NORCROSS, Ga.--(BUSINESS WIRE)--May 1, 2014--
FleetCor Technologies, Inc. (NYSE:FLT), a leading global provider of
fuel cards and workforce payment products to businesses, confirmed today
that it has signed a long term fuel card system processing contract with
Chevron covering Asia-Pac and South Africa.
Using its Global FleetNet (GFN) fuel card processing platform, FleetCor
will process transactions for Chevron’s private label commercial card
program fuel card in six Asia-Pac markets plus South Africa. The
in-scope geographies are Hong Kong, Philippines, Singapore, Malaysia,
Thailand and New Zealand. The hosted GFN solution will replace Chevron’s
existing vendor’s legacy systems.
Chevron has a significant position across Asia-Pac and South Africa and
private label commercial fuel cards are a major part of its ongoing
development in these markets.
“We are committed to ensuring that we have a strong technology solution
to underpin the strong value proposition of our range of fuel cards,”
said Shahid Ahmed, Chevron’s GM Sales & Marketing Support – Asia
Pacific. “FleetCor provides the optimum fuel card platform to support
Ron Clarke, FleetCor’s chairman and CEO said, “We are delighted to be
further broadening our global relationship with Chevron. With Chevron
Asia-Pac and South Africa, we are expanding the geographic footprint of
GFN, which is cementing its position as the platform of choice for
large-scale global and regional fuel card operators.”
Chevron plan to go live with the first markets on GFN in Q2 2015.
FleetCor is a leading global provider of fuel cards and workforce
payment products to businesses. FleetCor’s payment programs enable
businesses to better control employee spending and provide
card-accepting merchants with a high volume customer base that can
increase their sales and customer loyalty. FleetCor serves commercial
accounts in North America, Latin America, Europe, and Australia/New
Zealand. For more information, please visit http://www.fleetcor.com.
Chevron is one of the world’s leading integrated energy companies, with
subsidiaries that conduct business worldwide. The company is involved in
virtually every facet of the energy industry. Chevron explores for,
produces and transports crude oil and natural gas; refines, markets and
distributes transportation fuels and lubricants; manufactures and sells
petrochemical products; generates power and produces geothermal energy;
provides energy efficiency solutions; and develops the energy resources
of the future, including biofuels. Chevron is based in San Ramon, Calif.
More information about Chevron is available at www.chevron.com.
This press release contains forward-looking statements within the
meaning of the federal securities laws. Statements that are not
historical facts, including statements about FleetCor's beliefs,
expectations and future performance, are forward-looking statements.
Forward-looking statements can be identified by the use of words such as
"anticipate," "intend," "believe," "estimate," "plan," "seek,"
"project," "expect," "may," "will," "would," "could" or "should," the
negative of these terms or other comparable terminology. Examples of
forward-looking statements in this press release include statements
relating to implementation and eventual scope and expectations regarding
the benefits to be realized. These forward-looking statements are
subject to a number of risks and uncertainties that could cause actual
results to differ materially from those contained in any forward-looking
statement, such as delays or failures associated with implementation;
fuel price and spread volatility; changes in credit risk of customers
and associated losses; the actions of regulators relating to payment
cards or resulting from investigations; failure to maintain or renew key
business relationships; failure to maintain competitive offerings;
failure to maintain or renew sources of financing; failure to complete,
or delays in completing, anticipated new partnership arrangements or
acquisitions and the failure to successfully integrate or otherwise
achieve anticipated benefits from such partnerships or acquired
businesses; failure to successfully expand business internationally; the
impact of foreign exchange rates on operations, revenue and income; the
effects of general economic conditions on fueling patterns and the
commercial activity of fleets, as well as the other risks and
uncertainties identified under the caption "Risk Factors" in FleetCor's
Annual Report on Form 10-K for the year ended December 31, 2013, filed
with the Securities and Exchange Commission on March 3, 2014. FleetCor
believes these forward-looking statements are reasonable; however,
forward-looking statements are not a guarantee of performance, and undue
reliance should not be placed on such statements. The forward-looking
statements included in this press release are made only as of the date
hereof, and FleetCor does not undertake, and specifically disclaims, any
obligation to update any such statements or to publicly announce the
results of any revisions to any of such statements to reflect future
events or developments.
Source: FleetCor Technologies, Inc.