Tengasco Announces Sale of Carter Valley, Tennessee Methane Facility Assets
January 26 2018 - 6:02PM
PR Newswire (US)
GREENWOOD VILLAGE, Colo.,
Jan. 26, 2018 /PRNewswire/
-- Tengasco, Inc. (NYSE American: TGC) announced that
together with its wholly owned subsidiary Manufactured Methane
Corporation, the Company had today closed the sale of all of the
methane facility gas treatment facilities and electricity
generation facilities located at the Carter Valley landfill owned
by Republic Services, Inc. in Hawkins
County, Tennessee. These assets and all related supply
contracts and sales agreements related to the assets were purchased
by Tennessee Renewable Group LLC, a Tennessee limited liability company, effective
December 31, 2017, for cash in amount
of $2.65 million. Following this
sale, the Company neither owns nor operates any assets in
Tennessee and no longer has any
employees in that state. The Company intends to utilize the
proceeds of the sale for general corporate purposes.
Forward-looking statements made in this release are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Investors are cautioned that all
forward-looking statements involve risk and uncertainties which may
cause actual results to differ from anticipated results, including
risks associated with the timing and development of the Company's
reserves and projects as well as risks of downturns in economic
conditions generally, and other risks detailed from time to time in
the Company's filings with the Securities and Exchange
Commission.
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SOURCE Tengasco, Inc.
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