Changes Name to Attis Industries Inc.
Stock Symbol to Change to Nasdaq: ATIS
Significantly Reduces Debt and Infuses $3 Million Cash
MILTON, GA, April 25, 2018 (GLOBE NEWSWIRE) -- MeridianWasteSolutions,Inc. (NASDAQ: MRDN, being changed to ATIS) (the“Company” or “Attis Industries”), which has changed its name to “Attis Industries, Inc.” on April 23, 2018,is an integrated technology and innovations holding company, announced the closing of its sale of waste assets on April 20, 2018 to Warren Equity Partners, a lower middle market private equity fund. The previously announced sale of the solid waste business was valued at approximately $90 million, and included a $3 million cash infusion to Attis Industries, which will continue trading on Nasdaq under a new symbol (NASDAQ: ATIS).
Attis Industries Chief Executive Officer, Jeff Cosman, commented, “This sale of assets brings on a new and refreshing day for Attis Industries and our shareholders. We significantly reduced our debt obligations, as this was an excellent opportunity for us to right-size our balance sheet and position the company for growth. We are excited to be able to return to our roots as a nimble organization, execute on our recent acquisitions in biomass, healthcare and technology and seek additional opportunities that we believe will build long-term shareholder value. In January 2017, I aligned myself with equity shareholders by investing $1.25 million in our public offering and remain confident in the future of our business, having not sold a single share. I am optimistic in our new strategy and transition to Attis Industries and look forward to sharing our progress over the coming weeks, months and remainder of 2018.”
Following the closing, the Company will continue to operate its innovations business and technologies business.
The innovations business focuses on producing sustainable materials and fuels from renewable sources at costs equal to or less than those otherwise produced from fossil fuels. By processing targeted feedstocks, the Company believes that the innovations business will be able to produce materials used in the following markets: pulp, paper, bioplastics, adhesives, carbon fiber, renewable fuels, and green chemicals.
Attis’ Innovations Division is currently evaluating sites to build its first facilities, which through USDA and other favorable anti-dilutive funding sources will create significant value for the current shareholder base. Attis expects the technology to generate more than 50% of additional revenue per ton of biomass processed than previous technologies, using approximately 50% less capital. For forestry crops growing at only 5-tons per acre per year, Attis creates a pathway to generate more than $1,000 in average annual revenue per acre, enabling this otherwise low value land to generate wealth, jobs and a sustainable platform for the production of materials and fuels. As advanced, faster growing, biomass crops are planted and integrated into the Attis platform, the value proposition and production volumes will further increase.
The technologies business, is comprised of two divisions — (i) Attis Healthcare and (ii) Bright City, a mobile application. The healthcare division focuses on improving patient care and providing cost-saving opportunities through innovative, compliant, and comprehensive diagnostic and therapeutic solutions for patients and healthcare providers. The Company offers a broad portfolio of what it believes to be best-in-class solutions, combined with insight and expertise, to give providers tools that lead to healthier patients and communities to address the challenges that come with trying to improve patient outcomes while driving down the cost of care. The healthcare division offers products and services in a variety of areas, including hospital consulting services for both laboratory services and emergency department revenue enhancement, polymerase chain reaction molecular testing, pharmacogenetics testing, and medication therapy management.
In the Company’s healthcare business, the Company has partnered with several community hospitals to build out laboratories offering more efficient and cost-effective blood testing for local physician practices. The Company continues to explore additional lab partnership opportunities allowing rural hospitals to better service their respective communities. Attis Healthcare is also working with multiple long-term care facilities to implement molecular diagnostic testing to assist facilities in meeting antibiotic stewardship mandates from the U.S. government. Additionally, the Company is collaborating with employer health benefits brokers to assist their employer customers in driving down pharmacy and healthcare costs via pharmacogenetic testing and medication management. Finally, the Company’s medical waste business expects to sign partnership deals with multiple hospitals and hospital systems in the coming months to process their medical waste.
In addition, the Company is continuing to evaluate an opportunity in FinTech , as per the recently announced non-binding letter of intent to acquire a transactional-based virtual currency company.The ability of the senior management team to discern growth potential in existing and pioneering technologies is our strongest discipline. The Company believes if a successful transaction is consummated as currently contemplated and being diligenced, the Company will have a platform unmatched by other technology companies. The combination of revenue, earnings, leadership and market position will give the Company another vertical in an industry experiencing dynamic growth.
About Attis Industries, Inc.
Attis Industries, Inc. (MRDN, being changed to ATIS) is a holding company defined by our commitment to bring innovative technologies to market. We are focused on finding and implementing solutions for the resource needs and challenges of our customers and industries with a fundamental objective to seek rewarding solutions through technology and innovation. Our technologies 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: http://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 Meridian 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 Industries files with the SEC from time to time. There will be events in the future, however, that Attis Industries is not able to predict accurately or control. Attis Industries’ actual results may differ materially from the expectations that Attis Industries describes in its forward-looking statements. Factors or events that could cause Attis Industries’ actual results to materially differ may emerge from time to time, and it is not possible for Attis Industries to accurately predict all of them. Any forward-looking statement made by Attis Industries in this press release speaks only as of the date on which Attis Industries makes it. Attis Industries 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.