Facility Will Generate $35 Million in Annual Revenue
MILTON, GA, July 16, 2018 (GLOBE NEWSWIRE) -- Attis Industries Inc. (NASDAQ: ATIS) (the “Company” or “Attis”), a diversified innovation and technology holding company, today announced that it has executed a letter of intent with the city of Barnesville, Georgia, to purchase a 32-acre property where the Company plans to build its first commercial-scale biorefinery.
The Company’s Barnesville facility will generate roughly $35 million in annual revenue and contribute 40 direct green collar jobs to the local economy, with plans to increase to over 100 jobs within two years. The facility will be designed to process and convert 200 dry tons per day of biomass into a portfolio of biobased products, including pulp for paper products, sugar for renewable fuel production, melt-flowable lignin for use in plastics applications, and biobased chemicals for use in everyday products.
“The City of Barnesville welcomes Attis Industries Inc. to our industrial community. We are proud to be a partner in such innovative technologies and we appreciate their choice to be the first commercial scale biorefinery location in Georgia,” said David Rose, Barnesville City Manager.
“The synergies with our existing industrial base in Lamar County are appreciated and the addition of this facility creates an opportunity for good quality jobs, which is our mission--creating economic wealth,” added Kathy Oxford, executive director of the Barnesville Lamar County Industrial Development Authority. “We look forward to future developments as the company grows.”
The Company selected Barnesville after evaluating many factors, including feedstock availability, proximity to finished product markets, and economic incentives. Barnesville is centrally located in Georgia with ready access to road and rail distribution, as well as strategic ports in Savannah and Brunswick, Georgia, and a major international airport in Atlanta. The site is also closely situated to four colleges, each of which have an array of relevant technical programs producing talent for internships, recruitment, and technology development.
“The city of Barnesville has been fantastic to work with, and we look forward to continuing our relationship well into the future as Attis expands its manufacturing footprint,” said Jeff Cosman, the Company’s Chief Executive Officer.
The Company’s Barnesville facility will bring major advances to the traditional pulping industry in the Southeastern U.S. It will have the capacity to produce over 30,000 tons per year of pulp for sale into conventional pulp and paper markets, and as a feedstock for renewable fuel production. In addition, the Company will manufacture 20,000 tons per year of a unique, melt flowable form of lignin that makes an ideal candidate for use in various plastics applications such as injection molded parts, composite decking, siding, sheet and films. The Company’s lignin can also be used as a direct replacement for fossil fuel-derived raw materials in adhesive applications. The yield and quality of the lignin polymer extracted by Attis surpasses all known commercial biomass processing capabilities, and essentially allows Attis to generate about 50% more revenue per ton of biomass processed than the technologies that preceded it. The new plant will also include finished product manufacturing for selected products.
Cosman continued: “The markets for our bioproducts are far reaching. We’re excited to develop those markets as we work to position ourselves as a leader in the bioeconomy by executing on our vision to build more than fifty biorefineries across the United States over the next ten years. We remain in conversations with previously announced states for additional facilities, but we’re excited by the Barnesville site selection, and we want to take this opportunity to thank the state of Georgia and city of Barnesville for being such great partners in this process.”
About Attis Industries Inc.
Attis Industries Inc. (NASDAQ: ATIS) is a diversified innovation and technology holding company defined by its commitment to servicing its clients with unwavering respect, fairness and care. We are focused on finding and implementing solutions for the resource needs and challenges of our customers with a fundamental objective to seek rewarding solutions through technology and innovation. Our healthcare business centers on creating community-based synergies through collaborations and software solutions. Our innovation business strives to create value from recovered resources. 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’ actual results may differ materially from the expectations that Attis describes in its forward-looking statements. Factors or events that could cause Attis’ 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.