Business Services Industry
Penn Octane Corp. Announces Completion of $6,000,000 Credit Facility
Business Wire, Nov 4, 1997
REDWOOD CITY, Calif.--(BUSINESS WIRE)--Nov. 4, 1997--J.B. Richter, president and CEO of Penn Octane Corp. (NASDAQ SmallCap:POCC) announced today the completion of a $6 million credit facility with RZB Finance LLC, a wholly owned subsidiary of Raiffeisen Zentralbank Osterreich AG (RZB-Austria).
This credit facility will be used for working capital and Letters of Credit.
Richter said that this Letter of Credit is a milestone for the new management of Penn Octane Corp. and is looking forward to a long-term relationship with RZB.
Penn Octane is a leading supplier of liquefied petroleum gas to Mexico and propylene to the petrochemical industry in Texas. Penn Octane operates a 132-mile, six-inch pipeline from a pipeline in Kleberg County, Texas to its terminal in Brownsville, Texas, which acts as a trans-shipment point for delivery to Mexico. In addition, the company owns and operates PennWilson CNG Inc., located in Santa Fe Springs, Calif., a leader in compressed natural gas station design, engineering, manufacturing and safety.
CONTACT: Penn Octane Corp.
Jerry Richter, 650/368-1501
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