BioHiTech Global, Inc. (NASDAQ: BHTG) -
Breaking News - August 16, 2018
BioHiTech Global in Letter of
Intent to Increase Its Stake in the Nation's First HEBioT Resource Recovery
Facility
The Martinsburg West Virginia facility is expected to generate over $7 million
in revenue in 2019 through processing municipal waste into a renewable EPA
approved Solid Recovered Fuel
See a
Recent Interview
with Frank E. Celli, CEO of BioHiTech
HERE
CHESTNUT RIDGE, NY – August 16, 2018 – BioHiTech Global, Inc. (NASDAQ:
BHTG) (“BioHiTech”
or the “Company”), a technology and services company that provides
cost-effective and sustainable waste management solutions, announced today that
it has entered into a letter of intent (“LOI”) with Entsorga USA to increase its
stake in the nation's first resource recovery facility (the “Martinsburg
Facility”) utilizing a proprietary high efficiency biological treatment (HEBioT)
technology for the disposal and recycling of mixed municipal solid waste (MSW).
The Martinsburg Facility is expected to to generate over $7 million in revenue
in 2019 when it begins its first year of full operations. Apple Valley Waste, a
subsidiary of Gold Medal Group and co-owner of the Martinsburg Facility, has
contracted to provide the MSW feed stock for ten years. Approximately 40% or
more of the waste processed at the facility will be converted into a clean
burning EPA approved alternative fuel (Solid Recovered Fuel or SRF) through the
patented HEBioT process. The Solid Recovered Fuel is contracted to be sold for
ten years to a privately held company in West Virginia that intends to use it as
an approved supplement to fossil fuels in the production of cement. 
The LOI contemplates BioHiTech acquiring up to an additional 30% stake in the
Martinsburg Facility from Entsorga USA in exchange for a number of shares of
BioHiTech common stock to be determined in a definitive agreement. If fully
completed, the acquisition would make BioHiTech the largest equity owner of the
Martinsburg Facility at over 47%, and enable the Company to consolidate the
Martinsburg operations in its financials statements. BioHiTech acquired its
original 17.2% stake in the Martinsburg Facility last year for approximately $1
million in cash with an option to purchase an additional 22.4% stake for $1.4
million. The acquisition is subject to entering into a definitive agreement
among the parties containing the final terms of the acquisition.
BioHiTech controls the exclusive U.S. development rights for the patented HEBioT
solid waste processing technology developed by Entsorga Italia in 11
northeastern states and the District of Columbia. The Company is currently in
the permitting process for the construction of two additional HEBioT facilities
in New York and is in preliminary discussions to sight an additional facility in
Philadelphia.
Frank E. Celli, CEO of BioHiTech, commented, "We are excited about the
opportunity to finally move forward with our plan to take a larger stake in the
Martinsburg Facility and potentially add over $7 million dollars of high margin
revenue to our income statement in 2019. While construction delays in 2017
pushed this plan back into 2018, we are now confident the Martinsburg Facility
will be fully operational in the coming months. We are also pleased to have our
partners at Entsorga demonstrate continued faith in our Company through a
willingness to exchange their ownership for BioHiTech common stock. We intend to
work diligently with Entsorga to finalize the definitive agreement and complete
this important value generating transaction for our stockholders in the near
future.”
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
technology platform, including the on and off-site biological treatment of
waste, is designed to reduce overall waste generation and virtually eliminate
landfill usage while creating a valuable renewable fuel. 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. Further,
there can be no assurance that the Company will be able to enter into a
definitive agreement on terms that are favorable to the Company or that the
Company will be able to consummate the acquisition. 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.
Company Contact:
BioHiTech Global, Inc.
Rich Galterio
Executive Vice President
Direct: 845.367.0603
rgalterio@biohitech.com
www.biohitech.com
SOURCE BioHiTech Global, Inc.
BioHiTech Global Reports
Second Quarter 2018 Financial Results
Q2 2018 revenues increase by 65.5%
with gross profit increasing by 185.4%
CHESTNUT RIDGE, NY – Aug. 15, 2018 – BioHiTech Global, Inc. (NASDAQ:
BHTG) (“BioHiTech”
or the “Company”), a technology and services company that provides
cost-effective and sustainable waste management solutions, reported financial
results for the second quarter ended June 30, 2018.
Business Highlights
Launched a New Bundled Sustainable Disposal Services Offering with Gold Medal
Group Driven by BioHiTech Technology - The Company and Gold Medal, Group, LLC, a
market leader in municipal, commercial, and industrial solid waste collection in
the Philadelphia, Southern New Jersey, Maryland and West Virginia markets,
teamed up to provide Temple University with Gold Medal's traditional disposal
services in combination with BioHiTech's food waste digesters and supply chain
data analytics platform designed to help reduce waste generation for one
all-inclusive monthly service charge. Gold Medal has begun marketing the bundled
monthly services offering to customers as a way to help its customers reduce
disposal costs while having a positive impact on the environment. Both companies
see a significant opportunity in this new technology driven sustainable services
offering.
Received Patent for Networked Weight Tracking System - The Company received a
patent from the U.S. Patent and
Trademark Office for its food waste weight tracking system and method using a
waste disposal machine with data network connectivity to transmit weight
tracking system information over a computer network, or cloud, for storage,
tracking aggregation and sharing by a centralized computer system. The Company
sees this patent as a major competitive advantage for BioHiTech by making it the
only company to have an integrated solution to measure food waste volumes
directly from any PLC controlled food waste disposal device, and share that data
for analysis immediately via any network or the cloud.
Selected as a Pre-Approved Supplier of Food Waste Digesters for a Major
International Hotel Chain - Upon being selected as a pre-approved supplier, the
Company has begun its initial marketing efforts for its Revolution Series and
Eco-Safe Digesters equipped with its proprietary supply chain data analytics
software to the more than 150 individual hotel properties located throughout the
UK. BioHiTech received orders from several UK properties for a total of six
digesters for delivery in Q2 2018 and expects to deliver a minimum of 20 units
in 2018.
Completed Uplisting of Its Common Stock to the Nasdaq Capital Market and Added
to the Russell Microcap® Index – BioHiTech's common stock commenced trading on
The Nasdaq Capital Market in April 2018 and was added to the Russell Microcap
Index in June. The Company sees both events helping to increase corporate
visibility in the financial marketplace and broaden its shareholder base.
Frank E. Celli, CEO of BioHiTech, commented, "We continue to make progress in
numerous aspects of our strategic plan to build value for our stockholders. As
our Revolution Series Digesters gain traction in the marketplace, we achieved
significant quarter over quarter revenue growth in our digester business as well
as a further expansion of our sales pipeline. We also made significant progress
in our HEBioT development plans in New York State where we are currently in the
permitting process."
Mr. Celli continued, "Our business partnership with Gold Medal Group has added a
significant management services revenue stream while enabling us to begin to
demonstrate the true value of our technology to the traditional waste management
industry. We believe that as we rollout this new bundled services platform with
Gold Medal it will clearly show how a combination of traditional services and
BioHiTech technology will enhance waste management profitability while reducing
customer costs and environmental impact. When our first co-owned HEBioT facility
is commissioned in West Virginia later this year, we can combine those
technologies with traditional service to cost-effectively divert more than 90%
of mixed waste from landfills in certain market with a roadmap to expand that
footprint throughout the Northeastern US in the coming years. As we move through
the second half of 2018, we will continue to execute on our plan to grow revenue
and expand our business for the benefit of our stockholders while effecting
positive change in the waste management industry that is good for the customer
and beneficial for the environment."
