Press Releases

Matrix Announces the Successful Sale of Triton Marketing, Inc.

BALTIMORE, MD - January 13, 2011 – Matrix Capital Markets Group, Inc. (“Matrix”) announced today the successful closing on the sale of the wholesale distribution assets of Atlanta, GA based Triton Marketing, Inc. (“Triton”) to Cary Oil Company, Inc. (“Cary”) of Cary, NC. The asset portfolio is comprised of over one-hundred and twenty-five (125) gasoline and diesel customers including branded-contract, unbranded contract, and non-contract dealers, carrying the Chevron, Texaco, CITGO, Phillips 66, Exxon, Mobil, and Shell flags.

Matrix provided merger and acquisition advisory services to Triton, which included valuation advisory, asset marketing through a structured sale process, and negotiation of the transaction. Matrix executed a customized marketing process for the assets that successfully balanced Triton’s desire to market the assets while retaining the principals’ need for confidentiality in a highly competitive business environment. Triton was presented with twelve potential suitors for the Company. They ultimately entered into a deal with Cary who emerged as the best suitor in regard to both consideration and as the future employer of Triton’s key personnel.

Jimmy Patton, President of Triton, commented on the transaction, “We appreciate the advice, hard work and creativity Matrix provided in marketing our Company.”

The transaction was managed by Tom Kelso, Managing Director and head of the Matrix Energy and Multi-Site Retail Group, Spencer Cavalier, Director and Matt Murphy, Senior Associate. Mr. Kelso commented, “We greatly appreciate the opportunity to have worked with Mr. Patton and his management team on the successful sale to Cary. The quality and positioning of Triton’s assets combined with their exceptional management team made the business a very attractive opportunity and were the driving factors in achieving a successful result.”

The acquisition significantly expands Cary’s market presence in Georgia, and provides a solid platform for future growth in the Southeast. Mark Bevill, Executive Vice President and CFO of Triton, along with Mark Barron, Vice President of Marketing of Triton, have joined Cary and will spearhead future growth in the greater Georgia markets.

Gregory A. Randall of Holt Ney Zatcoff & Wasserman, LLP served as legal counsel for Triton, while Rick Stephenson of Stephenson, Stephenson & Gray, LLP served as legal counsel for Cary Oil.

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Matrix Announces the Successful Sale of Lehigh Gas Stores

RICHMOND, VA - January 3, 2011 – Matrix Capital Markets Group, Inc. (“Matrix”) announced today the successful closing on the sale of select retail assets of Lehigh Gas Corporation, a petroleum marketer and convenience store operator in the Northeast. The assets, located in New York, Pennsylvania and New Jersey include both company-operated and dealer-operated stores.

These sales are part of Lehigh’s ongoing efforts to rationalize its existing assets as part of its overall plan to continue growth through opportunistic acquisitions. Matrix executed a structured and customized marketing process for the assets, which yielded multiple competitive offers that provided Lehigh Gas with an array of options to maximize the value of the assets. In all, 40 stores will be sold. Twenty-five (25) of the stores were purchased by Sunoco on December 22, three (3) stores were sold to individual dealers, and closings on the remaining twelve (12) stores will occur over the next few weeks. Joe Topper, CEO of Lehigh Gas, commented on the transaction, “I appreciate Matrix’s strategic review of our business and management of the sale process, which has helped us achieve greater enterprise value.”

Tom Kelso, Managing Director and head of the Energy and Multi-Site Retail Group at Matrix, who managed the transaction said, “We were honored to be selected by Lehigh Gas to handle these transactions. We enjoyed working with Joe Topper, Lehigh’s CEO, Dave Hrinak, Lehigh’s President, and their management team in helping to achieve Lehigh’s goal of monetizing assets in order to reinvest the capital and grow in their core markets.” Matt Murphy, Senior Associate with Matrix, who co-managed the transaction added, “The quality and positioning of Lehigh’s assets combined with the exceptional way these stores were managed created a very attractive opportunity and were the driving factors in achieving an extremely successful result.”

