July 14, 2016 - 9:30 AM EDT
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Boreas Natural Gas to commence operations

WESTLAKE VILLAGE, Calif., July 14, 2016 (GLOBE NEWSWIRE) -- Boreas Natural Gas (“Boreas” or the “Company”) announced today that it has commenced operations providing products, services and customized turnkey solutions for the natural gas fuels market. Founded by the industry veteran Cem Hacioglu, Boreas Natural Gas is the second natural gas fuels company Hacioglu has led after Applied LNG where he was the President and CEO from 2009 to 2015. Headquartered in Westlake Village, California, Boreas Natural Gas is the result of Hacioglu’s vision to create a self-sustaining natural gas fuels supply chain which will make natural gas a permanent fixture in America’s energy infrastructure. “We will initially focus on the operational and service aspects of the value chain and opportunistically move into the production and distribution segments,” said Hacioglu.

In addition to sourcing LNG/CNG at competitive prices, Boreas will offer its customers a wide variety of service and development options, including the design, build-out, and operation of LNG plants and LNG/CNG fueling stations, as well as fuel storage and dispensing infrastructure for permanent use and temporary special projects. Boreas’ advisory and consulting services will include technical and operational evaluation of facilities and equipment, safety and regulatory compliance, and environmental credit programs including credit generation, tracking and monetization at state and federal level.

“I feel very excited to set sail on this new venture with a group of talented professionals and experienced advisors who have achieved a great deal of success in the industry and genuinely share my vision for the future of the natural gas fuels market. This is the perfect time to invest in this industry where asset valuations are significantly reduced in response to low oil prices, creating tremendous buying opportunities for players with patient capital and longer term strategic vision,” remarked Hacioglu. “Despite the narrowing of the spread between oil and natural gas prices, both the installed customer base and potential entrants are clamoring for customized, turnkey solutions to help them switch to clean burning natural gas in order to create economically sound and environmentally sustainable organizations,” added Hacioglu. “With our best-in-business technical talent, diversified and balanced revenue model, and highly scalable cost structure, Boreas Natural Gas is poised to take advantage of these opportunities and become a significant player in the natural gas fuels and services market. We intend to achieve this goal through organic growth as well as by consolidating sub-optimally managed companies and underutilized assets on a single platform,” Hacioglu concluded.

Prior to Boreas, Hacioglu was with Applied LNG. Following his appointment as its President and Chief Executive, he led Applied through a successful Chapter 11 reorganization, turning a distressed company into a profitable industry leader. Previously, Hacioglu was a portfolio manager in charge of private equity investments for Sandell Asset Management and Millennium Partners and also held positions at Fletcher Asset Management, Merrill Lynch, and the World Bank. Hacioglu earned a Bachelor of Science in Mathematical Economics from the United States Military Academy at West Point and holds an MBA in Financial Management from the MIT Sloan School of Management.

For additional information, please visit our website at www.boreasnaturalgas.com or call (818) 736-0080.

 

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Source: GlobeNewswire (July 14, 2016 - 9:30 AM EDT)

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