Q2 Financial Highlights
Revenue: Revenues in Q2 2018 were $909,000, a 65.5% increase compared to
revenues of $549,000 in Q2 2017. Recurring revenue from rental, services and
maintenance grew by 25.1% to reach $458,000 or 50.5% of total revenue. The
increase in rental, service and maintenance is primarily the result of a larger
overall number of deployed units. Revenue from equipment sales grew by 9.4% to
$200,000. The Company continues to focus more of its resources on its rental
model and therefore expects equipment sales to vary based upon reseller activity
predominantly in overseas markets. Recurring revenue from management advisory
fees related to its new management services contract with Gold Medal in 2018
totaled $251,000. The Company expects that revenue stream to increase over time
as Gold Medal expands its business in the coming years.
Gross Profit: Q2 2018 gross profit increased by 185.4% to $485,000 compared to
$170,000 in Q2 2017. Gross profit margin increased by 23.4 percentage points to
reach 53.3%. The increase in gross margin was driven by 100% margin from
management advisory fees as the Company is providing the services with its
existing management team without incurring any additional variable costs as part
its mission to cost effectively reduce the environmental impact of waste
management services. Rental, service and maintenance gross margin increased by
11.4 percentage points to 37.0%, primarily as the Company achieved improved
economies of scale. The aforementioned improvements in gross margin were
partially offset by a 9.4 percentage point decline in gross margin from
equipment sales.
Operating Expenses: Q2 2018 operating expenses increased by $49,000 or 2.9% to
$1.72 million compared to $1.67 million in Q2 2017. The increase in operating
expenses was mainly due to a $84,000 foreign exchange expense in Q2 2018
compared to a foreign currency gain of $35,000 in Q2 2017 as well as increases
in sales and marketing expenses, personnel costs, and fees associated with the
Nasdaq uplisting in April. The increase in these expenses was largely offset by
a $195,000 decrease in professional fees primarily related to marketing and
investor relations and a $22,000 decrease in R&D expense.
Operating Loss: Q2 2018 operating loss narrowed to $(1.2) million compared to
$(1.5) million in Q2 2017. The improvement in the operating result was due to a
$315,000 increase gross profit partially offset by a $49,000 increase in
operating expenses in the comparable periods.
Net Loss: The Company recorded a Q2 2018 net loss of $(5.5) million or $(0.39)
on 14.2 million shares versus a net loss of ($1.9) million or $(0.23) on 8.3
million shares in Q2 2017. The increase in net loss was attributable to a $3.5
million non-cash interest expense recorded in Q2 2018 related to the valuation
of certain warrants outstanding upon the conversion of associated debt into
common stock, a $237,000 increase in interest expense, and $141,000 loss related
to the accounting treatment of its investment in the acquisition of Gold Medal
Group.
Select Balance Sheet Items: The Company had cash and cash equivalents of $1.1
million with shareholder equity of $4.2 million as of June 30, 2018 compared to
cash and cash equivalents of $901,000 and a shareholder deficit of ($11.0)
million as of December 31, 2017.
Brian C. Essman, CFO commented, "During the quarter we completed a significant
transformation of our balance sheet through our move to the Nasdaq Capital
Market. Upon that event, the majority of our then outstanding debt automatically
converted into equity. When coupled with debt conversions and equity
transactions that took place in Q1 2018, we achieved a $15.3 million improvement
in shareholder equity compared to December 31, 2017. We also continued to build
recurring revenue from our digester business and our high margin management
services agreement with Gold Medal. With a much stronger balance sheet and
growing momentum in our industry for sustainable waste disposal solutions, we
are now well positioned to achieve continued growth in our cost-effective food
waste disposal business and lay the foundation for the near term
commercialization of our HEBioT MBT business. We are committed to the execution
of our long-term growth plans as we work diligently to build significant value
for the benefit of our stockholders for years to come."
Additional information can be found in the Company's Form 10-Q filed with the
United States Securities and Exchange Commission on August 14, 2018.
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
technology platform, including the on and off-site biological treatment of
waste, is designed to reduce overall waste generation and virtually eliminate
landfill usage while creating a valuable renewable fuel. 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.
Company Contact:
BioHiTech Global, Inc.
Rich Galterio
Executive Vice President
Direct: 845.367.0603
rgalterio@biohitech.com
www.biohitech.com
BioHiTech Global, Inc. and Subsidiaries
See the full charts at
https://finance.yahoo.com/news/biohitech-global-reports-second-quarter-123100310.html
BioHiTech and Gold Medal Team
Up to Help Temple University Reduce Disposal Costs While Having a Positive
Impact on the Environment
Gold Medal offers new bundled sustainable disposal services driven by BioHiTech
technology to help business customers lower costs and reduce landfill usage
CHESTNUT RIDGE, NY – June 7, 2018 – BioHiTech Global, Inc. (NASDAQ:
BHTG) (“BioHiTech”
or the “Company”), a technology and services company that provides
cost-effective and sustainable waste management solutions, today announced that
Gold Medal Services, LLC (“Gold Medal”), a market leader in municipal,
commercial, and industrial solid waste collection in the Philadelphia and
Southern New Jersey markets, have teamed up to help Temple University reduce
disposal costs while having a positive impact on the environment through a new
bundled sustainable services offering driven by BioHiTech technology.
The new bundled services offering provides Temple University with Gold Medal’s
traditional disposal services in combination with BioHiTech’s food waste
digesters and supply chain data analytics platform designed to help reduce waste
generation
for one all-inclusive monthly service charge. Three digesters have been
initially installed at the University with a capacity to divert more than 3,000
pounds of waste from landfills on a daily basis while eliminating many of the
logistical impacts associated with collecting and transporting numerous small
waste containers on a weekly basis.
“We are excited to launch this new services bundle with BioHiTech and to have
Temple University as our first customer under this new services plan,” said Mike
Schmidt, Executive Vice President of Gold Medal. “Many of our business customers
of all sizes have expressed a desire to cost effectively reduce their impact on
the environment and we are excited to now become a one-stop-shop to help achieve
that objective. By providing a valued customer like Temple with the technology
tools to divert waste from landfills and to reduce waste generation through
improved supply chain management, we can help to lower their disposal costs
without sacrificing our own profitability. That is a win for Temple, a win for
us, and most of all, a win for the environment.”
John Johnson, AVP Service Operations of Temple University stated “Our University
is committed to environmental responsibility and with Gold Medal’s unique
sustainable services we can divert a substantial amount of waste from landfills
and reduce our overall disposal costs at the same time. Gold Medal is also
helping us take it one step further by providing BioHiTech’s data analytics to
help make us smarter about what we are throwing away so that we can ultimately
generate less waste which is good for the environment as well as our bottom
line.”