To learn more about Lehigh Gas Corporation, visit http://www.lehighgas.com

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Matrix Concludes Successful M&A Deal Summit

RICHMOND, VA - November 15, 2010 – Matrix Capital Markets Group announces the successful completion of the Matrix Petroleum/C-Store M&A Deal Summit sponsored by Oil Price Information Service (OPIS) held on November 11-12, 2010 at the Westin Copley Place in Boston, MA.

It was a lively, fun and informative event where attendees were divided into two teams that competed to buy a group of convenience store and petroleum marketing assets being offered for sale by a fictitious seller. Each team was challenged to value the assets, assess the environmental issues, analyze legal issues, and ultimately prepare and submit an asset purchase agreement. The sale process included multiple rounds of bidding and the participants learned how to navigate a structured sale process. Each team was advised by experienced M&A professionals from Matrix, environmental experts from Delta Consultants, and experienced attorneys from Ober Kaler Grimes & Shriver and Hunton & Williams. At the end of the Summit, a winning team was selected and prizes were awarded. As an added bonus, Dr. George Overstreet from the McIntire School of Commerce, University of Virginia, presented some original research about valuation, real estate and the need for business owners to think like investors.

There were 26 participants including individuals from Graft Oil, Cumberland Farms, Irving Oil, Leavesley Chevron, Gilbarco Veeder-Root, Quik-Way Group, Delta Oil, NACS, Dead River Company, Petrobras, Morgan Stanley, Tedeschi Food Shops, Inc., Certified Oil, SpeedyQ Markets, Strauch Companies, Cadena Comercial Oxxo, S.A. de C.V., Alliance Energy, Klein Capital and Manchester Marketing, Inc.

“This is the second year that Matrix has spearheaded this event in conjunction with OPIS and we were delighted to be a part of it. Our goal was to put on an event that was both educational and fun and where the participants had plenty of interaction with the professionals and with each other. Based on the feedback we received after the event, I feel like we accomplished that goal”, said Tom Kelso, Managing Director and head of the Matrix Energy & Multi-Site Retail Group.

Matrix's Energy and Multi-Site Retail Group is recognized as the national leader in providing transactional advisory services to companies in the downstream energy and multi-site retail sectors including convenience store chains, petroleum marketers, fuels distributors, retail propane distributors, heating oil distributors, lubes retailers and distributors, terminal operators, fuels transportation companies, hospitality companies, and other specialty retail chains. Team members are dedicated to these sectors and draw upon complementary experiences to provide advisory services to complete sophisticated merger and acquisition transactions, private debt and equity raises, corporate restructurings, and corporate valuations and strategic planning engagements. Since its inception in 1997, this dedicated group has successfully advised on over 75 engagements in these sectors.

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Matrix Announces the Successful Sale of Quarles Petroleum’s Convenience Stores

RICHMOND, VA - July 6, 2010 – Matrix Capital Markets Group, Inc. announced today the successful closing on the sale of the retail assets of Quarles Petroleum, Inc., a mid-Atlantic fuel oil distributor, propane supplier, motor fuels supplier, fleet fuel site provider, and convenience store chain. The retail stores are all located in Virginia and sell Shell branded and unbranded motor fuels.

Quarles began as a one-truck, family oil business in 1939, and today is a corporation that employs over 500 people across 7 states. Quarles distributes over 150 million gallons of motor fuels, heating oil, and propane each year. In addition to Quarles’ core businesses in fuels distribution, the company was operating twenty (20) retail convenience stores with fuel offerings.

Late in 2009, Quarles decided to engage Matrix to structure and manage a confidential sale process in order to achieve maximum value in divesting of the Company’s retail assets and redeploy that capital into its other businesses. The extremely competitive sale process designed and executed by Matrix resulted in a sale of fourteen (14) of the stores to 7-Eleven, Inc. The remaining six (6) stores were sold to various other buyers. The closings on nineteen (19) of the stores have been completed as of today, with the remaining to occur in the next few weeks. As part of these agreements, all stores purchased will continue to accept Quarles’ fleet cards. Ben Wafle, President of Quarles’ Retail Division commented on the sale, “Matrix did a thoroughly professional job throughout the process and went above and beyond my expectations. We are very pleased with the results achieved.”

