Agreement Creates Feedstock Advantage for First Commercial Facility
MILTON, GA, July 17, 2018 (GLOBE NEWSWIRE) -- Attis Industries Inc. (NASDAQ: ATIS) (the “Company” or “Attis”), a diversified innovation and technology holding company, today announced the execution of a letter of intent with Jordan Forest Products, LLC (“Jordan”) to provide raw material feedstock procurement services for its recently announced biorefinery in Barnesville, Georgia. Jordan is a division of Jordan Lumber & Supply Inc., one of the largest privately owned lumber companies in the U.S.
The Company views Jordan as an ideal partner with ample experience in the sourcing and procurement of woody biomass feedstock. The Company’s new Barnesville facility will be built on an adjacent property to Jordan’s sawmill operations in Barnesville, where it will leverage Jordan’s existing procurement relationships and infrastructure to reduce operating costs.
“Attis is incredibly thankful for the opportunity to partner with Jordan for the procurement of its biomass feedstock,” said Jeff Cosman, the Company’s Chief Executive Officer. “Jordan Forest Products is a well-established and incredibly respected name in the industry. Thispartnership will enable Attis to confidently source its biomass feedstock and position itself for success at its first commercial biorefinery.”
“Jordan Forest Products is excited about the opportunity to partner with Attis on this project,” said Robert Jordan, Jordan’s Chief Operating Officer. “We believe strongly in practicing sound environmental responsibility in our business andthe relationship with Attis further solidifies that mission for Jordan.”
The woody biomass sourced by Jordan will be processed and converted by the Company’s unique biomass processing technologies into a portfolio of biobased products, including specialty pulp fibers, cellulosic fuel, lignin-based polymers, and specialty chemicals. The Company expects to generate about $35 million in annual revenue by selling those products while contributing significantly to the local economy, thereby advancing the state of the art in biorefining and demonstrating increased access to renewable alternatives for fossil fuel-derived products with global significance in the growing bioeconomy.
Cosman added: “Attis was fortunate to be approached by Larry Spillers, Jordan Forest Products Operations Manager in Georgia and Board Member of the Georgia Forestry Association, someone who is highly motivated to bring additional value to the forestry industry through innovation. Through his and Robert Jordan’s forward-thinking and partnership, Attis will be bringing 40 green collar jobs and increased wealth to rural Georgia. We are very excited about this opportunity and look forward to a long and profitable relationship with Jordan.”
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.
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, andcare. 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 definedin 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 differ materiallymay 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.