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
technology platform, including the on and off-site biological treatment of
waste, is designed to reduce overall waste generation and virtually eliminate
landfill usage while creating a valuable renewable fuel. For more information,
please visit www.biohitech.com.
About Gold Medal
Gold Medal Services, headquartered in Deptford, New Jersey, is a waste and
recycling services company operating in Pennsylvania, New Jersey, Maryland, 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 Temple University
Temple University, a top-tier public research university, is experiencing
incredible momentum that is powered by academic excellence and innovation in
college access and affordability. Founded by Russell H. Conwell in 1884,
Temple’s official motto—Perseverantia Vincit, or Perseverance Conquers—reflects
its community’s drive to make a difference and turn opportunities into
accomplishments. Temple is a vital institution in the Philadelphia region and
across Pennsylvania, contributing billions toward the commonwealth’s economy
each year. Temple’s influence also extends around the globe, with longstanding
campuses in Tokyo and Rome; programs in London, Beijing and many other
locations; nearly 160 academic cooperations in 48 countries; and more than
317,000 alumni worldwide. For more information, please visit:
www.temple.edu.
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.
Company Contact:
BioHiTech Global, Inc.
Rich Galterio
Executive Vice President
Direct: 845.367.0603
rgalterio@biohitech.com
www.biohitech.com
SOURCE BioHiTech Global, Inc.
BioHiTech Receives Patent for
Network Connected Weight Tracking System for a Waste Disposal Machine
CHESTNUT RIDGE, NY – May 31, 2018 – BioHiTech Global, Inc. (NASDAQ:
BHTG) (“BioHiTech”
or the “Company”), a technology and services company that provides
cost-effective and sustainable waste management solutions, today announced that
it has received a patent from the U.S. Patent and Trademark Office for a network
connected weight tracking system for a waste disposal machine.
The new U.S. Patent, No. 9,977,414 (the "414 Patent"), relates to a food waste
weight tracking system and method using a waste disposal machine with data
network connectivity to transmit weight tracking system information over a computer
network, or cloud, for storage, tracking aggregation and sharing by a
centralized computer system.
"Having this 414 Patent in hand is a major competitive advantage for BioHiTech
as we now have the only integrated solution to measure food waste volumes
directly from a disposal unit, such as our aerobic digesters or any other PLC
controlled food waste disposal device, and share that data for analysis
immediately via any network or the cloud," said Frank E. Celli, CEO of BioHiTech.
"Food waste data is becoming increasingly more important to customers, not only
for improving efficiency through better supply chain management, but also for
providing evidence of compliance in those areas where disposal of food waste is
regulated by the government. We believe our patented methodology checks all the
boxes making it the simplest, smartest and most cost effective way to dispose of
food waste in a sustainable manner for the environment. We have additional
patents pending as part of our IP protection strategy and will continue our
product innovation efforts to further enhance our competitive advantage, drive
future revenue growth, and build lasting value for our stockholders."
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
technology platform, including the on and off-site biological treatment of
waste, is designed to reduce overall waste generation and virtually eliminate
landfill usage while creating a valuable renewable fuel. 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.
Company Contact:
BioHiTech Global, Inc.
Rich Galterio
Executive Vice President
Direct: 845.367.0603
rgalterio@biohitech.com
www.biohitech.com
SOURCE BioHiTech Global, Inc.
BioHiTech Global Reports First
Quarter 2018 Results
- Q1 2018 revenue
from rental, service and maintenance increased 23% with total revenues
increasing by 9%
- Q1 2018 gross profit increased by 42% while operating loss narrowed by 23% due
to improving economies of scale
CHESTNUT RIDGE, NY – May 16, 2018 – BioHiTech Global, Inc. (NASDAQ:
BHTG) (“BioHiTech”
or the “Company”), a technology and services company that provides
cost-effective and sustainable waste management solutions, reported financial
results for the first quarter ended March 31, 2018.
Business Highlights
> Completed $5M Non-Convertible Senior Secured Debt Financing to Fuel Growth -
The Company completed a $5M non-convertible senior secured debt financing with
Michaelson Capital Special Finance Fund II, L.P. that matures in 2023 and bears
an annual interest rate of 10.25%. In conjunction with the financing, the
Company's CEO exchanged $5M in debt and advances for $4M in a newly issued
preferred stock convertible into the Company's common stock at $4.75 per share
and a > $1M junior note. The combined transactions increased shareholder equity
by approximately $5 million.
Partnered with Kinderhook Industries to Create a "Next Generation" Environmental
Services Platform Company - Through a series of transactions, the Company and
Kinderhook Industries, LLC, a private investment firm that manages over $2
billion of committed capital, completed the acquisition of Gold Medal, Group,
LLC, a market leader in municipal, commercial, and industrial solid waste
collection in the Philadelphia and Southern New Jersey. For its part of the
transaction, the Company acquired a 9.2% interest in the acquired business in
exchange for 500,000 shares of common stock with a one year option to invest an
additional $5M.
> Developed Additional Recurring Revenue Stream through Management Services
Contract - As part of its partnership with Kinderhook, the Company will receive
an annual management advisory fee to oversee Gold Medal's operations. The annual
fee is set at the greater of $750,000 or 10% of Gold Medal's adjusted EBITDA for
the prior year.
> Secured a New $1M Credit Facility with Comerica Bank - The Company secured a
new credit facility with Comerica bank in February 2018 to provide additional
financial flexibility to fuel the growth of recurring rental, service and
maintenance revenue from its on-site food waste digester products.
> Completed the Uplisting of Its Common Stock to the Nasdaq Capital Market -
Subsequent to the end of the quarter, the Company's common stock commenced
trading on The Nasdaq Capital Market on April 9, 2018.
Frank E. Celli, CEO of BioHiTech, commented, "During the first quarter, we
completed a significant financial transformation that has enabled our Company to
achieve a Nasdaq listing and also places us on much sounder financial footing to
implement our comprehensive plan to build lasting value for our stockholders.
Through our new partnership with Kinderhook Industries, we have created a
significant new recurring revenue stream that is poised for growth as well as a
unique distribution platform for the deployment of our cost-effective and
sustainable waste disposal solutions that we believe will serve as a model to
the industry. Our significantly improved working capital position will now
enable us to step up our efforts to drive recurring revenue growth from our
digester business while we move forward with the development plans for our
HEBioT facilities. As we move through 2018, we believe BioHiTech has never been
in a better position to deliver business success for our stockholders while
effecting positive change in the waste management industry that is good for the
customer and beneficial for the environment."
Q1 Financial Highlights
Revenue: Revenues in Q1 2018 were $646,000, a 9.3% increase compared to revenues
of $591,000 in Q1 2017. Recurring revenue from rental, services and maintenance
grew by 22.9% to reach $440,000 or 68.2% of total revenue. The increase in
rental, service and maintenance is primarily the result of a larger overall
number of deployed units that led to a 42.1% increase in pure rental revenues.
Recurring revenue from management advisory fees related to its new management
services contract with Gold Medal in 2018 totaled $139,000. These increases in
revenue were partially offset by a 71.6% decline in revenue from equipment sales
which totaled $66,000 compared to $232,000 in Q1 2017. This decline in equipment
sales was a reflection of the Company's focus on its rental model and to a
lesser extent, a decrease in retailer activity from certain international
markets in the quarter. The Company expects a significant sequential increase in
equipment sales as reseller orders have increased thus far in the second
quarter.
