Would Replace Significant Revenue from Proposed Sale of Waste Asset Targeted to Close in the Second Quarter of 2018
MILTON, GA , March 22, 2018 (GLOBE NEWSWIRE) -- Attis Industries, Inc. (f/k/a Meridian Waste Solutions, Inc.) (NASDAQ: MRDN) (“Meridian Waste” or the “Company” and recently announced name change to “Attis Industries, Inc.” or “Attis”), an integrated technology and innovations company, today announced the execution of a non-binding letter of intent to purchase a transactional-based virtual currency company.
For the past several months, Attis Industries has been evaluation this opportunity with the goal of having the opportunity stand on its own with significant growth for the future, as well as bridging our Innovations and Healthcare platforms into the integration of the consolidated company. The preliminary review of the targeted company has included extensive and continued management meetings, financial discussions focused on historical audited and internal financial statements, analysis of business plans in its current markets, discussions of bringing Attis into additional markets with its Innovations and Healthcare divisions, as well as developing further markets in FinTech when blending the divisions together. Completing the transaction is subject to customary due diligence requirements and the parties continuing their due diligence which has already begun and then entering into a binding agreement for the acquisition. If a binding agreement is entered into, the closing of the transaction would still be subject to customary closing conditions.
This acquisition will provide Attis an opportunity to replace a significant portion of revenue and earnings from the proposed sale of its waste assets while allowing the Company to continue to focus on innovative technology in growth industry segments, such as this FinTech opportunity. Attis is anticipating a close of this transaction in the second quarter of 2018.
“Today’s announcement commences a potential new division for Attis Industries as we pivot from our previous sole focus in the waste industry to our new pathway as an innovation and technology company,” stated, Jeff Cosman, Chief Executive Officer of Attis Industries. “I’m amazed with our new partner’s management team of proven entrepreneurs and their track record of success, all of which will be an asset to our existing senior leadership team at Attis. Virtual currency and its underlying blockchain technology have the potential to enhance the current banking environment. We see highly compelling opportunities for innovation in this area, both in banking and in our other existing businesses. We intend to be at the forefront of virtual currency adoption, a trend that is already strong as demonstrated by many Fortune 500 companies accepting the currency for payments.”
About Meridian Waste Solutions, Inc. / Attis Industries, Inc.
Meridian Waste Solutions, Inc. (NASDAQ: MRDN) is a 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 (www.attisinnovations.com) strives to create value from recovered resources. For more information, visit www.mwsinc.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. Any forward-looking statements contained herein are based on current expectations but are subject to a number of risks and uncertainties. The factors that could cause actual future results to differ materially from current expectations include, but are not limited to, risks and uncertainties relating to the Company’s ability to enter into a binding agreement for the acquisition and then close on such agreement if it is finalized, develop, market and sell products based on its current and future technology; the expected benefits and efficacy of the Company’s current and future products and technology; and, the Company's business, research, product development, regulatory approval, marketing and distribution plans and strategies, the Company’s completion of the sale of its solid waste business; 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 Meridian Annual Report on Form 10-K for the fiscal year ended December 31, 2016, filed with the Securities and Exchange Commission (the “SEC”) on April 17, 2017 and amended on May 31, 2017 and the other documents Meridian files with the SEC from time to time. There will be events in the future, however, that Meridian is not able to predict accurately or control. Meridian’s actual results may differ materially from the expectations that Meridian describes in its forward-looking statements. Factors or events that could cause Meridian’s actual results to materially differ may emerge from time to time, and it is not possible for Meridian to accurately predict all of them. Any forward-looking statement made by Meridian in this press release speaks only as of the date on which Meridian makes it. Meridian 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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