BioHiTech Global Sells 2.2% Stake in Gold Medal Group for $2.25 Million
- Company to use sale proceeds to support its growing HEBioT resource recovery business
- Company to continue providing management oversight of Gold Medal's waste services business
CHESTNUT RIDGE, N.Y., July 30, 2019 /PRNewswire/ -- BioHiTech Global, Inc. ("BioHiTech" or the "Company") (NASDAQ: BHTG), a technology and services company that provides cost-effective and sustainable waste management solutions, today announced the sale of its 2.2% stake in Gold Medal Group, LLC ("Gold Medal Group") to Gold Medal Equity, LLC, an entity owned by Kinderhook Industries, for $2.25 million in cash. BioHiTech acquired its stake in Gold Medal in January 2018 in exchange for 500,000 shares of its common stock.
"We are pleased to have completed the sale of our stake in Gold Medal Group to help us focus our financial resources on the growth of our HEBioT resource recovery technology in the Northeast US," stated Frank E. Celli, CEO of BioHiTech Global. "Over the past two years our relationship with Gold Medal Group and Kinderhook has strengthened to include their $5.5 million investment into our HEBioT development subsidiary this past December. By monetizing our ownership in Gold Medal Group, we free up capital to support the operations of our first HEBioT facility in Martinsburg, West Virginia, while maintaining a portfolio comprised solely of technology assets focused on achieving cost effective landfill diversion, repurposing waste into alternative fuel and providing data analytics to help customers reduce waste generation. We look forward to continuing to grow our business and build long term value for our stockholders with the help of our partners at Gold Medal Group and Kinderhook Industries."
About Kinderhook Industries
Kinderhook Industries, LLC is a private investment firm that manages over $3.0 billion of committed capital that has made in excess of 200 investments and follow-on acquisitions since inception. Kinderhook's investment philosophy is predicated on matching unique, growth-oriented investment opportunities with exceptional financial expertise and its proprietary network of operating partners. Its focus is on middle market businesses with defensible niche market positioning in the healthcare services, environmental / business services, and automotive / light manufacturing sectors. Kinderhook has a track record of successfully and consistently building industry leaders. For more information, please visit: www.kinderhook.com.
About Gold Medal
Gold Medal is a leading solid waste company offering collection, processing, disposal and recycling services throughout the Northeast and Mid-Atlantic regions including Southern New Jersey, Pennsylvania, West Virginia, Maryland, Washington, D.C., and Northern Virginia. For more information, please visit: www.goldmedal.net.
About BioHiTech Global
BioHiTech Global, Inc. (NASDAQ: BHTG), is changing the way we think about managing waste. Our cost-effective technology solutions include the patented processing of municipal solid waste into a valuable renewable fuel, biological disposal of food waste on-site, and proprietary real-time data analytics tools to reduce food waste generation. Our unique solutions enable businesses and municipalities of all sizes to lower disposal costs while having a positive impact on the environment. When used individually or in combination, our solutions lower the carbon footprint associated with waste transportation and can reduce or virtually eliminate landfill usage. For more information, please visit www.biohitech.com.
Forward Looking Statements
Statements in this document contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on many assumptions and estimates and are not guarantees of future performance. These statements, including statements about the growth of its HEBioT business and the Company's ability to build long-term shareholder value, may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of BioHiTech Global, Inc. to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. BioHiTech Global, Inc. assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Our actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors, including, without limitation those set forth as "Risk Factors" in our filings with the Securities and Exchange Commission ("SEC"). There may be other factors not mentioned above or included in the BioHiTech's SEC filings that may cause actual results to differ materially from those projected in any forward-looking statement. BioHiTech Global, Inc. assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by securities laws.
Company Contact:
BioHiTech Global, Inc.
Richard Galterio
Executive Vice President
Direct: 845.367.0603
[email protected]
www.biohitech.com
SOURCE BioHiTech Global, Inc.
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