Gross Profit: Q1 2018 gross profit was $283,000, a 42.1% increase compared to
gross profit of $199,000 in Q1 2017. Gross profit margin increased by 10.2
percentage points to reach 43.9%. The increase in gross margin was driven by
100% margin from management advisory fees as the Company is providing the
services with its existing management team without incurring any additional
variable costs as part its mission to cost effectively reduce the environmental
impact of waste management services. Rental, service and maintenance gross
margin increased by 4.4 percentage points to 32.2%, primarily as the Company
achieved improved economies of scale. The aforementioned improvements in gross
margin were partially offset by a 40.0 percentage point decline in gross margin
from equipment sales gross margin due to the sale of older inventory and
previously used equipment at very low margin.
Operating Expenses: Q1 2018 operating expenses decreased by $321,000 or 16.7% to
$1.6 million compared to $1.9 million in Q1 2017. The decrease in operating
expenses was mainly due to a $363,000 decrease in professional fees related to
marketing and investor relations. Total expenses for SG&A and R&D remained
fairly consistent year over year.
Operating Loss: Q1 2018 operating loss narrowed to $(1.3) million compared to
$(1.7) million in Q1 2017. The improvement in the operating result was due to
the reduction in operating expenses coupled with an increase in gross profit.
Net Loss: The Company recorded a Q1 2018 net loss of $(5.2) million or $(0.49)
on 10.9 million shares versus a net loss of ($2.0) million or $(0.25) on 8.2
million shares in Q1 2017. The increase in net loss was attributable to a $3.3
million non-cash interest expense recorded in Q1 2018 related to the valuation
of certain warrants outstanding.
Select Balance Sheet Items: The Company had cash and cash equivalents of $3.2
million with total assets of $15.5 million as of March 31, 2018 compared to
$901,000 and $10.5 million as of December 31, 2017. Total liabilities as of
March 31, 2018 $14.2 million compared to $21.0 million as of December 31, 2017.
Brian C. Essman, CFO commented, "We made significant progress during the quarter
on several fronts including the strengthening of our balance sheet and
improvement in our operating results. We added a high margin revenue stream
through our Gold Medal relationship and continued to grow recurring revenue from
digester rentals, service and maintenance. Our new senior secured debt and
Comerica credit facility, coupled with several other financial transactions in
the quarter, have greatly improved working capital and stockholder's equity. We
are now in a much stronger position to grow our cost-effective food waste
disposal business, prudently invest in our data analytics technology, and move
forward with the commercialization efforts for our HEBioT MBT business. We look
forward to continued progress over the course of 2018 as we continue to execute
on our long-term growth plans to create significant value for the benefit of our
stockholders."
Additional information can be found in the Company's Form 10-Q filed with the
United States Securities and Exchange Commission on May 15, 2018.
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
technology platform, including the on and off-site biological treatment of
waste, is designed to reduce overall waste generation and virtually eliminate
landfill usage while creating a valuable renewable fuel. 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.
Company Contact:
BioHiTech Global, Inc.
Rich Galterio
Executive Vice President
Direct: 845.367.0603
rgalterio@biohitech.com
www.biohitech.com
Get the full release including financial charts at:
https://www.otcmarkets.com/stock/BHTG/news/story?e&id=1084148
Source: BioHiTech Global, Inc.
BioHiTech Global Selected as a
Pre-Approved Supplier of Food Waste Digesters for a Major International Hotel
Chain
•
Company receives initial orders in
the UK for a total of six Revolution SeriesTM and Eco Safe Digesters® and
expects to deliver a minimum of twenty units in 2018
CHESTNUT RIDGE, NY – April 24, 2018 – BioHiTech Global, Inc. (NASDAQ:
BHTG) (“BioHiTech”
or the “Company”), a technology and services company that provides
cost-effective and sustainable waste management solutions today announced that
the Company has been selected as a pre-approved supplier of food waste digesters
for a major international hotel chain (“Hotel Chain”) and has received orders
from several UK properties for a total of six digesters for delivery in Q2 2018
and expects to deliver a minimum of 20 units in 2018.
As a pre-approved supplier, BioHiTech has begun its initial marketing efforts
for its Revolution Series and Eco-Safe Digesters equipped with its proprietary
supply chain data analytics software to the more than 150 individual hotel
properties located throughout the UK. The Company believes this agreement will
lead to an acceleration in the adoption of its proprietary sustainable food
waste disposal solutions in this key European market and anticipates a
progressive expansion over time into additional markets serviced by the Hotel
Chain.
“We are excited to work with environmentally driven companies that not only
understand the importance of sustainable waste disposal but also see the value
in utilizing data analytics to reduce waste generation,” said Frank E. Celli,
Chief Executive Officer of BioHiTech Global. “We believe that the integration of
our technology driven solutions into these first six locations is an important
first step in helping this valued customer achieve its sustainability goals
while reducing costs associated with disposal and generation of excess waste. It
will also serve as a as an example for other hospitality companies in the
European region to follow for the future.”
About BioHiTech Global
BioHiTech Global, Inc. (OTCQB: 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
technology platform, including the on and off-site biological treatment of
waste, is designed to reduce overall waste generation and virtually eliminate
landfill usage while creating a valuable renewable fuel. 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.
Company Contact:
BioHiTech Global, Inc.
Rich Galterio
Executive Vice President
Direct: 845.367.0603
rgalterio@biohitech.com
www.biohitech.com
SOURCE BioHiTech Global, Inc.
BioHiTech Global, Inc.
Approved for Nasdaq Listing
CHESTNUT RIDGE, NY – April 6, 2018 – BioHiTech Global, Inc. (NASDAQ:
BHTG) (“BioHiTech”
or the “Company”), a technology and services company that provides
cost-effective and sustainable waste management solutions, today announced that
The NASDAQ Stock Market LLC has approved the Company's application to list its
common stock on The Nasdaq Capital Market®.
https://mma.prnewswire.com/media/537358/BioHiTech_Global_Logo.jpg
It is anticipated that BioHiTech's common stock will commence trading on The
Nasdaq Capital Market on April 9, 2018, using its current ticker symbol, BHTG.
"We are pleased to have achieved this important milestone for BioHiTech as we
continue our efforts to build lasting value for our stockholders," stated Frank
E. Celli, CEO of BioHiTech. "The Nasdaq listing will provide our Company with
greater corporate visibility and improved liquidity for our common stock through
broader exposure to the investment community.
We are confident that this will give BioHiTech a greater ability to capitalize
on the significant market opportunity for our sustainable technology solutions
in the waste management industry."
About BioHiTech Global
BioHiTech Global, Inc. (OTCQB: 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
technology platform, including the on and off-site biological treatment of
waste, is designed to reduce overall waste generation and virtually eliminate
landfill usage while creating a valuable renewable fuel. 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.
Company Contact:
BioHiTech Global, Inc.
Richard Galterio
Executive Vice President
Direct: 845.367.0603
rgalterio@biohitech.com
www.biohitech.com
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SOURCE BioHiTech Global, Inc.
