Business
BioHiTech Global Completes Acquisition of First HEBioT™ Renewable Waste Facility License from Entsorgafin S.P.A. for a Combination of $6.1 Million in Cash and Common Stock
BioHiTech Global Completes Acquisition of First HEBioT™ Renewable Waste Facility License from Entsorgafin S.P.A. for a Combination of $6.1 Million in Cash and Common Stock.
About this update from Renovare Environmental, Inc.
[{"type":"text","content":"\n\n\n\nBioHiTech Global Completes Acquisition of First HEBioT™ Renewable Waste Facility License from Entsorgafin S.P.A. for a Combination of $6.1 Million in Cash and Common Stock\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nBioHiTech Global Completes Acquisition of First HEBioT™ Renewable Waste Facility License from Entsorgafin S.P.A. for a Combination of $6.1 Million in Cash and Common Stock\nTransaction expected to boost balance sheet assets by $5.2 million as Company begins preparations to meet qualifications for a national stock exchange listing\nPR Newswire\nCHESTNUT RIDGE, N.Y., Nov. 2, 2017\n\n\n\nCHESTNUT RIDGE, N.Y., Nov. 2, 2017 /PRNewswire/ -- BioHiTech Global, Inc. (\"BioHiTech\" or the \"Company\") (OTCQB: BHTG), a green technology company that develops and deploys innovative and disruptive waste management technologies, today announced that it has completed the acquisition of its first HEBioT renewable waste facility license from Ensorgafin S.P.A (\"Entsorga\") in exchange for a combination of approximately 1,036,000 shares of BioHiTech common stock and $838,000 in cash to be paid through March 31, 2018.  \n\n\n \n \n\n \nBioHiTech controls the exclusive U.S. development rights for Entsorga's patented HEBioT solid waste processing technology in 11 northeastern states and the District of Columbia.  As part of the terms of those development rights, the Company is required to pay a licensing fee to Entsorga based on designed annual processing capacity.  This first license, valued at $6.1 million, provides for a designed capacity of 165,000 tons per year which the Company estimates could generate approximately $12 million in annual revenue upon reaching full utilization.  The Company expects to use the license for a planned project in New York State. \n\nFrank E. Celli, CEO of BioHiTech, commented, \"We are excited to take this significant step forward in our Company's corporate evolution.  This transaction accomplishes a number of strategic goals of BioHiTech including paving the way for us to build our first HEBioT fac...