Increase from 4.3B to 4.9B Gallons in 2019 is Great Progress; Further Increases Linked to New Technology
MILTON, GA, June 28, 2018 (GLOBE NEWSWIRE) -- Attis Industries Inc. (NASDAQ: ATIS) (the “Company” or “Attis”), a diversified innovation and technology holding company, today commended the continuing commitment of the United States Environmental Protection Agency (“EPA”) to spurring growth in America’s renewable fuels industry by proposing a 14% increase to the mandated volume of advanced biofuel production from 4.29 billion gallons in 2018 to 4.88 billion gallons in 2019.
Although the increase is welcomed by many in the industry, it remains far short of the original 2007 Renewable Fuel Standard that called for 13 billion gallons of advanced biofuels for 2019 and 21 billion gallons of advanced biofuel by 2022. The EPA has the authority to reduce the original mandate should it find that technology isn’t available for effective production of such amounts from known biomass resources. Attis is amassing a portfolio of biorefining technologies to meet that very objective.
“The feedstock is there if you have the right technologies to refine it into fuel,” said Jeff Cosman, the Company’s Chief Executive Officer. “The EPA proposal is exciting because it broadcasts a timely and positive signal to the industry in a dynamic policy landscape. Once implemented, the increase will provide investment security throughout the entire industry value chain, from the farmers and local communities that provide the feedstock, to the technology providers and fuel producers like we are and intend to be, to the investors and other financial partners that will underwrite the infrastructure. The EPA’s proposal tells us that our growing investment in the development of advanced biofuel production technologies is clearly justified.”
As significant as the current proposal is, Attis believes that far more production is possible by bringing its portfolio of biorefinery technologies to market. For example, while the US has satisfied the 2007 Renewable Fuel Standard that mandates 15 billion gallons of starch derived ethanol, Attis holds technology designed to increase corn-to-fuel conversion efficiencies and co-product yields and values, corresponding to about 1.5 billion gallons of advanced biofuel production and more than $3 billion in revenue annually without consuming any additional corn or farmland.
“The established infrastructure of the corn ethanol industry is a very attractive early target for us as we push to shift advanced biofuel production efficiencies and yields forward,” added Cosman. “However, rural American communities have vast untapped reserves of biomass feedstock that we are also very much focused on. The legislators of the RFS envisioned a viable near-term future in which technology evolved to refine those resources, facilitating resurgent local economies and energy independence. We’re proud and excited to contribute to that evolution.”
About Attis Industries Inc.
Attis Industries Inc. (NASDAQ: ATIS) is a diversified innovation and technology holding company defined by its commitment to servicing its clients with unwavering respect, fairness and care. We are focused on finding and implementing solutions for the resource needs and challenges of our customers with a fundamental objective to seek rewarding solutions through technology and innovation. Our healthcare business centers on creating community-based synergies through collaborations and software solutions. Our innovation business strives to create value from recovered resources. 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 defined in 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 materially differ may 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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