TAMPA, Fla., June 25, 2010 (GLOBE NEWSWIRE) -- eFUEL EFN, Corp. (Pink Sheets:EFLN) is pleased to announce that INEX Solutions, Inc. has been verified and approved by the Federal Government as a Veteran Owned Small Business (VOSB) in accordance with PL 109-461 by the Center for Veterans Enterprise. The INEX registration in the Vetbiz Registry now displays the "Verified" logo.
INEX is a Service Disabled Veteran Owned Small Business (SCVOSB) with the Veterans Administration. As a registered SDVOSB with a Central Contractor Registration (CCR) and an Online Registration Certificate (ORCA), INEX is poised for a large growth of business at the Federal and State level. To better address these business opportunities, INEX will concentrate their efforts on GSA schedule 738x SIN 595-27 (Pre-Employment background checks) and Schedule 84 SIN 426 4M (Drug testing and Drug test kits). In 2009 these two SIN's represented GSA purchases of $79 million and $16 Million respectively. A GSA schedule is a pre-negotiated contract that will allow Federal and State agencies to order products and services directly form INEX without going through the competitive bid processes.
eFUEL has signed an agreement with a party to acquire 30% of INEX Solutions, Inc., which is a Tampa based private company. INEX, which had revenues from all sources of over $1.7 million in 2009, and a before tax profit of approximately $200,000. INEX Solutions, Inc. just recently became certified as a Service Disable Veteran Owned Small Business (SDVOSB) with the Small Business Administration.
| Benefits of SDVOSB versus SBA 8(a) | ||
| Benefits | SBA 8(a) | SDVOSB |
| 1. Participants can receive no bid contacts up to | $3M Goods and Services | $5M (no distention) |
| $5M Manufacturing | ||
| 2. Restricts competition by allowing Contractor officers | Qualifies | Qualifies |
|
3. Allows disadvantaged firms to partner with large prime Contractors to bid on contracts. The prime contractor received subcontracting credits for partnering with a disadvantaged firm. |
Qualifies | Qualifies |
| 4. Total dollar limit on sole source contract | $100M or 5 times the value | No Limit |
| Of the primary NAICS codes | ||
| 5. Length of time a participant can remain in the program. | 9 years | No Limit |
|
6. FL Veterans First Contracting Program allow additional credit evaluation factors for SDVOSB's |
Does not apply | Applies |
About eFUEL EFN, Corp.:
eFUEL EFN, Corp., (``eFUEL'') is a publicly traded company listed on Pink Sheets under the symbol EFLN. eFUEL is an internet services company offering a wide variety of products including but not limited to background screening and verification sites, including www.ValiMate.com, www.VeritasID.com, and www.FastandEasyID.com, www.BackgroundAnswers.com and also www.VerifiAmerica.com, on-line dating sites www.outRAGEousEncounters.com and www.PositiveLove.com, and recently launched a new service called Easy ID, the fastest, easiest ID verification available on the internet. This product will be offered to all new members who purchase any www.eFUELstore.com service. Simply enter a person's full name and birthday and the background information will be provided. This service is also available at the company's main site www.eFUELstore.com or www.ValiMate.com. For additional Product information, go to our corporate site at www.eFUELcorp.com
Safe Harbor Statement: Certain Statements in this press release constitute ``forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements are subject to risks and uncertainties including, without limitation, changes in levels of competition, possible loss of customers, and the company's ability to attract and retain key personnel.