BioHiTech Global Reports Full
Year 2017 ResultsPress Release
-- Company launched its new Revolution Series Digesters and began shipping
customer orders in September 2017
-- Recurring revenue from Digester rental and maintenance contracts increased by
18% as the total future minimum contractual customer rental revenue commitments
increased by 42%
-- Company secured 12-acre site in New Windsor New York for its planned HEBioT
Municipal Solid Waste Resource Recovery facility
CHESTNUT RIDGE, NY – April 2, 2018 – BioHiTech Global, Inc. (OTCQB:
BHTG) (“BioHiTech”
or the “Company”), a technology and services company that provides
cost-effective and sustainable waste management solutions, reported financial
results for the full year ended December 31, 2017.
BioHiTech Global, Inc. (PRNewsfoto/BioHiTech Global, Inc.)
Company Highlights
Launched its Revolution Series Digesters - The Company completed the successful
marketing launch of its new Revolution Series™ Digesters designed to meet the
needs of lower volume food waste generators. The new Revolution Series™
Digesters are built in the US, economically competitive with traditional
disposal, take up minimal space, and are as easy to install as a standard
dishwasher. The Company ordered an initial production run of 100 units and began
shipments to customers late in Q3 2017. The Company believes this expands its
target market by more than 1.5 million potential customers including full and
quick service restaurants, coffee shops, hospitality companies and other
specialty food service providers.
Enhanced Its Data Analytics Software Platform with BHTG Smart Mode – In Q3 2017,
the Company launched BHTG Smart Mode, a new technology for its Eco-Safe
Digester® and Revolution Series™ Digester lines of on-site food waste disposal
equipment. Smart Mode leverages cloud computing, machine learning, and the
on-board internet-connected computer in the digester to intelligently drive the
equipment in order to optimize performance and reduce servicing downtime. The
new software enhances performance of the Company's waste data analytics software
platform designed to improve supply chain management and reduce waste
generation.
Secured 12 Acre Site for Planned HEBioT Facility in New York State - In Q2 2017,
the Company entered into an agreement to acquire a site in the town of New
Windsor, located approximately 60 miles north of New York City, for $1.1
million, subject to certain terms and conditions. The Company intends to build a
HEBioT renewable waste facility capable of
processing approximately 130,000 tons of municipal solid waste annually. The
HEBioT process recovers approximately 80% of municipal solid waste by producing
an EPA recognized solid recovered fuel.
Purchased First HEBioT Facility License for $6.1 Million - In Q4 2017, the
Company completed the acquisition of its first HEBioT renewable waste facility
license from Ensorgafin S.P.A ("Entsorga") in exchange for a combination of
approximately1,036,000 shares of BioHiTech common stock and $840,000 in cash.
BioHiTech 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 and can pay a one-time or annual license fee for each
facility the Company develops.
Acquired Equity Stake in Gold Medal Services with Kinderhook Industries - In
January 2018, the Company partnered 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 through the acquisition of Gold Medal Services, a leading provider of
waste collection and recycling services in the Eastern Pennsylvania and Southern
New Jersey markets. The new Gold Medal Group ("Gold Medal") plans to integrate
BioHiTech's technology solutions with its traditional services to create a
cost-effective sustainable waste management services company operating at a high
margin. BioHiTech owns a 9.2% stake in Gold Medal with a one year option to
purchase a total of up to $5 million in additional equity. The Company also
entered into a management agreement that provides BioHiTech a minimum of
$750,000 in revenue on an annual basis.
"In 2017, we made substantial progress in forwarding our cost-effective
technology solutions for sustainable waste management," stated Frank E. Celli,
CEO of BioHiTech Global. "We enhanced our proprietary state-of-the-art data
analytics platform with smart mode to create better efficiencies for our
digester customers and launched our new Revolution Series, opening up a vast new
market opportunity for BioHiTech. In addition, we secured a site for our planned
HEBioT facility in New York State and obtained a fully paid plant license from
our technology partner in Italy."
Mr. Celli continued, "With our suite of technology solutions now firmly in place
and commercialization moving forward in earnest, we took the next step in our
corporate evolution, integrating our technology directly with traditional waste
management service providers. Through our recent transaction with Kinderhook, we
can now seamlessly incorporate our solutions into Gold Medal's sales and
traditional services network to create a vertically integrated sustainable waste
management company driven by our technology. With Gold Medal's service area
including the Philadelphia and Southern New Jersey markets, BioHiTech gains
immediate access to a significant existing customer base for its digesters as
well as potential feedstock for a future HEBioT plant, and Gold Medal can expand
its margins by providing cost-effective solutions that bundle traditional
services with technology. This creates a win-win scenario for both companies and
provides Gold Medal's customers with a cost-effective end-to-end solution for
sustainable and even Zero Waste' disposal. We are confident that this is a
business model that can be replicated in many similar markets throughout the US
enabling us to position BioHiTech as the critical sustainable technology
component for traditional waste management services companies."
Financial Highlights for the Full Year 2017
Revenues: Total revenue in 2017 was $2.4 million, an increase of 7.9% from $2.2
million in 2016. Recurring revenue derived from rental, service and maintenance
increased 18.3% to $1.6 million and accounted for 67% of total revenue compared
to $1.4 million or 61% in 2016. The Company's forward single upcoming year's
minimum contracted rental revenue increased by 40.6% year over year primarily
due to the commencement of shipping of its Revolution Series™ Digesters late in
Q3 2017. Revenue from equipment sales was $800,000, an 8.4% decline compared to
2016 revenue of $872,000. The shift in revenue mix towards recurring rental,
service in maintenance revenue is a result of the Company's continued focus on
the rental market, primarily in the US and Europe, and, to a lesser extent, a
decrease reseller activity in certain international markets. The Company sees
rental revenue increasing in 2018 as the Company adds additional units to its
current installed base through the continued marketing efforts for its new
Revolution Series™ Digesters as well as its Eco-Safe Digester® Series.
Gross Profit and Margin: Gross profit rose to $735,000 in 2017, a 28.1% increase
compared to gross profit of $574,000 in 2016. Rental, service and maintenance
accounted for 56% of gross profit dollars compared to 50% in 2016. Gross margin
percentage rose by 4.8 percentage points to 30.4% in 2017. Rental, service and
maintenance gross margin increased by 4.7 percentage points to 25.6% in 2017,
mainly due to increased contracted services and improved utilization of fixed
costs. Gross margin percentage from equipment sales increased by 7.1 percentage
points to 40.0% primarily driven by a change in the mix of models sold and a
reduction in the manufacturing costs of the equipment.
Operating Expenses: Operating expenses in 2017 increased by 12.3% to $7.3
million compared to $6.5 million in 2016. The increase in operating expenses is
mainly attributable to a $1.0 million increase in professional fees which
totaled $2.3 million in 2017 compared to $1.3 million in 2016. Approximately
$1.2 million of those professional fees were non-cash in nature, related to
investment banking, investor relations, and market consulting. The increase in
professional fees in 2017 was partially offset by a 3.6% decrease in selling
general and administrative expenses and an 8.9% decrease in research and
development costs.
