CHESTNUT RIDGE, N.Y., Nov. 6, 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 entered into a Securities Purchase Agreement (the "Agreement") with a single, accredited investor (the "Investor"), to sell an aggregate of 333,401 shares of newly created Series A Preferred Stock convertible into the Company's common stock at a fixed price of $5 per share (the "Series A Shares"), and warrants to purchase 333,401 common stock at $5 per share for an aggregate investment of up to $1,667,000.
Under the terms of the Agreement, the Investor purchased 133,334 shares of Series A Shares from the Company and received Warrants to purchase an additional 133,334 shares of Common Stock for a purchase price of $666,670 at a first closing that took place on October 31, 2017. The Company received net proceeds of $600,000 after giving effect to an original issue discount of 10%. BioHiTech has the option, at its sole discretion, to sell an additional $1 million of Series A Preferred Stock under the same terms 30 days after the first closing. A more detailed description of the transaction can be found in the Company's Form-8K filing with the SEC on November 3, 2017.
Frank E. Celli, CEO of BioHiTech, commented, "We are pleased to have completed this important equity financing that will help us to fuel the growth of our business while further improving our balance sheet. We continue to work diligently to build our growing recurring digester revenue base, forward the planned rollout of our HEBioT facilities, and to enhance our corporate profile in order to build lasting value for our stockholders for years to come."
About BioHiTech Global
BioHiTech Global (OTCQB: BHTG), "The Company" headquartered in Chestnut Ridge NY, develops and deploys innovative and disruptive waste management technologies. The combined offerings of BioHiTech Global offer our customers a full suite of technology based disposal options capable of having a significant impact on waste generation while providing a true zero landfill environment. With options for both on and off site biological treatment of waste, BioHiTech Global is a leader in zero waste solutions for businesses and municipalities. 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 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.
SOURCE BioHiTech Global, Inc.