Attis Provides Update on Planned Sunoco Ethanol Plant Acquisition
08 Mars 2019 - 7:57PM
The Company remains committed to closing the
transaction in the near future
via NEWMEDIAWIRE -- Attis Industries
Inc. (NASDAQ: ATIS) (the “Company” or “Attis”), a diversified
innovation and technology holding company, today provided an update
on the status of its previous announced purchase agreement with
Sunoco LP to acquire and operate its corn ethanol plant and grain
malting operation in Fulton, NY. While the acquisition
has not been finalized, the transaction is still on track to close
upon the satisfaction of customary closing conditions.
As previously reported, the definitive asset
purchase agreement calls for a total consideration for the
divestiture of $20 million and includes a 10-year offtake agreement
with Sunoco for the ethanol produced at the Fulton
plant. Attis is expecting to finance the transaction
with non-dilutive secured debt financing.
The planned acquisition of Sunoco’s Fulton, NY
ethanol plant is a key step in the Company’s long term vision of
being a leader in the production of low carbon fuels and biobased
products. Attis has plans for numerous improvements over
the next 24 months to the Fulton plant with the goal of creating
the industry’s premier renewable energy campus.
“We remain confident the acquisition of the Fulton
plant will be the first of many plants we acquire and/or build over
the next 24-36 months,” said Jeffrey Cosman, CEO of Attis
Industries Inc. “The Company is continuing to balance
the close of the facility as quickly as possible around the end of
the quarter with the expectation to secure a larger credit facility
which will be used to quickly improve operations in Fulton, build
and expand production fuels with our biodiesel and bio-refinery
plant in Fulton, as well as begin building our first 3 independent
bio-refineries in Georgia, South Carolina and Florida.”
Attis Industries, Inc.
Attis Industries Inc. (NASDAQ: ATIS)
is a diversified innovation and technology holding company
focused on developing and building businesses that play important
roles in the new economy. We strive to encourage our
employees to be entrepreneurs focused on innovation and
technology. We will remain dynamic, persistent and
motivated to our mission of winning. The growth of our
company will rely on our integrity and our vision for the
future. Today, each of Attis’ business sectors provide high
growth opportunities that collectively account for more than a
third of our nations GDP. For more information,
visit: www.attisind.com
Forward-Looking Statements
Any statements contained in this press release
that do not describe historical facts may constitute
forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. You can identify
forward-looking statements by words such as “anticipate,”
“believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,”
“should,” “would” or similar words. You should consider these
statements carefully because they discuss our plans, targets,
strategies, prospects and expectations concerning our business,
operating results, financial condition and other similar matters.
These statements are subject to certain risks, uncertainties, and
assumptions, including, but not limited to, risks and uncertainties
relating to the Company's ability to develop, market and sell
products based on its technology; the expected benefits and
efficacy of the Company's products and technology; the availability
of substantial additional funding for the Company to continue its
operations and to conduct research and development, clinical
studies and future product commercialization; and, the Company's
business, research, product development, regulatory approval,
marketing and distribution plans and strategies; the ability of the
Company to continue to meet the listing requirements of NASDAQ; the
ability of the Company to execute on a business plan that permits
the technologies and innovations businesses to provide sufficient
growth, revenue, liquidity and cash flows for sustaining the
Company’s go-forward business, and the risks identified and
discussed under the caption “Risk Factors” in the Attis Annual
Report on Form 10-K for the fiscal year ended December 31, 2017,
filed with the Securities and Exchange Commission (the “SEC”) on
April 16, 2018 and the other documents Attis files with the SEC
from time to time. There will be events in the future, however,
that Attis is not able to predict accurately or control. Attis’s
actual results may differ materially from the expectations that
Attis describes in its forward-looking statements. Factors or
events that could cause Attis’s actual results to materially differ
may emerge from time to time, and it is not possible for Attis to
accurately predict all of them. Any forward-looking statement made
by Attis in this press release speaks only as of the date on which
Attis makes it. Attis undertakes no obligation to update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
Media and Investors Contact:
ir@attisind.com
Kevin M. McGrath
TraDigital IR
(212) 389-9782 x104
kevin@tradigitalir.com
Attis Industries (NASDAQ:ATIS)
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