Loss from Operations: The Company recorded an operating loss of $6.6 million in
2017 compared to an operating loss of $5.9 million in 2016. In 2017 the Company
recorded a net loss of $(8.4 million) or $(0.98) per share on 8.5 million
weighted average shares outstanding compared to a net loss of $(6.7 million) or
$(0.82) per share on 8.2 million weighted average shares outstanding.
"We are pleased with our performance in 2017 as we continued our effort to build
lasting value for our stockholders by establishing BioHiTech as a leading
technology solutions company in sustainable waste disposal. We delivered
improving gross margins and substantial rental unit growth in our food waste
digester business and continued to forward our plans to establish a HEBioT
facility in New York State," said Brian C. Essman, CFO of BioHiTech Global. "We
also made several substantial improvements to our balance sheet through our
HEBioT license purchase and Gold Medal transaction, as well as through our fixed
price convertible debt and preferred equity financings. Early in 2018, we made
further balance sheet improvements through a series of non-convertible debt and
fixed price convertible equity financing transactions that now place our Company
on more solid financial footing to achieve our growth plans and improve our
corporate visibility through an uplisting to a national stock exchange."
About BioHiTech Global
BioHiTech Global, Inc. (OTCQB: 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
technology platform, including the on and off-site biological treatment of
waste, is designed to reduce overall waste generation and virtually eliminate
landfill usage while creating a valuable renewable fuel. 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.
Company Contact:
BioHiTech Global, Inc.
Richard Galterio
Executive Vice President
Direct: 845.367.0603
rgalterio@biohitech.com
www.biohitech.com
SOURCE BioHiTech Global, Inc.
BioHiTech Global Secures New
$1M Credit Facility with Comerica Bank
CHESTNUT RIDGE, NY – Feb. 8, 2018 – BioHiTech Global, Inc. (OTCQB:
BHTG) (“BioHiTech”
or the “Company”),
a technology and services
company that provides cost-effective and sustainable waste management solutions
announced today that it has secured a new $1 million credit facility with
Comerica Bank.
This new credit facility will provide additional financial flexibility to fuel
the growth of the Company's recurring revenue stream from its on-site food waste
digester products.
"We are pleased to establish this credit facility with BioHiTech to support the
growth of the Company's innovative suite of environmental technology solutions,"
said Joseph Ursuy, Senior Vice President of Comerica's Environmental Services
Department. "As the traditional waste industry continues to evolve, we believe
BioHiTech's unique business model will be helpful in achieving long-term growth
and we look forward to providing the capital to fuel that expansion."
"We continue to build a solid recurring revenue stream from our on-site food
waste disposal solutions and this new facility will only serve to accelerate the
growth of that business," said Frank E. Celli, Chief Executive Officer of
BioHiTech Global. "With the completion of this facility as well as our new $5M
debt financing, we now have significant financial resources to forge ahead with
our plan to build a vertically integrated disposal company that marries
technology with traditional services to achieve cost-effective and sustainable
waste management."
About Comerica
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered
in Dallas, Texas, and strategically aligned by three business segments: The
Business Bank, The Retail Bank, and Wealth Management. Comerica focuses on
relationships, and helping people and businesses be successful. In addition to
Texas, Comerica Bank locations can be found in Arizona, California, Florida and
Michigan, with select businesses operating in several other states, as well as
in Canada and Mexico.
About BioHiTech Global
BioHiTech Global, Inc. (OTCQB: 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
technology platform, including the on and off-site biological treatment of
waste, is designed to reduce overall waste generation and virtually eliminate
landfill usage while creating a valuable renewable fuel. 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.
Company Contact:
Rich Galterio
Executive Vice President
854-367-0603
rgalterio@biohitech.com
www.biohitech.com
SOURCE BioHiTech Global, Inc.
BioHiTech Global Completes $5M
Non-Convertible Senior Secured Debt Financing
CHESTNUT RIDGE, NY – Feb. 6, 2018 – BioHiTech Global, Inc. (OTCQB:
BHTG) (“BioHiTech”
or the “Company”), a technology and services company that provides
cost-effective and sustainable waste management solutions, today announced the
completion of a $5M non-convertible senior secured debt financing (the "Debt
Financing") with Michaelson Capital Special Finance Fund II, L.P. ("MCSFF").
The Company intends to use the net proceeds of the Debt Financing to repay
certain debt and for working capital to accelerate the growth of its
cost-effective, sustainable waste disposal technology solutions.
"We continue to strengthen our balance sheet in order to position BioHiTech for
sustainable long-term growth," states Frank E. Celli, Chief Executive Officer of
BioHiTech Global. "This $5M financing provides our Company with greater
financial flexibility to implement our aggressive growth plan to build value for
our stockholders. Over the past several months we have completed a series of
transactions, including our recent equity investment in Gold Medal Services,
that have resulted in a significant improvement in shareholder equity. We are
confident that our Company is on far more solid financial ground to build for
the future and move forward with our plan to uplist to a national exchange."
The Debt Financing carries a five-year maturity and bears an interest rate of
10.25% per annum. As part of the Debt Financing, the Company issued 320,000
shares of restricted BioHiTech common stock to MCSFF. Simultaneously with the
closing of the Debt Financing, the Company's CEO, Frank E. Celli exchanged $5M
in debt and advances for $4M in a newly issued preferred stock convertible into
the Company's common stock at $4.50 per share and $1M in an amended junior note.
The combined transactions are expected to increase shareholder equity by
approximately $5 million.
Commenting on the closing, John Michaelson, Michaelson Capital's Chief
Investment Officer stated, "Michaelson Capital has a long history of providing
financing to disruptive entrepreneurial technology companies where we believe we
can add value to help them grow. We are excited to work with the BioHiTech team
as they roll out their disruptive waste disposal technology solutions and build
a next generation waste management company."
For a complete description of the two transactions, please refer to our related
8-K filing with the SEC.
About BioHiTech Global
BioHiTech Global, Inc. (OTCQB: 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
technology platform, including the on and off-site biological treatment of
waste, is designed to reduce overall waste generation and virtually eliminate
landfill usage while creating a valuable renewable fuel. For more information,
please visit www.biohitech.com.
About Michaelson Capital Partners
Michaelson Capital provides customized growth financing to entrepreneur-led
technology companies in sectors where it has domain expertise, relationships and
experience to add value. It focuses on disruptive high-quality companies
attempting to change industries and make the world a better place. For more
information, please visit www.michaelsoncapital.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.
Company Contact:
BioHiTech Global, Inc.
Lisa Giovannielli
Director, Corporate Communications
Direct: 845-262-1081
lgiovannielli@biohitech.com
www.biohitech.com
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SOURCE BioHiTech Global, Inc.
BioHiTech Global Partners with Kinderhook Industries to Create a “Next
Generation” Environmental Services Platform Company
• Companies jointly acquire Gold Medal Services, a New Jersey based solid waste
collection business servicing the Philadelphia and Southern NJ Markets
• Gold Medal acquisition provides an immediate and scalable distribution
platform for BioHiTech’s sustainable and cost-effective waste disposal
technology solutions
• BioHiTech Global to receive $750K in annual management services fees to
oversee Gold Medal’s operations
CHESTNUT RIDGE, NY – January 30, 2018 – BioHiTech Global, Inc. (OTCQB:
BHTG) (“BioHiTech”
or the “Company”), a green technology company that develops and deploys cost
effective, innovative and disruptive waste management technologies, partners
with Kinderhook Industries (“Kinderhook”), a private investment firm that
manages over $2 billion of committed capital, to create a “next generation”
environmental services platform company.
