EXHIBIT 99.1
Fort Lauderdale, FL, 21 November 2000 - STREICHER MOBILE FUELING, INC. ("SMF")
(Nasdaq:FUEL and FUELW) has announced the appointment of RICHARD E. GATHRIGHT,
46, as Chief Executive Officer and President. Gathright, who will also be
joining the Board of Directors, succeeds STANLEY H. STREICHER, the company
founder, who will remain Chairman of the Board of Directors.
Gathright, a veteran of over 25 years in energy and energy related logistics
businesses, will be responsible for all SMF management, operations and the
design and implementation of a corporate growth strategy to enhance shareholder
equity value. Most recently, Gathright was retained by senior management of
domestic and international energy companies as an advisor regarding operational
and financial matters. Previously, he was the President and Chief Operating
Officer of TransMontaigne Inc., a publicly owned company with over $5 billion in
revenues and $330 million in shareholder equity primarily providing logistical
services to major energy companies and Fortune 500 industrial customers. Prior
to that position, Gathright was the President and Managing Director - North
American Operations of Aberdeen Petroleum PLC, a British public company engaged
in international petroleum operations.
Streicher commented, "Richard Gathright brings to SMF an impressive track record
of managing growth-oriented businesses and will provide the expertise and
enthusiasm to lead SMF in achieving its objective in not only becoming the
dominant mobile fueling services provider, but also expanding the business into
other energy service areas. His ability to develop, direct and lead an effective
and aggressive management team will have a major impact on the operations and
future success of SMF".
Gathright stated, "Building a strong capital foundation will be paramount in the
go-forward strategy of SMF, and developing joint alliance relations with
industry partners and supporting the country's increasing use of environmentally
friendly alternative fuels will be principal objectives".
SMF provides mobile fueling services, primarily to customers operating large
fleets of vehicles (such as national courier services, major trucking lines,
hauling and delivery services, utilities and governmental agencies).
Company-owned custom fuel trucks deliver fuel on regularly scheduled or as
needed basis directly to vehicles at customers' locations, assuring SMF
customers a dependable supply of fuel at competitive prices. A patented
proprietary electronic fuel system is used to measure, record, and track fuel
dispensed to each vehicle fueled at a customer location allowing verification of
the amount of fuel delivered and providing customers with customized fleet fuel
data for management analysis and tax reporting. SMF currently has 106 mobile
fueling trucks in operation from 15 locations in 6 States.
Safe Harbor Statement: Except for the historical data contained herein, the
matters discussed in this press release contain forward-looking statements that
involve risks and uncertainties, and actual results could differ materially from
those expectations. Among the factors that could
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cause actual results to differ materially are the timing and success of
expansion activities, the ability to develop new customers and locations, the
volatility of the prices and supply and demand for oil and gas, the usual
hazards associated with the oil and gas transportation industry (including
spills, explosions and other unforeseen hazards), trends in outsourcing,
competition from companies with greater resources, and increases in regulatory
requirements. Please read the section entitled "Certain Factors Affecting Future
Operating Results" in the Company's Annual Report on Form 10-K on file with the
Securities and Exchange Commission.
