CHESTNUT RIDGE, N.Y., Dec. 4, 2018 /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 that BioHiTech's Entsorga West Virginia, LLC ("EWV") subsidiary has completed an $8 million tax-exempt bond financing to finalize construction and commence operations at the nation's first HEBioT™ renewable resource recovery facility located in Martinsburg, West Virginia (the "Martinsburg Facility").
Ziegler, a privately held investment bank, capital markets and proprietary investments firm, acted as sole placement agent for the $8,000,000 Series 2018-A tax-exempt bonds issued on behalf of EWV. BioHiTech recently entered into a definitive agreement to become the largest owner of EWV which the Company expects to close in the coming weeks. Other minority partners include: Apple Valley Waste Technologies, a portfolio company of Kinderhook Industries, LLC, and Entsorga USA, a company owned by the principals of the Italian engineering firm that developed the HEBioT technology. Another Kinderhook portfolio company, Apple Valley Waste, an affiliate of Apple Valley Waste Technologies, will be providing feedstock and certain business services for the operations.
The Martinsburg Facility is expected to begin commissioning in December 2018 utilizing a patented high efficiency mechanical and biological treatment process ("HEBioT Process") for the disposal and recycling of mixed municipal solid waste into an EPA approved solid recovered fuel ("SRF"). Upon becoming fully operational, the facility will have a capacity to accept up to 120,000 tons per year of inbound municipal solid waste, converting as much as 45% of that waste into a SRF that is contracted to be sold to a multi-billion dollar cement company with operations nearby.
BioHiTech plans to build a series of facilities utilizing the patented HEBioT process in the US in the coming years. A second site is currently under development in Rensselaer, NY with other potential locations in early stage planning.
Commenting on the financing, Frank E. Celli, Chief Executive Officer of BioHiTech Global stated, "We are excited to have EWV complete the last stage of financing prior to completion of the Martinsburg Facility. The opening of this facility will represent a new sustainable direction for the waste management industry in the United States and we look forward to leading the way toward a more responsible approach to waste disposal along with our partners at Gold Medal and Entsorga."
About BioHiTech Global
BioHiTech Global, Inc. (NASDAQ: BHTG), is changing the way we think about managing waste. Our innovative waste management services combined with our disruptive technologies provide sustainable waste disposal and supply chain management solutions for businesses and municipalities of all sizes. Our cost-effective technology platforms can virtually eliminate landfill usage through real-time data analytics to reduce waste generation, biological disposal of food waste at the point of generation, and the processing of municipal solid waste into a valuable renewable fuel. For more information, please visit www.biohitech.com.
About Gold Medal Group
Gold Medal, headquartered in Sewell, New Jersey, is a waste and recycling services company operating in Pennsylvania, New Jersey, Maryland, Virginia, and West Virginia. Gold Medal offers a complete range of integrated services to thousands of customers in the region. The company serves residential, institutional, commercial and industrial locations. Gold Medal offers superior collection, recycling, disposal and dumpster rental services 24 hours a day and seven days a week. For more information, please visit: www.goldmedal.net.
About Kinderhook Industries
Kinderhook Industries, LLC is a private investment firm that manages over $2.0 billion of committed capital. We have made approximately 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 our proprietary network of operating partners. Our focus is on middle market businesses with defensible niche market positioning in the healthcare services, environmental / business services and automotive / light manufacturing sectors. We have a track record of successfully and consistently building industry leaders. For more information, please visit: www.kinderhook.com.
Ziegler is a privately held investment bank, capital markets and proprietary investments firm. Specializing in the healthcare, senior living and education sectors, as well as general municipal and structured finance, enables Ziegler to generate a positive impact on the clients and communities it serves. Headquartered in Chicago with regional and branch offices throughout the United States, Ziegler provides its clients with capital raising, strategic advisory services, equity and fixed income sales & trading and research. To learn more, visit www.ziegler.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.