Through 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 the waste service industry.
Together, the companies intend to lead a revolutionary transformation of Gold
Medal from a traditional waste disposal company to a technology driven,
vertically integrated, sustainable waste services provider.
“I am pleased to partner with Cor Carruthers, Rob Michalik, and the visionary
private equity team at Kinderhook,” stated Frank E. Celli, Chief Executive
Officer of BioHiTech Global. “Their extensive experience in environmental
services and emerging technologies, coupled with their significant financial
resources, make them a valuable partner for BioHiTech as we begin to utilize our
proprietary technology to set a new standard for sustainable and cost-effective
waste disposal in the United States.”
BioHiTech sees its investment in Gold Medal and ongoing management services
agreement benefiting the Company in
several key areas. Gold Medal’s footprint of over 6,000 commercial and
industrial customer locations in Southern New Jersey and the Philadelphia
marketplace, including numerous food waste generators, provides an attractive
distribution platform for BioHiTech’s on-site Digesters while its municipal
waste collection business can offer a significant source of future feedstock for
the Company’s planned HEBioT facilities. Gold Medal also provides a platform, in
one of the most attractive markets in the United States, for Kinderhook and
BioHiTech to build a much larger vertically integrated waste services company
through organic growth and opportunistic acquisition.
“We are excited to partner with Frank and BioHiTech as we look to increase our
financial presence in this industry,” stated Corwynne Carruthers, Managing
Director of Kinderhook Industries. “By marrying BioHiTech’s cost effective
technology and management experience with Gold Medal’s business, we believe we
have created a platform company with the opportunity to expand on our initial
investment and create a best in class, sustainable environmental services
company throughout the Mid-Atlantic States.”
For a more detailed description of the transaction, please review our current
report on Form 8-K filed today with the Securities and Exchange Commission.
About Kinderhook Industries
Kinderhook Industries, LLC is a private investment firm that manages over $2.0
billion of committed capital. They have made in excess of 170 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. Their focus is on middle market businesses with defensible niche
market positioning in the healthcare services, environmental / business services
and automotive / light manufacturing sectors. They have a track record of
successfully and consistently building industry leaders. In addition, Kinderhook
is a licensed Small Business Investment Company (SBIC) with the U.S. Small
Business Administration. For more information, please visit:
www.kinderhook.com
About Gold Medal
Gold Medal Environmental, headquartered in Deptford, New Jersey, is a waste and
recycling services company servicing Pennsylvania, New Jersey and Delaware. 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 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 the Company 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.
Company Contact:
BioHiTech Global, Inc.
Lisa Giovannielli
Director, Corporate Communications
Direct: 845-262-1081
lgiovannielli@biohitech.com
www.biohitech.com
SOURCE BioHiTech Global, Inc.
BioHiTech Global Starts a
Revolution in Sustainable Food Waste Disposal in NYC
• Leading Nightlife and Restaurant Company Deploys BioHiTech's Revolution Series
Digesters in Seven New York City Venues
CHESTNUT RIDGE, NY – Dec. 7, 2017 – BioHiTech Global, Inc. (OTCQB:
BHTG) (“BioHiTech”
or the “Company”), a green technology company that develops and deploys
innovative and disruptive waste management technologies, today announced that a
leading restaurant and nightlife company with multiple venues in the United
States, has deployed BioHiTech's sustainable food waste disposal solution in
seven of its New York City venues.
BioHiTech's Revolution Series Digesters are designed to cost effectively meet
the needs of the restaurant market segment
as well as many other small volume food waste generators through its regulatory
compliant digestive technologies. In addition to eliminating the landfilling of
food waste, the units provide valuable supply chain data analytics to help
customers become smarter about reducing waste generation. The Revolution Series
Digesters can be instrumental in helping hotel, hospitality and restaurant
companies in New York City comply with current and pending laws regarding food
waste recycling and disposal.
Frank E. Celli, CEO of BioHiTech, commented, "We are excited to work with this
important customer as we expand our presence in the New York City market. Our
Revolution Series Digesters will virtually eliminate the environmental impact of
food waste at these seven New York City locations and provide valuable data to
improve supply chain management. As companies seek to comply with current and
anticipated food waste legislation in New York City, these venues will serve as
an example of how our solution can help them get ahead of the curve in a
cost-effective manner. We look forward to continuing to lead the technological
revolution in smart and sustainable food waste disposal."
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.
Company Contact:
BioHiTech Global, Inc.
Lisa Giovannielli
Director, Corporate Communications
Direct: 845-262-1081
lgiovannielli@biohitech.com
www.biohitech.com
SOURCE BioHiTech Global, Inc.
BioHiTech Enters Into
Agreement to Sell Series A Preferred Stock Convertible Into Common Stock
CHESTNUT RIDGE, NY – Nov 6, 2017 – BioHiTech Global, Inc. (OTCQB:
BHTG) (“BioHiTech”
or the “Company”), 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.
BioHiTech Global, Inc.
Lisa Giovannielli, 845-262-1081
Director, Corporate Communications
lgiovannielli@biohitech.com
www.biohitech.com
Source: BioHiTech Global, Inc.
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
•
Transaction expected to boost
balance sheet assets by $5.2 million as Company begins preparations to meet
qualifications for a national stock exchange listing
CHESTNUT RIDGE, NY – Nov 2, 2017 – BioHiTech Global, Inc. (OTCQB:
BHTG) (“BioHiTech”
or the “Company”), 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.
BioHiTech 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.
Frank 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 facility, significantly enhancing our balance
sheet as we work to meet the qualifications for an uplisting to a national stock
exchange, and strengthening our relationship with Entsorga as it now becomes a
significant stakeholder in our company. Together, I am confident that we can
create significant future value for our stockholders as we roll out this
important renewable waste technology."
For a more detailed description of the transaction please view the Company's
Form-8K filing with the SEC on November 2, 2017.
About Entsorga's HEBioT Technology
Entsorga's HEBioT solid waste processing technology has been successfully
deployed at seven facilities located throughout Europe which currently process
in excess of 1 million tones of solid waste per year of waste. The HEBioT
process recovers almost 80% of municipal solid waste by integrating OEM sorting
equipment with patented MBT (Mechanical/Biological Treatment) technologies into
a dedicated processing facility. The disposal of waste using this system is cost
effective and results in a number of environmental benefits including:
A significant reduction in the amount of mixed municipal solid waste that
ultimately is disposed of in landfills.
The recovery of bio-mass, plastics and other carbon materials.
The production of an EPA recognized, high calorific, solid recovered fuel to
help reduce harmful emissions.
For a more detailed description of Entsorga's HEBioT solid waste processing
technology please view the following video
https://www.youtube.com/watch?v=CHhfSrdkOmM.
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.
