and secondary fuel supply chain. Find out more online at http://www.fuelquest.com/. DATASOURCE: FuelQuest, Inc. CONTACT: Cindy Sartain, Director of Events & Communications of FuelQuest, Inc., +1-888-645-7768 Web site: http://www.fuelquest.com/

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