EVFN - Investors Greet $21 Million In Dilution With an 8% Rise In Shares

We always thought EVFN management held little regard for its shareholders and investors intelligence.  Well today provided no better time to to highlight the blind passion EVFN shareholders have for their company.

EVFM told its shareholders, via a press release, that they are going to be diluted AGAIN by a $21 million debt for equity conversion.  How did EVFN investors respond to this pitifully awful news?  by buying more stock of course!  They've been doing it for years.  I assume they think at some point this stock will post a gain?  Here is the EVFN 3 year chart:

The chart has been going down longer than  Jenna Jameson.

Anyone who thinks this chart represents a well run company is just plain crazy.  Then again this perfectly explains the type of people buying shares of EVFN these days.... CRAZY!





Evolution Fuels Announces Further Reduction of Corporate Debt
Latest Efforts Reduce Debt by $21 Million; Cumulative Total Decrease of $110 Million
DALLAS, Jan 12, 2010 /PRNewswire via COMTEX/ -- Evolution Fuels, Inc. (Pink Sheets: EVFN) (the "Company") today announced a reduction of approximately $21 Million of its corporate debt through the conversion of the debt into shares of the Company's common stock, effective as of December 31, 2009. This debt was in connection with convertible notes originally issued in July 2006, and through a settlement agreement, a portion was exchanged for a new set of convertible notes in December 2008. A total of 2,060,308 shares of common stock were converted and issued on December 31, 2009 to the noteholders to satisfy the approximate $21 million of debt. The converted and issued common stock is "restricted" as defined under the Securities Act of 1933.
This conversion of debt eliminates over 94% of the financial liabilities associated with the Company's $52.5 financing package closed in July 2006.
In total, the Company has eliminated over $110 million of liabilities since June 30, 2008.
About Evolution Fuels, Inc.
Evolution Fuels, Inc. endeavors to market renewable transportation fuels at retail fuel stations that will provide blends of ethanol from 10% to 85% (E10 to E85), and biodiesel blends from 5% to 20% (B5 to B20). The Company's plan calls for the development of a chain of renewable fuel stations that extend from Texas to Mississippi that will be a combination of "Evolution Fuels"-branded fuel stations/convenience stores and western-motif truck stops modeled after the Willie's Place Truck Stop in Carl's Corner, TX. The Company's Web site is www.evolution-fuels.com.