100 Million Gallon Per Year Plant will be Basis for State-of-the-Art Green Tech Campus MILTON, GA, June 03, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Attis Industries Inc. (NASDAQ: ATIS) (the "Company" or "Attis"), a diversified innovation and technology holding company today announced that it completed the acquisition of the corn ethanol plant and grain malting operation in Fulton, New York from Sunoco LP(NYSE: SUN) ("Sunoco"). The ethanol plant immediately becomes an essential element of Attis' current operations and will be pivotal in the Company's expanding technology portfolio as it develops the site into a state-of-the-art Green Tech campus.
"We are incredibly excited to announce the acquisition of the Fulton corn ethanol plant and grain malting operations," said Jeff Cosman, Chief Executive Officer of Attis Industries. "This acquisition is an important milestone for Attis as we embark on our mission to be a significant contributor to the global renewable fuel market." Attis acquired the nameplate 100 million gallon per year corn ethanol plant and grain malting operations for $20 million in cash with non-dilutive financing. The transaction includes a six-month transition services agreement as well as a 10-year offtake agreement for the ethanol produced at the facility, creating exceptional stability for Attis as it expands the capabilities of the facility over the next two years.
"When evaluating potential locations for Attis to establish a foothold in the renewable fuel space, the Fulton site was an obvious choice based on its strategic location to the strong northeastern fuel market, state-of-the-art and well-maintained facility as well as site expandability for future upgrades in operations," continued Cosman. "These desirable site attributes, as well as the state of New York's continued commitment to the growth of green energy, made Fulton an ideal fit for Attis."
Today, the United States consumes roughly 19 billion gallons of renewable fuel on an annual basis; however, Attis believes firmly that through the deployment of its innovative and transformative suite of green technologies, yearly production can nearly double while taking advantage of more carbon neutral feedstocks. Desperately needed innovation is required to realign existing production to the Renewable Fuel Standard's goal of 36 billion gallons by 2022.
"We appreciate the opportunity to have worked with Sunoco on this acquisition and look forward to continuing our strong relationship for the next decade," concluded Cosman. "As a company, we have established aggressive growth goals for the deployment of our transcendent green technology portfolio and look forward to relentlessly pursuing future milestones as we position Attis as the premier green energy producer in the world."
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