Tom Kelso, Managing Director and head of the Energy and Multi-Site Retail Group at Matrix managed the transaction and added, “It was an honor to be selected by Quarles to handle this transaction, and it was a pleasure working with Ben and his management team in achieving their goal of monetizing their retail assets to reinvest the capital into and grow their core businesses.” Cedric Fortemps, Senior Vice President with Matrix, who co-managed the transaction also commented, “The quality and positioning of Quarles retail assets combined with their exceptional management and store personnel made the business a very attractive opportunity and were the driving factors in achieving an extremely successful result for Quarles.”

Williams Mullen served as legal advisor to Quarles on the transaction.

To learn more about Quarles Petroleum, Inc., visit www.quarlesinc.com

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Matrix Promotes Cedric Fortemps

RICHMOND, VA - July 1, 2010 - Matrix Capital Markets Group, Inc. announced today that Cedric Fortemps has been promoted to Senior Vice President.

Mr. Fortemps has been a member of Matrix’s Energy and Multi-Site Retail Group and the Bankruptcy and Reorganization Practice since joining the firm in 1998. Over the past dozen years, he has been a leading contributor on over seventy successful Matrix engagements including the sales of the Virginia assets of Delek U.S. Holdings, ZOOTS Dry Cleaning, Angus I. Hines, Inc., Huffman Oil Company, Briggs Hospitality, C. R. Quesenberry, Inc., and FFP Marketing Company, Inc.

Mr. Fortemps graduated cum laude with a B.S.B.A. with a concentration in Finance from the University of Richmond. He is a CFA Charterholder and a member of the CFA Institute. He is also a qualified Series 7, Series 63 and Series 79 FINRA General Securities Representative. He also serves on the Advisory Board for the University of Richmond’s Student Managed Investment Fund and has been a guest lecturer for the University’s MBA Program.

Tom Kelso, a managing director and principal at Matrix and head of the firm’s Energy and Multi-Site Retail Group, commented "Cedric has provided excellent advice and service to our clients in helping them maximize the value of their companies over the last dozen years and it is a privilege to work with such a dedicated and talented investment banker."

Matrix's Energy and Multi-Site Retail Group is recognized as the national leader in providing transactional advisory services to companies in the downstream energy and multi-site retail sectors including convenience store chains, petroleum marketers, fuels distributors, retail propane distributors, heating oil distributors, lubes retailers and distributors, terminal operators, fuels transportation companies, hospitality companies, and other specialty retail chains. Team members are dedicated to these sectors and draw upon complementary experiences to provide advisory services to complete sophisticated merger and acquisition transactions, private debt and equity raises, corporate restructurings, and corporate valuations and strategic planning engagements. Since its inception in 1997, this dedicated group has successfully advised on over 70 transactions in these sectors.

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Matrix Hires Senior Analyst

RICHMOND, VA - April 20, 2010 - Matrix Capital Markets Group, Inc. is pleased to announce that Sean P. Dooley has joined the firm’s Energy and Multi- Site Retail Group as a Senior Analyst. He will be responsible for conducting financial, industry, and buyer research, creating valuation and financing models, and preparing selling and private placement memoranda.

Prior to his new position with Matrix, Mr. Dooley was a member of the Forensic and Valuation Services Group at Ellin & Tucker, Chartered, a large regional accounting and consulting firm, where he gained extensive experience in financial analysis and business valuation. Before joining Ellin & Tucker, he was an analyst with the Federal Systems Group of Unisys Corporation. Mr. Dooley graduated from East Carolina University with a B.S.B.A. with a concentration in Finance. He is also a candidate member of the American Society of Appraisers.

“We are delighted to have Sean join the Matrix team,” said Tom Kelso, Managing Director of Matrix’s Energy & Multi-Site Retail Group. “His extensive background and expertise will be a valuable asset to not only our clients, but the company as well.”

