ENGELWOOD, Colo., Dec. 17, 2010 (GLOBE NEWSWIRE) -- Voyager Petroleum, Inc. (Pink Sheets:VYGO) is pleased to provide the following profile information updating its shareholders.
Dear Fellow Shareholders,
As 2010 comes to a close the company is extremely excited about its prospects moving forward. The company engaged Lynda R. Keeton CPA, LLC, the company's previous accountant, to guide the company through SEC compliant consolidated External Financial Reporting and Disclosures. The firm is also functioning as our day to day accountant/bookkeeper providing and maintaining the proper records moving forward through our restructuring, and we the companies' financials are close to being updated. Ultimately, it was the company's intention to re-establish itself as a fully reporting and compliant issuer in 2010, but we feel we can accomplish this goal by Q1 2011.
The business focus of the company since January 2010 was on its commodity-based Marine brokerage business. We have successfully completed the program and in evaluating the economics of the projects, the company decided to move smaller quantities over smaller distances and recently has been working on a Joint Venture with a Caribbean-based distributor. Additionally, the company began a Pilot Rail Program in the Southern U.S and found an opportunity locating and delivering used lube to a major re-refinery. This project was the basis for locating and aligning Voyager with a company such as Scrap USA. In working with the established re-refining company, Voyager soon realized that there was a shortage of consistent used lube feedstock that local collectors could not fully supply re-refineries with a national presence. Scrap USA has learned that many national chain automotive repair service centers were being serviced by either a local scrap company or in some cases a large waste management firm. Scrap USA is the only scrap processor in North America offering chain-wide service providing the customer with "one source" for its scrap metals recycling needs. Scrap USA and Voyager will combine the same chain-wide service strategy to provide national re-refineries with a consistent used lube feedstock on a national basis as well as diversifying into many other sectors by using the existing Scrap USA model.
The management of both Scrap USA and Voyager are working in earnest along with company attorneys' and other professionals to effectuate the proposed share exchange announced between the companies December 16, 2010.
We continue to be confident that we will prevail in our efforts and the shareholder value we have worked so hard to achieve will start to be realized.