More than 100 members turn out for annual shareholders meeting

November 17, 2008

More than 100 petroleum marketers and their families took part in the yearend annual shareholders meeting of PURE Oil Jobbers Cooperative in Savannah on Nov. 14-15, 2008. While the industry faced challenging economic times this past year, that didn’t dampen the enthusiasm of the PURE Oil Jobbers, or the announced plans of the Co-op Board to expand membership beyond the original 10-state Southeastern region.

In fact, the annual stockholders meeting included a welcome for the five new companies joining PURE this past year, with eight more new members pending. Though volumes were down 35 percent and profitability 17 percent in 2008, the PURE Co-op leadership was proud still to announce a yearend dividend payment, with the exact amount to be approved at the board meeting on Jan. 26, 2009. This past year’s dividend payment marks the 13th straight year the PURE Co-op has paid an annual dividend to its members, since the first dividend was declared in 1996.

Even with volumes and profitability taking a hit in 2008, the PURE Co-op is in excellent financial position, remaining solvent and profitable, according to Larry Jones, board treasurer and chairman of the finance committee.

Another highlight of the annual meeting was the presentation of the election results for the 2009 PURE Co-op Board of Directors. New additions to the board this year include Jeremy Holmes, of Pigott Oil Company in Tylertown, Mississippi, representing District 1, and Buddy Lisle, III, of Gilbert Oil Company in Okeechobee, Florida, representing District 4.

Frank McNeill, Jr., of McNeill Oil Company in Aberdeen, North Carolina, who served as President this past year, will begin a new term as the elected representative from District 2. Joining McNeill as newly elected board members who are continuing previous terms are Buck Grist, of Grist Oil Company in Blakely, Georgia, from District 3, and Larry Jones, of Cougar Oil Company in Selma, Alabama, from District 5. Jones also served as Treasurer of the Co-op last year.

Special thanks go to the vendors who took part in the exhibitor’s portion of the annual meeting, which included Cobb & Cobb Promotional Products, RBS Lynk, Petroleum Card Services, JWA Communications, AIMS, Inc., Colonial Oil Industries, Lion Uniform – G&K Services, and TransMontaigne Product Services, Inc. All of these exhibitors are approved vendors of the Co-op, who provide various products or professional service for the Co-op and its members throughout the year.

Co-op General Manager Frank Dotson noted that the majority of social and business events held during the annual meeting would not be possible without the generosity of sponsors. AIMS, Inc. and TAC Energy (Truman Arnold Companies), an approved supplier of the Co-op, sponsored the weekend’s opening reception Friday night. Colonial Oil Industries, another petroleum supplier of the Co-op, sponsored Saturday morning’s breakfast. And TransMontaigne, the Co-op’s largest supplier, hosted the Saturday night reception and dinner.

“The annual stockholders’ meeting was a time to reflect on the accomplishments of the past year, while celebrating our 15th anniversary as a Co-op,” says Dotson. “In addition, I think we left Savannah with a lot of positive energy and momentum to carry us into this year.”