About Matrix Capital Markets Group
Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA. Since 1988, Matrix has provided merger & acquisition and financial advisory services for privately-held, private-equity owned and publicly traded companies. Our primary advisory services include company sales, asset divestitures, recapitalizations, management buyouts, capital raises of debt & equity, corporate recovery, fairness opinions and valuations. Matrix has served clients in a wide range of industries, including industrial manufacturing and distribution, building products, business services, consumer products, healthcare, lumber and petroleum marketing & distribution. For additional information, please visit www.matrixcmg.com.

Securities offered by Matrix Private Equities, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA, SIPC.

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Matrix Advises the Special Committee of the Board of Directors of United Fuel & Energy Corporation on its Merger with SC Fuels

RICHMOND, VA - February 16, 2010 - Matrix Capital Markets Group, Inc.(“Matrix”) announced today that it provided financial advisory services and a fairness opinion to the Special Committee (the “Special Committee”) of the Board of Directors for United Fuel & Energy Corporation (Pink Sheets: UFEN) (“United Fuel”) on its merger with Southern Counties Oil Co. (“SC Fuels”), and its wholly-owned acquisition subsidiary, Goldstream, Inc. (“Goldstream”).

United Fuel is engaged in the business of distributing gasoline, diesel and lubricant products primarily in certain markets of Texas, California, New Mexico, Arizona and Oklahoma. United Fuel represents the consolidation of numerous companies, the most significant of which was the Eddins-Walcher Company and Cardlock FuelsSystem. SC Fuels is a California limited partnership that distributes petroleum products throughout the Western United States.

Matrix’s advisory team was led by Tom Kelso, Managing Director, Spencer Cavalier, Director, and Cedric Fortemps, Vice President. Spencer Cavalier added, “It was an honor to work with the members of the Special Committee who did an excellent job maximizing shareholder value.”

Cox Smith Matthews Incorporated acted as legal advisor for United Fuel and Fulbright & Jaworski L.L.P. served as legal advisor for the Special Committee. Rutan & Tucker, LLP served as legal advisor to SC Fuels.

Matrix's Energy and Multi-Site Retail Group is recognized as the national leader in providing transactional advisory services to companies in the downstream energy and multi-site retail sectors. Team members are dedicated to these sectors and draw upon complementary experiences to provide advisory services to complete sophisticated merger and acquisition transactions, private debt and equity raises, corporate restructurings, and corporate valuation and long term planning engagements. These sectors include companies such as convenience store chains, petroleum marketers, fuels distributors, retail propane distributors, heating oil distributors, lubes retailers and distributors, terminal operators, fuels transportation companies, hospitality companies, and other specialty retail chains.

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Matrix Announces the Successful Sale of Uni-Marts’ Assets

BALTIMORE, MD - January 11, 2010 - Matrix Capital Markets Group, Inc. announced today the successful sale and closing of all of the retail convenience stores and petroleum distribution assets of Uni-Marts, LLC., et al, Debtors-in- Possession in Case No. 08-11037 (MFW) of the United States Bankruptcy Court for the District of Delaware. The assets were sold pursuant to Court Orders approving the sale of the assets to various purchasers and the Second Amended Joint Plan of Liquidation of Uni-Marts, LLC and its Affiliated Debtors dated December 30, 2009.

144 of the assets were purchased by Kwik Pik, LLC, an affiliate of Lehigh Gas Corporation. The closing of the sale of 138 of the assets to Kwik Pik was completed on December 30, 2009 with a closing on the remaining 6 assets on January 8, 2010. 60 of the assets were sold to 25 various other purchasers and those closings occurred at various times during the period from October 30, 2009 through January 7, 2010.

Of the assets Kwik Pik purchased, there were 59 company-operated locations and 85 wholesale dealer accounts. 9 of the dealer accounts included real estate control. 53 of the assets purchased by other buyers were company-operated locations and 7 were wholesale dealer accounts. All 7 of the dealer accounts included real estate control. The Uni-Mart assets were located in Pennsylvania, New York and Ohio.