Company Contact:
BioHiTech Global, Inc.
Lisa Giovannielli
Director, Corporate Communications
Direct: 845-262-1081
lgiovannielli@biohitech.com
www.biohitech.com
SOURCE BioHiTech Global, Inc.
-------------------------------------------------------------------
About BioHiTech Global, Inc.:
Transforming the Waste Industry
BioHiTech offers cost-effective technology-based solutions for waste disposal
geared toward providing a true zero landfill environment while disrupting an
industry that has remained unchanged for decades.
On-site, Cost-Effective Solution for Food Waste Measurement and Disposal
Offering a cloud-based technology solution using powerful analytics to affect
sustainable and profitable changes in the reduction of food waste generation.
Cost-Effective
Processes food waste at significant savings compared to traditional waste
disposal.
Eco-Friendly
Reduces the volume of food waste destined for landfill.
Easy to Operate
Easily disposes of food waste on-site.
Smarter
Provides powerful supply chain management data analytics in real-time to reduce
food waste.
Efficient
Intelligent equipment self-optimizes performance and reduces service downtime.
Compliant
Accurately measures waste, delivering unprecedented transparency into waste
generation.
BioHiTech Renewables
Providing a proven, cost-effective, clean alternative to landfills for the
disposal of solid waste throughout the United States. The High Efficiency
Biological Treatment (HEBioT™) process, developed and patented by our European
partners EntsorgaFin SpA, utilizes a combination of automated sorting equipment,
enhanced biological composting, and mechanical refinement to convert waste into
an EPA recognized, clean alternative fuel while achieving as much as 80%
landfill diversion.
The HEBioT technology is ideal for municipalities, regional waste haulers, large
generators of food waste and corporations with Zero Waste initiatives. BioHiTech
is an equity partner in Entsorga West Virginia, which will serve as the first
resource recovery facility in the U.S., to utilize the HEBioT technology, which
will begin commissioning in early 2018.
Benefits
Offering a clean, cost-effective alternative for the disposal of municipal solid
waste.
Extending the life of existing landfills.
Producing an alternative renewable fuel.
Reducing fossil fuel dependency.
Reducing carbon emissions.
Increasing recycling.
TEAM
Dennis Soriano | Director of Business Development
Dennis has 43 years of experience in the Waste, Recycling and Concrete
industries. Dennis has held executive level management positions at Waste
Management Inc. at both the regional and corporate levels. Additionally, he
served as COO of Greenstar North America and most recently CEO of Waste to Water
LLC. Dennis has extensive experience in operations, business development and
management of municipal contracts. Mr. Soriano’s career in the Waste and
Recycling Industries has focused on working with public, private and municipal
entities on projects aimed at the long-term preservation of our environment.
As Director of Business Development for BioHiTech Renewables, Dennis will
cooperatively work with the management team to advance their efforts to provide
alternatives for the disposal of waste into landfills. Entsorga’ s long-term
goal is the development of a network of MBT processing facilities that will
provide an acceptable alternative to landfill disposal, while producing an SRF
fuel substitute for coal. Mr. Soriano will draw on his years of experience to
help the Entsorga team formulate and implement a successful marketing plan to
achieve their goal of providing long-term sustainable solutions.
Dennis and his wife live in Dutchess County, New York and have three grown
children and 5 grandchildren.
Emily F. Dyson | Director of Science, Research, and Development
Emily has more than 25 years in the environmental science and permitting field.
Emily comes to BioHiTech Global from the
environmental
consulting world where she was the CEO of Dyson Environmental Management and
Compliance. Ms. Dyson has worked throughout North America with clients and
regulators on issues related to solid waste disposal, wastewater, air emissions,
and overall industrial environmental program development.
Emily’s role as the Director of Science, Research and Development is to bring
advanced techniques and understanding of the science of bio-technologies. Emily
works with BioHiTech Global’s Operations personnel to identify new approaches
and technologies for solid waste disposal and assist BioHiTech Global in
bringing them to the market in the bio-technology/waste management arena. In
addition, Emily works with BioHiTech’s sales force and clients to ensure that
they have an understanding of the science they deploy, the impacts to the
surrounding environment, and the regulatory compliance requirements that must be
met.
Emily lives in Maryland with her husband and two college-age children.
Entsorga Italia
Entsorga Italia is a leading provider of integrated proprietary technology
platforms in the fields of waste management, recycling and for the production of
alternative fuels. For the past 20 years, we have successfully delivered over 80
bankable project solutions representing approximately two million tons of annual
processing capacity.
Entsorga currently operates through its subsidiaries in Europe, North and South
America and Africa.
Current Projects
Entsorga West Virginia
Entsorga West Virginia will serves as the first resource recovery facility in
the United States to utilize Entsorga Italia’s patented HEBioT ™ process.
Once operational, the facility will recover biomass, plastics and other
carbon-based materials from the mixed municipal solid waste (MSW) stream and
convert them into an EPA recognized renewable fuel. During the process
recyclable commodities such as metals and glass will be extracted and recovered
in conjunction with Berkeley County’s current recycling program.
The renewable fuel, known as Solid Recovered Fuel, will be used by large energy
users and co-processing facilities like cement manufacturers and steel mills as
a cost-effective alternative or supplement to fossil fuels.
Future New York Facility
Based on preliminary design, the facility is expected to be capable of
processing approximately 130,000 tons of municipal solid waste annually with up
to 20% of the facility’s capacity capable of processing source separated food
waste.
The engineering and permitting process is underway and is anticipated to be
completed within the next 12 months.
The planned facility is within close proximity to the New York Metropolitan
market place.
Machinery equipped with BioHiTech IOT™ would say a lot.
BioHiTech IOT™ leverages proven technology already installed in hundreds of our
digesters around world. With our cloud-based data platform we translate
industrial machine language into human language to provide valuable data and
information to improve performance of your businesses.
Technology-Packed
Powerful Analytics
Custom dashboards and easy-to-read reports deliver important insights on
equipment equipment utilization, supply chain management, and business impact.
Sophisticated machine learning and predictive analytics can reveal hidden trends
to help optimize performance. Finally, integration with external enterprise data
enables powerful comparison and benchmarking.
Intelligent Two-Way Communication
Real-time SMS, Email, and Push Notifications ensure that important information
is pushed to the right people at the right time. Utilizing chatbots, BioHiTech
IOT provides a more natural conversational interface to industrial equipment,
allowing management and machine operators to be easily guided through complex
workflows.
Scalability
The platform can store and analyze large volumes of key data from a large number
of interconnected industrial machines and peripherals.
Simple Hardware Integration
Our hardware comes pre-installed in our equipment and can easily be installed in
other machinery to create an interconnected network that can securely capture
and analyze a wide array of machine data.
Security
Robust security measures ensure that all data is reliablly captured and securely
delivered to the cloud. Flexible roles-based security allows fine-grained
control over data access and machine control.
Data Anywhere, Anytime
Access equipment remotely from any smart phone or computer. Securely monitor,
configure, and operate equipment in real-time. Role-based security ensures only
authorized personnel gain access to machine functions.
SOURCE: http://www.biohitech.com/
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This release contains "forward-looking statements" within the meaning of Section
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