This unique volume compiles in one place a history of US intervention against Iraq and the devastating consequences for the people and the region. It shows the ways in which war today is a continuation of that history, but also a radical leap to more direct military control in Iraq and around the world. The “Bush Doctrine” is both built on our imperial history and yet new and far more dangerous. [for more click...]

Worlds largest Independent Fueling Services listed on New York Stock Exchange, with services available in 1000 ports including Russian Far East, Magadan, Vladivostok, Nakhodka, Yuzhno-Salhalink and Russian fishing vessel high seas bunker services.

FOR INFORMATION ABOUT BUNKER FUEL IN RUSSIAN FAR EAST CONTACT Palms@PeterPalms.com

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RUSSIAN SPOKEN HERE

Bunker oil - We will provide gas oil and fuel oil bunker marine refueling to ships in the region of Russian cities of Magadan, Nakhodka, Vladivostok, Yuzhno Sakhalinsk and Bering and Ochotsk sea at $270 per metric ton. Also will supply North and South Korean and Japanese Customers. Also fuel oil for mining company Caterpillar bulldozer operation and large ships and utlities.

Also interested to lease Russian 2500 -14,000 metric tonne marine tankers

Also interested to buy crude oil from Russian oil companies

We can supply also: VCO, Jet Fuel, Diesel Contact by email: Palms@PeterPalms.com Confidentiality and discretion assured.

Fiscal 1998 was an exciting year of growth, momentum and progress for this company . It was a record year by any measure with both revenue and earnings reaching the highest level in the history of theCompany. While the year witnessed a number of positive events, some were more significant than others. In particular, the following events exemplify achievements for the year. Namely:

• The fourth consecutive year of record revenue, net income and earnings per share;
• Diversification of revenue base with over 50% generated from sources outside the United States;
• The second three-for-two split of the common stock in the past three years;
• The acquisition of the Baseops group creating entry into the growing corporate aviation market and further diversifying the services offered;
• Forged strategic alliances with fuel suppliers and other ground-based providers of services which should prove beneficial over the next several years.
• visits to Vladivostok and Magadan to establish supplier relationships.

The financial results over the past twelve months were recognized by the stock market, which rewarded investors with a strong, share price appreciation.

FINANCIAL OVERVIEW

Underlying the strong performance over the past year is a clear understanding of the corporate direction and how we contributions from all three of the business segments are derived, specifically aviation, and marine fueling and oil recycling. Over the longer term, growth and profitability will come from ability to continue to distinguish he company from competition.

For the year ended March 31, 1998, revenue reached a record $801.8 million, up 3.8% from the prior year’s revenue of $772.6 million. Despite increased business activity as measured by units of fuel sold, price alone affected revenue growth in all three business segments. Net Income reached $15.9 million, an increase of 19.5 % as compared to net income of $13.3 million last year. Basic earnings per share were $1.30 compared to $1.10 per share in fiscal 1997. The per share results have been adjusted to reflect the three-for-two split in our common stock that became effective December 1, 1997.

The company continues to have a solid financial position and practically all of corporate needs are provided through internally generated funds. The cash position at fiscal 1998 year end was $14.5 million. The Company is virtually debt free and shareholders’ equity increased to $91.9 million from $75.3 million a year ago after the declaration of $2.4 million in dividends. We continue to increase our earnings and better utilize our assets, an effort visibly demonstrated as our return on equity and return on assets increased to 21.9% and 11.8%, respectively.

EXPANSION OF OUR GLOBAL PRESENCE

The company provides comprehensive fueling services that include single-supplier convenience, 24-hour service, competitively priced fuel, and credit. It is in these ways that we have differentiated ourselves from our competition and built the Company into a leading reseller of aviation and marine fuel.

Our business should benefit over the next several years from the globalization of world trade, the continued consolidation and industry downsizing by major suppliers of fuel, the break-up of monopolies through privatization of state-owned oil companies and the continued start-up of low cost airlines as older aircraft are made available to the secondary airlines, the result of capital spending by major airlines on fleet modernization. It is the challenge to capitalize on these events.

In recent years, revenue growth has been greatest in the markets outside the United States. Over 50% of this year’s revenue was generated from international sources and in particular, our fastest growth has come from Central and South America and Europe. Vladivostok, Magadan and Nakhodak also offer growth opportunities. Strategic partnerships and strong supply relationships are vital to continued expansion in these international markets.

Technology is changing the competitive landscape of our industry. Ongoing capital investment in technology and information systems will play a vital role in the growth of the Company. This investment in the future is essential. It has enabled us to streamline and speed up decision making processes, better leveraging of resources has created greater customer loyalty.

The marine group continues to expand its fuel sourcing and purchasing capabilities throughout the world. Since joining the corporation a little more than three years ago, this segment of the Company has demonstrated its value to its customer base by better managing its knowledge of the markets, the quality of the product and, providing its customers with superior services and product pricing. The innovative value-added marketing concepts have catapulted them into the leading outsourcing resource in the industry.

ACQUISITION

In a competitive environment, there are a number of different alternatives available to customers. By providing customers with the most complete, accurate and timely information available, we are better able to insure their loyalty and longevity. In January 1998, acquisition of a group of companies was completed , giving us access to the expanding global corporate marketplace. The acquisition provides a sophisticated array of services to a diversified clientele of corporate, private and government aircraft around the world. With offices in Houston, Texas and the United Kingdom, they are able to provide flight plans, charter and meteorological information, landing and overflight permits, fuel and various ground handling activities to their customers in practically any country around the world. With a trend toward larger corporate aircraft requiring more services, The acquisition strongly positions the Company to capture an increasing portion of this highly profitable segment of the market.

WITH A VIEW TO THE FUTURE

The company is well positioned in businesses with long-term opportunities for growth. It strives to grow by expanding existing businesses by seeking the right opportunities. It will also explore acquisitions that are related to our areas of expertise, and focus on businesses that it believes can be consolidated with its existing operations. Additionally, wit will also investigate new ways of further solidifying its position by investing in people, strategic alliances, and technology.

Its goal is to become an ever larger and more profitable Company than it is today and it is managing with these objectives in mind. It havs confidence in its future and believe it has the financial strength and people to move uahead into the next century.

The company acknowledges the relationships wit continues to build with both oits suppliers and customers. It does not take its success lightly. It just does not happe and it is recognized that it takes a great deal of hard work at every level to make the company successful.

On behalf of the Board of Directors, the company wish to acknowledge our shareholders and express our sincere appreciation for their support.

May 26, 1998

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