Thomas E. Kelso, managing director and principal at Matrix, said “these closings are the culmination of a highly successful sale process which required an enormous amount of hard work on the part of the Debtors, the Debtors’ professionals, the professionals employed by The Official Committee of Unsecured Creditors and Kwik Pik.” In addition to Matrix, the Debtors were represented by the law firm of Hunton & Williams LLP and the financial consulting firm, Protiviti, Inc. The Official Committee of Unsecured Creditors was represented by the law firm of Blank Rome LLP and the financial advisory firm of Mesirow Financial.

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Hunter Hotels and Matrix to Provide Unique Advisory Services to Lodging Companies with Distressed Assets

RICHMOND, VA - October 6, 2009 - Matrix Capital Markets Group, Inc. (“Matrix”) and Hunter Hotels (“Hunter”) are pleased to announce that they will partner to provide advisory solutions to lodging companies with financially distressed hotel properties. The broad array of services provided by the partnership will include the restructuring of debt, corporate recapitalization and/or the sale of some or all of the assets.

Matrix and Hunter have successfully advised on the sale of hotels for over 30 years, as well as numerous transactions involving financially distressed companies operating in or outside of bankruptcy. Having managed these distressed asset sales, many under Chapter 11 of the U.S. Bankruptcy Code, and with unmatched hotel industry expertise and contacts, Hunter and Matrix will be able to advise operators on the complex issues they face as they seek to de-leverage their businesses.

Tom Kelso, a Managing Director and Principal at Matrix, said “We are excited about the advisory services that we will be able to offer through our partnership with Hunter Hotels. Our combined experiences and skill sets will provide a unique solution to help hotel owners preserve or realize as much value for their properties as possible.”
Hunter Hotels’ President Teague Hunter expressed great enthusiasm for the joint venture. "The continued stress in our industry has created a need for financial restructuring at many different companies. Matrix's long history of advising firms through difficult times, and our long history of advising hotel investors, together will give our clients access to the resources they need to thrive in the current environment."

About Hunter Hotels
Hunter Hotels, founded in 1978, has offices in Atlanta, Washington, D.C., Minneapolis and Dallas. The firm’s exclusive focus is in hotel brokerage and financing.

About Matrix Capital Markets Group
Matrix Capital Markets Group is a leading middle-market investment bank headquartered in Richmond, VA. Since 1988, Matrix has focused on providing merger & acquisition and financial advisory services for corporate and privately-held companies, including sales and divestitures, Staged Liquidity Transactions®, management buyouts, and debt & equity placements.

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Matrix Formalizes Strategic Planning and Corporate Valuation Services for Clients

BALTIMORE, MD - October 1, 2009 - Matrix Capital Markets Group, Inc.’s Energy and Multi-Site Retail Group (EMR) announced today that it will now formally offer Strategic Planning and Corporate Valuation consulting services in addition to the other investment banking services it currently provides. These services are designed to assist petroleum marketers and convenience store companies with their long range financial planning. Matrix has always provided these services upon request, but has decided to formalize the offering due to increased demand. Matrix already provides merger and acquisition advisory and execution expertise for both sell-side and buy-side transactions and capital raising and corporate restructuring services.

Matrix’s Strategic Planning and Corporate Valuation services team will be led by Spencer P. Cavalier, a Director at Matrix. Mr. Cavalier is a CFA Charterholder and designated as an Accredited Senior Appraiser (ASA) in business valuation with the American Society of Appraisers. In addition to Mr. Cavalier, Cedric Fortemps, Vice President, Matt Murphy, Associate, and Vance Saunders, Associate will also be providing expertise in this area. Mr. Fortemps and Mr. Murphy also hold the very prestigious CFA designation, and Mr. Saunders is a CPA. Matrix’s EMR Group offers its clients over 100 years of combined investment banking and operational experience and has completed over 50 M&A transactions in the petroleum marketing and convenience store industry.

