WEX (NYSE:WEX), a leading financial technology service provider, and Sinclair Oil, a Wyoming-based refinery operator that markets fuel in 24 states, today announced they have expanded their 15-year partnership. The expansion of this relationship reinforces the benefit and confidence in the collaboration and allows WEX to provide added value to Sinclair customers through enhanced products and technology, positioning both companies for further growth.
“We appreciate our long-standing business with Sinclair, and this decision to solidify the relationship and elevate it to another level is strategic for both businesses,” said Jay Collins, senior vice president and general manager of small business at WEX. “We are reshaping the program to provide deeper immersion into Sinclair’s brand and its customer base. We will continue to work together to deliver innovative solutions that exceed customer expectations and drive more commercial gallons to Sinclair locations.”
WEX currently supports the Sinclair Fleet Track Card, which offers fleet managers automatic accounting, reports and powerful tools for saving. The fuel card is accepted at every major U.S. fuel station, as well as 45,000 service locations across the country. It provides security features to help prevent unauthorized use and allows fleet managers to put guardrails on spending based on product type, dollar amount, time of day and more.
Sinclair continues to focus on building branded gallons through relationships within their current distributor and through the development of new-to-the-brand locations.
Said Jack Barger, vice president of marketing at Sinclair, “Sinclair has enjoyed a long and successful relationship with WEX. This new direction in our partnership will help Sinclair and our distributors offer a competitive fleet program to their customers and deliver more commercial gallons to our branded network.”
This press release contains forward-looking statements, including statements regarding: the extension of the WEX and Sinclair relationship; the benefits of the relationship expansion; and, WEX’s impact on Sinclair’s commercial volume. Any statements that are not statements of historical facts may be deemed to be forward-looking statements. When used in this press release, the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such words. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially, including: the effects of general economic conditions on fueling patterns as well as payment and transaction processing activity; the impact of fluctuations in fuel prices; competitive responses to any acquisitions; the Company’s ability to successfully acquire, integrate, operate and expand commercial fuel card programs; the failure of corporate investments to result in anticipated strategic value; the impact and size of credit losses; the impact of changes to the Company’s credit standards; breaches of the Company’s technology systems or those of the Company’s third-party service providers and any resulting negative impact on the Company’s reputation, liabilities or relationships with customers or merchants; the Company’s failure to maintain or renew key commercial agreements; failure to expand the Company’s technological capabilities and service offerings as rapidly as the Company’s competitors; failure to successfully implement the Company’s information technology strategies and capabilities in connection with its technology outsourcing and insourcing arrangements and any resulting cost associated with that failure; the actions of regulatory bodies, including banking and securities regulators, or possible changes in banking or financial regulations impacting the Company’s industrial bank, the Company as the corporate parent or other subsidiaries or affiliates; the impact of the material weaknesses first disclosed in Item 9A of the Company’s Annual Report for the year ended December 31, 2018 filed on Form 10-K with the Securities and Exchange Commission on March 18, 2019 and the effects of the Company’s investigation and remediation efforts in connection with certain immaterial errors in the financial statements of our Brazilian subsidiary; the impact of the Company’s outstanding notes on its operations; the impact of increased leverage on the Company’s operations, results or borrowing capacity generally, and as a result of acquisitions specifically; the incurrence of impairment charges if our assessment of the fair value of certain of our reporting units changes; the uncertainties of litigation; as well as other risks and uncertainties identified in Item 1A of our Annual Report for the year ended December 31, 2018, filed on Form 10-K with the Securities and Exchange Commission on March 18, 2019. The Company’s forward-looking statements do not reflect the potential future impact of any alliance, merger, acquisition, disposition or stock repurchases. The forward-looking statements speak only as of the date of this press release and undue reliance should not be placed on these statements. The Company disclaims any obligation to update any forward-looking statements as a result of new information, future events or otherwise.
