President Trump’s Ethanol Expansion has Immediate Positive Impact on Attis Industries
Increased Ethanol Demand Paves the Way for Attis’ Biorefinery Plans
MILTON, GA, Oct. 10, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Attis Industries Inc. (NASDAQ: ATIS) (the “Company” or “Attis”), a diversified innovation and technology holding company emphasizing renewable fuels, bio-based plastics, healthcare and communications infrastructure, today announced its support and gratitude for the Trump Administration’s planned removal of restrictions limiting the amount of ethanol blended into gasoline.
President Trump directed the U.S. Environmental Protection Agency to initiate rule-making to allow for the unrestricted use of gasoline with 15% ethanol, or E15, and to reform biofuels credit trading rules to provide greater transparency and reduced volatility. Once implemented, the changes are expected to increase the demand and use of corn and cellulosic ethanol while boosting incomes for American farmers and rural economies.
Jeff Cosman, the Company’s Chief Executive Officer, explains, “The increased inclusion allowance plays a vital role in the expansion of renewable fuel production. The timing couldn’t be better for Attis as we plan to build our first of many biorefineries that will produce cellulosic ethanol and biobased materials. Without the allowance, every gallon of cellulosic ethanol produced by Attis would effectively displace a gallon of ethanol otherwise produced from corn. The new platform will instead allow biobased ethanol to compete with petroleum derived fuels and level the playing field. This is extremely exciting to us given our biorefinery acquisition and construction plans.”
Attis previously announced plans to build shareholder value by using its portfolio of patented and patent-pending technologies in the acquisition and construction of a national network of biorefineries designed to convert and refine locally-available biomass resources (including corn stover, corn ethanol co-products, wood, and other forms of biomass) into cost-competitive cellulosic ethanol and drop-in fuels, as well as an array of renewable alternatives to plastics, adhesives and other fossil-fuel derived products.
Cosman continued, “The U.S. renewable fuel industry has only just begun to realize its potential. Today ethanol is the cheapest form of transportation fuel, as it is about $0.80 per gallon less expensive than gasoline on an volumetric basis and more than $0.30 per gallon less expensive on an energy basis, yet the 10% limitation has prevented the consumer and farmer from enjoying this substantial advantage. The expansion to E15 will open the door to increased renewable fuel consumption and is ideally suited for Attis as we plan to launch our cellulosic biorefinery platform. We are confident that our suite of technologies will allow us to produce more fuel and revenue from corn or biomass than any renewable fuel technology platform that precedes us. President Trump’s announcement comes at the perfect time as we begin to implement our biorefinery plans, including construction of new ethanol production at our previously-announced Barnesville, Georgia biorefinery, and our planned acquisition and upgrades to an existing first generation corn ethanol facility in 2019.”
About Attis Industries Inc.
Attis Industries Inc. (NASDAQ: ATIS) is a holding company focused on developing and building businesses that play important roles in the new economy, which include renewable fuels, bio-based plastics, healthcare and communications infrastructure. We strive to encourage our employees to be entrepreneurs focused on innovation and technology. We will remain dynamic, persistent and motivated to our mission of winning. The growth of our company will rely on our integrity and our vision for the future. Attis Industries will continue to fulfill essential needs in healthcare, energy independence and digital communications. Today, each of these sectors provide high growth opportunities that collectively account for more than a third of America’s GDP. For more information, visit: www.attisind.com.
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is definedin the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “should,” “would” or similar words. You should consider these statements carefully because they discuss our plans, targets, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. These statements are subject to certain risks, uncertainties, and assumptions, including, but not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell products based on its technology; the expected benefits and efficacy of the Company's products and technology; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, clinical studies and future product commercialization; and, the Company's business, research, product development, regulatory approval, marketing and distribution plans and strategies; the ability of the Company to continue to meet the listing requirements of NASDAQ; the ability of the Company to execute on a business plan that permits the technologies and innovations businesses to provide sufficient growth, revenue, liquidity and cash flows for sustaining the Company’s go-forward business, and the risks identified and discussed under the caption “Risk Factors” in the Attis Annual Report on Form 10-K for the fiscal year ended December 31, 2017, filed with the Securities and Exchange Commission (the “SEC”) on April 16, 2018 and the other documents Attis files with the SEC from time to time.There will be events in the future, however, that Attis is not able to predict accurately or control. Attis’ actual results may differ materially from the expectations that Attis describes in its forward-looking statements. Factors or events that could cause Attis’ actual results to differ materiallymay emerge from time to time, and it is not possible for Attis to accurately predict all of them. Any forward-looking statement made by Attis in this press release speaks only as of the date on which Attis makes it. Attis undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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Released October 10, 2018