For companies that may be considering a transaction in the next few years, Matrix’s Strategic Planning services will aid shareholders in maximizing future equity value. In most cases, this involves positioning the business in the most appealing way to potential buyers prior to a sale. Matrix will conduct an external assessment of the business to ensure that the client is focusing on the key drivers that will increase exit price and identify weaknesses a buyer would highlight during the due diligence process. Strategic planning includes valuation, a growth strategy, an operational improvement plan, and an assessment of how different buyers will value the business and position it accordingly. Matrix will identify and value potential synergies for buyers as well as identify risk factors and recommend ways to manage and reduce these risks so that they do not reduce the future transaction value.

Matrix will provide business valuation services to companies and their underlying securities, including common equity, partnership and limited liability company interests, convertible and preferred securities, options, warrants, and debt instruments. Both informal and formal valuations are provided for the following purposes: long and short-term corporate planning, solvency and capital adequacy opinions, fairness opinions, buy-sell agreements, financial acquisition/divestiture, strategic acquisition/divestiture, take private transactions, estate and gift tax planning, and estate settlement. The Firm’s valuation work is supported by extensive transactional and operational experience, allowing it to assess complex transactions.

Tom Kelso, Managing Director and Principal at Matrix remarked, “These services are a natural extension of our long-term commitment to assisting petroleum marketers and convenience store companies build and realize substantial value for their companies. Having three CFA Charterholders, a person with valuation certifications and a CPA all on one dedicated team is highly unusual in the world of middle-market investment banking. We are very pleased to offer their expertise to our clients.”

About Matrix’s Energy & Multi-Site Retail Group
Matrix's Energy and Multi-Site Retail Group is recognized as the national leader in providing transactional advisory services to companies in the downstream energy and multi-site retail sectors. Team members are dedicated to these sectors and draw upon complementary experiences to provide advisory services to complete sophisticated merger and acquisition transactions, private debt and equity raises, corporate restructurings, and corporate valuation and long term planning engagements. Matrix’s dedicated group has successfully advised on over 50 transactions in these sectors.

About Matrix Capital Markets Group
Matrix Capital Markets Group is a leading middle-market investment bank headquartered in Richmond, Virginia. Since 1988, Matrix has focused on providing merger & acquisition and financial advisory services for corporate and privately-held companies, including sales and divestitures, Staged Liquidity Transactions®, management buyouts, and debt & equity placements.

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Matrix Announces Uni-Marts Bankruptcy Results

BALTIMORE, MD - September 24, 2009 - Kwik Pik, LLC, (“Kwik Pik”) an affiliate of Lehigh Gas Corporation and other various parties were named the successful bidders of the Uni-Marts’ assets for a total of approximately $19.6 million plus assumption of certain of the Debtor’s liabilities in an auction managed by Matrix Capital Markets Group, Inc. (“Matrix”). The auction, which was held in Wilmington, DE on September 23rd, featured highly organized and competitive bidding that lasted nearly fifteen hours with over 200 participating bidders.

Kwik Pik’s Stalking Horse Bid, which was approved by the Delaware District of the U.S. Bankruptcy Court earlier this month, established $16.7 million purchase price for 207 Uni-Marts’ assets of which $10.0 million was allocated to assets in Ohio and $6.7 million was allocated to assets in Pennsylvania and New York. The final purchase price for the assets of approximately $19.6 million represents a 17% improvement to the Stalking Horse Bid. Kwik Pik won the auction for the Ohio assets for $10.0 million, while Kwik Pik and twenty-five other successful bidders combined to push the value for the Pennsylvania assets to $9.6 million, which represents an improvement of 43%. In addition to the cash proceeds successful bidders are assuming a substantial portion of the debtor’s liabilities, which further improves the value to the Debtor’s estate.

