Attis Provides Update on Planned Sunoco Ethanol Plant Acquisition

Source Press Release
Company Attis Industries, Inc.Sunoco LP 
Tags Asset Deals, Deals, Refining & Marketing Activities
Date March 08, 2019

The Company remains committed to closing the transaction in the near future 

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 agreementwith 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 closingconditions.

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 facilitywhich 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.” 

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd