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/ CORRECTION - FuelQuest

HOUSTON, TX -- (Marketwired) -- 01/24/14 -- In the news release, "FuelQuest Reaches Industry Milestone With Zytax Compliance," issued Thursday, January 23, 2014 by FuelQuest, we are advised by the company that in the paragraph beneath the bullet set, the second sentence should have read "Customers include CSX, Delta Airlines, Northern Tier, and hundreds more." In addition, the quote in the next paragraph should have read "back-office systems" instead of "back-off systems." Complete corrected text follows.

FuelQuest Reaches Industry Milestone With Zytax Compliance

Over 250 Customers Are Using Zytax Compliance 5 to File Motor Fuel Excise Taxes Across All Major US Jurisdictions

HOUSTON, TX -- Jan 23, 2014 -- FuelQuest Inc., the leading on-demand software and services company for the global downstream energy industry, announced today that over 250 customers are now in production using its 5th generation software to file motor fuels excise taxes accurately and reliably across all 50 major U.S. jurisdictions. With over 370 returns and more than 3,000 schedules available in the system, more customers are filing excise tax returns on Zytax Compliance 5 than all other commercial offerings combined. FuelQuest continues to lead the market with proven and innovative energy-related tax solutions that process millions of transactions each month.

"Compliance 5 has brought Zytax, as well as Delek's fuel tax reporting, into the modern era. We find that Compliance 5 has more flexibility than the previous version," says Scott Gattis, tax manager at Delek US Holdings. "The option of having the software hosted grants us access to our fuel tax information anywhere we have an Internet connection. Software and rate updates are handled directly by FuelQuest without our intervention."

FuelQuest Zytax Compliance 5 automates the importation of motor fuels excise tax data from back-office systems, evaluation of applicable taxes, creation of signature-ready returns and schedules, and filing of electronic returns where applicable. The software streamlines tax processing, reducing errors that can lead to fines, fees, and penalties. Zytax Compliance 5 offers companies:

  • Automated, end-to-end filing from data import, to electronic filing, to support for audits and amendments,
  • Relief from tracking frequently changing rules, rates, and forms across all U.S. jurisdictions,
  • Comprehensive, out-of-the-box coverage for excise tax returns and schedules,
  • Confidence from using the most widely-deployed excise tax solution in the U.S. -- from small single-jurisdiction filers to the largest oil companies, and
  • Reduced capital infrastructure investment and reliance on internal IT support.

FuelQuest provides fuel tax automation solutions for companies of all sizes across multiple industries including fuel retail, distribution, terminals, supply, and trading as well as rail, airlines, and trucking. Customers include CSX, Delta Airlines, Northern Tier, and hundreds more.

"Filing motor fuels excise taxes can prove challenging for companies relying on manual processes or back-office systems," says Matt Tormollen, president and CEO at FuelQuest. "The risk of improperly filed tax returns increases with each jurisdiction or fuel product added -- particularly with custom-built solutions. We are proud to have the leading excise tax compliance software in the market and to have reached this major milestone with our customers."

ABOUT FUELQUEST
FuelQuest provides on-demand fuel management, tax automation, and compliance solutions for suppliers, distributors, buyers, and traders of petroleum products and other energy commodities. FuelQuest's solutions deliver operational and financial value to over 650 customers. These customers include leading global oil companies, international retailers, shippers and government entities. FuelQuest's fuel management solutions help customers manage the complexity, regulation and market volatility for more than 22 billion gallons of gasoline and diesel fuel annually. Its Zytax solutions ensure compliance and accuracy for tens of billions of dollars of energy-related excise taxes per year. Learn more at www.fuelquest.com.

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