MILTON, GA, March 08, 2019 (GLOBE NEWSWIRE) --
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.