Attis Industries,Inc. (NASDAQ:ATIS) (the“Company”or “Attis”),an
integrated technology and innovations holding company, today
announced the successful transition of its corporate name change to
Attis Industries and its corresponding new stock symbol of
Nasdaq: ATIS, previously, MRDN.
Attis Industries Chief Executive Officer, Jeff
Cosman, commented, “The recent sale of waste assets brings on a new
and refreshing day for Attis Industries and our shareholders. We
significantly reduced our debt obligations, as this was an
excellent opportunity for us to right-size our balance sheet and
position the company for growth. We are excited to be able to
return to our roots as a nimble organization, execute on our recent
acquisitions in biomass, healthcare and technology and seek
additional opportunities that we believe will build long-term
shareholder value. In January 2017, I aligned myself with equity
shareholders by investing $1.25 million in our public offering and
remain confident in the future of our business, having not sold a
single share. I am optimistic in our new strategy and transition to
Attis Industries and look forward to sharing our progress over the
coming weeks, months and remainder of 2018.”
Attis now operates its innovations business and
technologies business.
The innovations business focuses on producing
sustainable materials and fuels from renewable sources at costs
equal to or less than those otherwise produced from fossil fuels.
By processing targeted feedstocks, the Company believes that the
innovations business will be able to produce materials used in the
following markets: pulp, paper, bioplastics, adhesives, carbon
fiber, renewable fuels, and green chemicals. Recently
Attis Innovations presented at the 11thAnnual International Biomass
Conference & Expo focusing on the technical aspects of the
AST-Organosolv process, the various high value, unique products
produced and overall flexibility compared to traditional biomass
processing technologies. At the conference Attis Innovations
promoted its ability to provide contract R&D services through
its pilot-scale processing facility and laboratory in Wausau,
WI. Attis Innovations’ facility in Wausau, WI has been in
operation since 2003 and specializes in working with various types
of lignocellulosic biomass for classification and conversion into
its higher value constituents. The Wausau facility has worked
with numerous universities, Fortune 500 companies, research
institutes, and entrepreneurs to assess the strengths and
weaknesses of new bio and chemical processes while lowering the
financial risk related to pre-commercialization investments.
Attis’ Innovations Division is currently
evaluating sites to build its first commercial facilities, which
through USDA and other favorable anti-dilutive funding sources will
create significant value for the current shareholder
base. Attis expects the technology to generate more than
50% of additional revenue per ton of biomass processed than
previous technologies, using approximately 50% less
capital. For forestry crops growing at only 5-tons per
acre per year, Attis creates a pathway to generate more than $1,000
in average annual revenue per acre, enabling this otherwise low
value land to generate wealth, jobs and a sustainable platform for
the production of materials and fuels. As advanced,
faster growing, biomass crops are planted and integrated into the
Attis platform, the value proposition and production volumes will
further increase.
The technologies business, is comprised of two
divisions — (i) Attis Healthcare and (ii) Bright City, a mobile
application. The healthcare division focuses on improving patient
care and providing cost-saving opportunities through innovative,
compliant, and comprehensive diagnostic and therapeutic solutions
for patients and healthcare providers. The Company offers a broad
portfolio of what it believes to be best-in-class solutions,
combined with insight and expertise, to give providers tools that
lead to healthier patients and communities to address the
challenges that come with trying to improve patient outcomes while
driving down the cost of care. The healthcare division offers
products and services in a variety of areas, including hospital
consulting services for both laboratory services and emergency
department revenue enhancement, polymerase chain reaction molecular
testing, pharmacogenetics testing, and medication therapy
management.
In the Company’s healthcare business, the
Company has partnered with several community hospitals to build out
laboratories offering more efficient and cost-effective blood
testing for local physician practices. The Company
continues to explore additional lab partnership opportunities
allowing rural hospitals to better service their respective
communities. Attis Healthcare is also working with multiple
long-term care facilities to implement molecular diagnostic testing
to assist facilities in meeting antibiotic stewardship mandates
from the U.S. government. Additionally, the Company is
collaborating with employer health benefits brokers to assist their
employer customers in driving down pharmacy and healthcare costs
via pharmacogenetic testing and medication
management. Finally, the Company’s medical waste business
expects to sign partnership deals with multiple hospitals and
hospital systems in the coming months to process their medical
waste.
In addition, the Company is continuing to
evaluate an opportunity in FinTech, as per the recently
announced non-binding letter of intent to acquire a
transactional-based virtual currency company.The ability of the
senior management team to discern growth potential in existing and
pioneering technologies is our strongest discipline. The
Company believes if a successful transaction is consummated as
currently contemplated and being diligenced, the Company will have
a platform unmatched by other technology companies. The
combination of revenue, earnings, leadership and market position
will give the Company another vertical in an industry experiencing
dynamic growth.
Attis Industries, Inc. Attis
Industries, Inc. (NASDAQ: ATIS) is a holding company defined
by our commitment to servicing our customers 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
Forward-Looking StatementsAny 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’s actual results may differ materially
from the expectations that Attis describes in its forward-looking
statements. Factors or events that could cause Attis’s 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.
Media and Investors Contact:
Hayden IR
(917) 658-7878
hart@haydenir.com
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