Tom Kelso, managing director and principal of Matrix, commented, “We are extremely pleased to have the opportunity to work with the Debtor to deliver maximum value for the assets to Uni-Marts’ creditors. We developed and executed a customized sales process that covered over 200 assets across three states that was successful in selling every asset and providing a very substantial return to the creditors.” The sales are subject to the approval by the U.S. Bankruptcy Court and are expected to close during the middle of November.

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Matrix Announces Details Related to Uni-Marts Stalking Horse Bid

BALTIMORE, MD – September 8, 2009 - Matrix Capital Markets Group, Inc. (“Matrix”) has provided further details on the Uni-Marts Bankruptcy Stalking Horse Bid. Kwik Pik, LLC (“Kwik Pik”), an affiliate of Lehigh Gas Corporation, was approved as the Stalking Horse Bidder in the Uni-Marts Bankruptcy Asset Sale by the Delaware District of the U.S. Bankruptcy Court last week.

As previously reported, the Kwik Pik Agreement (“Agreement”) provides for a purchase price of $10 million for the Ohio assets and $6.7 million for the assets located in Pennsylvania and New York. The proposed transaction should close towards the end of October if Kwik Pik is declared the ultimate winner at the conclusion of the auction process.

Under the Agreement Kwik Pik is obligated to close the transaction at those values or higher as the Agreement is “as is where is” without any environmental, financing, or other contingencies. Additionally, no purchase price reductions are permitted as Kwik Pik has waived the rights to any further due diligence. Kwik Pik is also subject to forfeit a $500,000 escrow deposit if they do not close on the transaction.

The Agreement also provides the estate with an opportunity to increase the value above $16.7 million. Under the Agreement, single store and small group bidding will be permitted on all of the Uni-Marts assets. There are one-hundred and thirtyone assets included in Kwik Pik’s “all or none” provision while seventy-six assets are not covered by the “all or none” provision ensuring prospective buyers who are interested in acquiring one or two stores that they can compete for the asset(s) without facing the constraints of an “all or none” bid.

Minimum Bids for the assets have been adjusted to conform with the Kwik Pik Agreement. The total for all of the Minimum Bids in Pennsylvannia and New York has been revised to $6.8 million, which includes the $6.7 million purchase price plus a $100,000 break-up fee if Kwik Pik is not selected as the winner at auction. The net adjustment is reflected in the Minimum Bids for the fuels distribution assets, which have been revised down from $1.28 million to $876,000. The total of the Minimum Bids for the Ohio assets remains $8.6 million.

Tom Kelso, managing director and principal of Matrix, noted “this sale process, like all sale processes run by Matrix, is developed to maximize the value for the assets included in this particular sale and is not a one size fits all process. The Kwik Pik Agreement allows us to create an auction process designed to ensure we have a competitive auction and to maximize the value for the company’s creditors.” The live auction is scheduled for September 23, 2009 in Wilmington, Delaware.

About Matrix’s Energy & Multi-Site Retail Group
Matrix's Energy and Multi-Site Retail Group is recognized as the national leader in providing transactional advisory services to companies in the downstream energy and multi-site retail sectors. Team members are dedicated to these sectors and draw upon complementary experiences to provide advisory services to complete sophisticated merger and acquisition transactions, private debt and equity raises, corporate restructurings, and corporate valuation and long term planning engagements. Matrix’s dedicated group has successfully advised on over 50 transactions in these sectors.

About Matrix Capital Markets Group
Matrix Capital Markets Group, Inc. is an independent, advisory focused, privately-held investment bank headquartered in Richmond, VA. Since 1988, Matrix has provided merger & acquisition and financial advisory services for privately-held, private-equity owned and publicly traded companies. Our primary advisory services include company sales, asset divestitures, recapitalizations, management buyouts, capital raises of debt & equity, corporate recovery, fairness opinions and valuations. Matrix has served clients in a wide range of industries, including industrial manufacturing and distribution, building products, business services, consumer products, healthcare, lumber and petroleum marketing & distribution. For additional information, please visit www.matrixcmg.com.

Securities offered by Matrix Private Equities, Inc., an affiliate of Matrix Capital Markets Group, Inc., Member FINRA, SIPC.

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