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BioHiTech Global Partners with Kinderhook Industries to Create a "Next Generation" Environmental Services Platform Company
BioHiTech Global Partners with Kinderhook Industries to Create a "Next Generation" Environmental Services Platform Company.
About this update from Renovare Environmental, Inc.
[{"type":"text","content":"\n\n\n\nBioHiTech Global Partners with Kinderhook Industries to Create a \"Next Generation\" Environmental Services Platform Company\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 Partners with Kinderhook Industries to Create a \"Next Generation\" Environmental Services Platform Company\n- Companies jointly acquire Gold Medal Services, a New Jersey based solid waste collection business servicing the Philadelphia and Southern NJ Markets\n- Gold Medal acquisition provides an immediate and scalable distribution platform for BioHiTech's sustainable and cost-effective waste disposal technology solutions\n- BioHiTech Global to receive $750K in annual management services fees to oversee Gold Medal's operations\nPR Newswire\nCHESTNUT RIDGE, N.Y., Jan. 30, 2018\n\n\n\nCHESTNUT RIDGE, N.Y., Jan. 30, 2018 /PRNewswire/ -- BioHiTech Global, Inc. (\"BioHiTech\" or the \"Company\") (OTCQB: BHTG), a green technology company that develops and deploys cost effective, innovative and disruptive waste management technologies, partners with Kinderhook Industries, LLC (\"Kinderhook\"), a private investment firm that manages over $2 billion of committed capital, to create a \"next generation\" environmental services platform company.  \n\n\n \n \n\n \nThrough a series of transactions, the two companies completed the acquisition of Gold Medal Services, LLC, a market leader in municipal, commercial, and industrial solid waste collection in the Philadelphia and Southern New Jersey markets as a wholly owned subsidiary of Gold Medal Group, LLC (\"Gold Medal\"), a newly formed company majority owned by Kinderhook. BioHiTech acquired a 9.2% interest in Gold Medal in exchange for 500,000 shares of common stock. The Company also has an option to acquire an additional $5M interest in Gold Medal over the next 12 months. BioHiTech also entered into a management services agreement, with Gold Medal to provide executive oversight of its operations for fees of $750,000 per year, leveraging the significant experience and proven leadership skills of BioHiTech's management team in...