ME2C® Environmental announces debt repayment agreement with
Debt Refund and Exchange at Simplify The capital structure Ahead of the expected short term Uplistage
CORSIANA, TX, June 02, 2021 (GLOBE NEWSWIRE) – Midwest Energy Emissions Corp. (OTCQB: MEEC) (“ME2C Environmental “or the” Company “), a leading environmental technology company, today announced that it has entered into a debt repayment agreement with AC Midwest Energy LLC (” Alterna “), a subsidiary Alterna Capital Partners, a registered investment advisor, which will repay all existing secured and unsecured debt currently held by Alterna.
Under the Debt Repayment and Swap Agreement with Alterna, ME2C Environmental will repay the existing $ 0.3 million secured note in cash as well as the current principal amount of $ 13.2 million outstanding under an unsecured note using a combination of cash and actions. Alterna is also entitled to a certain share of the non-recourse profits under the unsecured note which will also be satisfied by a combination of cash and shares.
“Alterna is a trusted partner whose continued support has enabled us to further strengthen our financial position and secure a bright future for our business,” said Richard MacPherson, CEO of ME2C Environment. “This debt repayment and swap will strengthen our balance sheet through the forgiveness of over $ 13.5 million in debt, positioning the company for a planned stock market hike in 2021. I look forward to building on this momentum as we continue to execute our business plan, creating sustainable, long-term value for our shareholders.
The completion of the transaction described herein is subject to various closing conditions. The foregoing is qualified in its entirety by a more complete discussion of the transaction, which will be set out in a Form 8-K to be filed by the Company.
On me2VS® Environment
ME2C Environmental (OTCQB: MEEC) is a leading environmental technology company that develops and provides patented and exclusive solutions to the global energy industry. ME2C’s advanced services have been shown to eliminate emissions at a significantly lower cost and with less operational impact than methods currently in use, while maintaining and / or increasing power plant output and preserving the marketing of by-products for beneficial use. ME2C Environmental is a trade name of Midwest Energy Emissions Corp. For more information, please visit http://www.me2cenvironmental.com/.
Safe Harbor Declaration
Except for historical information contained in this press release, the contents of this press release may contain “forward-looking statements” which are made in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are usually identified using words such as “anticipate”, “believe”, “plan”, “expect”, “intend”, “will” and similar expressions, but these words are not the proprietary means of identifying forward-looking statements. These statements are based on management’s current expectations and are subject to uncertainty and changing circumstances. Investors are cautioned that forward-looking statements involve risks and uncertainties which could cause actual results to differ materially from statements made. Items that could cause actual results to differ materially from those of forward-looking statements include, among other factors, the gain or loss of a major customer, changes in environmental regulations, disruption in the supply of materials, fluctuations the capacity factor of power plant operations. and electricity demands, a significant change in general economic conditions in one of the regions where our utility customers could experience significant changes in demand for electricity, a significant disruption in the supply of coal to our customer units , the loss of key management personnel, the availability of capital and any major disputes concerning ME2C Environment. In addition, this press release contains urgent information which reflects management’s best analysis only as of the date of this press release. ME2C Environmental assumes no obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release. Further information regarding issues that could materially affect financial performance relating to forward-looking statements contained in this press release can be found in ME2C Environmental’s periodic filings with the Securities and Exchange Commission.
ME2VS Environment Contact:
Main: 614-505-6115 x-1001
Investor Relations Contact:
Greg Falesnik or Brooks Hamilton
MZ Group – MZ North America