WEST PALM BEACH, FL , Feb. 05, 2019 (GLOBE NEWSWIRE) -- Alliance BioEnergy Plus, Inc. (OTCQB: ALLMQ) announces debt restructuring.
Alliance is pleased to announce that a number of former insiders have agreed to subordinate over $2 million in debt so that repayments are only due out of future profits. Alliance has successfully renegotiated down other smaller debts and continues its efforts to renegotiate additional obligations.
Two disputes remain outstanding, one with the Company’s former Controller and the other with a lender, Lucas Hoppel. Alliance has filed counterclaims, which management believes have merit, against both of these parties. Detailed information related to these disputes as well as our current debt status are available at the United States Bankruptcy Court for the Southern District of Florida, Case number 18-23071.
Alliance continues to believe that it can reach a global agreement with its legitimate creditors, with minimal dilution to existing shareholders, under a chapter 11 plan which will allow it to exit bankruptcy with an appropriate reserve for any disputed claims that may remain.
Alliance is pleased to announce the continued improvement of its CTS 2.0 technology. “Our improvement in the CTS 2.0 technology makes me confident that we can be the lowest cost producer of ethanol, including corn. Moreover, our process is as environmentally friendly as possible: 100% renewable energy, no toxic chemicals, 100% recycled materials, and a near zero carbon footprint,” said Ben Slager, our CEO and developer of the CTS 2.0 technology. “We look forward to the commercialization of our revolutionary CTS 2.0 technology.”
Information in this document may constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The risks, uncertainties and other factors are more fully discussed in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Alliance BioEnergy Plus, Inc. herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Alliance BioEnergy Plus, Inc. disclaims any obligation to update forward looking statements contained in this estimate, except as may be required by law.
Contact:
Ben Slager
ben.slager@alliancebioe.com
SOURCE: Alliance Bioenergy Plus, Inc.