Business
Alto Ingredients, Inc. Receives $22.7 Million Grant from USDA Program
SACRAMENTO, Calif., June 16, 2022 (GLOBE NEWSWIRE) -- Alto Ingredients, Inc. (NASDAQ: ALTO), a leading producer and distributor of specialty alcohols and
About this update from Alto Ingredients, Inc.
[{"type":"text","content":"SACRAMENTO, Calif., June 16, 2022 (GLOBE NEWSWIRE) -- Alto Ingredients, Inc. (NASDAQ: ALTO), a leading producer and distributor of specialty alcohols and essential ingredients, announced today that it has received a $22.7 million cash grant from the USDA’s Biofuel Producer Program. The Program was created as part of the CARES Act, which provided $700 million to support biofuel producers who experienced market losses due to the COVID-19 pandemic. Mike Kandris, Alto Ingredients’ CEO, said, “The grant we received from the Biofuels Producer Program will be used to support ongoing facility maintenance and improvements. Our strategic plan includes upgrading equipment and operating systems to increase efficiency and plant reliability, expanding our corn storage capacity, broadening our distribution, and installing high protein harvesting technology. In addition to fueling growth, these capital projects are expected to yield additional profitability.” About Alto Ingredients, Inc.Alto Ingredients, Inc. (ALTO) is a leading producer and distributor of specialty alcohols and essential ingredients. The company is focused on products for four key markets: Health, Home & Beauty; Food & Beverage; Essential Ingredients; and Renewable Fuels. The company’s customers include major food and beverage companies and consumer products companies. For more information, please visit www.altoingredients.com. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995Statements and information contained in this communication that refer to or include Alto Ingredients’ estimated or anticipated future results or other non-historical expressions of fact are forward-looking statements that reflect Alto Ingredients’ current perspective of existing trends and information as of the date of the communication. Forward looking statements generally will be accompanied by words such as “anticipate,” “believe,” “plan,” “could,” “should,” “estimate,” “expect,” “forecast,” “outlook,” “guidance,” “intend,” “may,” “might,” “will,” “possible,” “potential,” “predict,” “project,” or other similar words, phrases or expressions. Such forward-looking statements include, but are not limited to, statements concerning Alto Ingredients’ expected uses of funds received under the USDA’s Biofuel Producer Program and the effects of, including the financial results deri...