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|BIOHITECH GLOBAL, Inc.|
80 Red Schoolhouse Road, Suite 101
Chestnut Ridge, NY 10977
BioHiTech Global Reports Full Year 2018 Results
|·||Company’s HEBioT development subsidiary acquired majority control of the Nation’s first resource recovery facility located in Martinsburg, West Virginia|
|·||Received $3.5 million in cash and $2 million in assets from Kinderhook Industries backed Gold Medal Group into subsidiary to advance planned US HEBioT facility roll-out strategy|
|·||Full year revenues increase by 38.7% to $3.4 million compared to $2.4 million in 2017 with Shareholders Equity Reaching $10 million, a $21 million improvement over 2017|
|·||Company to hold conference call to discuss its financial results today, at 4:30pm EDT|
CHESTNUT RIDGE, NY – APRIL 1, 2019 – BioHiTech Global, Inc. (“BioHiTech” or the “Company”) (NASDAQ: BHTG), a technology and services company that provides cost-effective and sustainable waste management solutions, reported financial results for the full year ended December 31, 2018.
Acquired a Controlling Interest in the Nation’s First HEBioTä Resource Recovery Facility – Through a series of transactions in the 4th quarter of 2018, BioHiTech’s majority owned HEBioT development subsidiary acquired a 78% interest in the Martinsburg, West Virginia HEBioT facility (the “Martinsburg Facility”). The Martinsburg Facility has commenced operation and is expected to generate $7 million of high margin revenue annually while diverting from landfills as much as 80% of the waste that enters the facility. The 56,000-square foot Facility is completely enclosed and fully automated with no waste being exposed to the outside environment and no workers in direct contact to the waste processing. The Martinsburg Facility utilizes a patented high efficiency mechanical and biological treatment process (“HEBioT Process”) that produces an EPA recognized solid recovered fuel (“SRF”) that can be used as a partial replacement for coal in various applications.
Received a $5.5 Million Investment from Kinderhook Industries backed Gold Medal Group into HEBioT Development Subsidiary - Gold Medal Group contributed $3.5 million in cash and its $2 million ownership interest in the Martinsburg Facility in exchange for a 40% stake in BioHiTech’s HEBioT development subsidiary. Gold Medal Group is a portfolio company of Kinderhook Industries, a private investment firm that manages over $2.0 billion of committed capital. The HEBioT development subsidiary will serve as the platform for BioHiTech's planned US rollout of this sustainable municipal solid waste disposal solution.
Received Local Permit Approvals to site a HEBioT Resource Recovery Facility in Rensselaer New York – The Company received local permit approval from the City of Rensselaer New York to site a 72,000-square foot HEBioT municipal waste resource recovery facility on 23 acres of land in the city’s southern industrial area. The planned facility is expected to generate approximately $12 million of high margin annual revenue. The Company is currently in the state permitting process and anticipates completing construction of this facility late in 2020.
Study Released by the University of Delaware Demonstrated use of BioHiTech Digesters for Food Waste Management Results in a Substantial Reduction in CO2 Equivalents – A study conducted by the University of Delaware compared BioHiTech's aerobic digestion solution utilizing sewer line transportation to several other current disposal methodologies. The study found that BioHiTech’s solution produced the most favorable global warming potential (GWP) impact as measured in CO2 equivalents per 1,000 kilograms of food waste. BioHiTech’s Digester solution produced about half the CO2 equivalents of trucking food waste to a compost facility and only 11% of the CO2 equivalents used to truck unprocessed food waste directly to landfills.
The following information was filed by Biohitech Global, Inc. (BHTG) on Monday, April 1, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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