Meridian Waste Solutions announces name change to Attis Industries
Meridian Waste Solutions announced the issuance of a shareholder letter from its chairman and CEO Jeff Cosman, which read in part: "Last week, we announced the execution of agreements to sell our solid waste business in a transaction valued at about $90M We spent three years building that business, and, while it was and remains valuable, its debt and liquidity needs were restricting our access to cost-effective sources of growth capital, and were therefore inconsistent with our plan to create even more value in our and biomass innovation and healthcare technology businesses. We are currently evaluating a robust growing pipeline of opportunities in biomass and healthcare technologies. This sale would clear the bottleneck while we believe significantly increasing our enterprise value, and thereby would pave the way for us to aggressively pursue acquisitions that we are currently evaluating. Our remaining operations after closing, are expected to generate approximately $12M in revenue and about $3M in pre-tax earnings in 2018, or approximately 15c per share of common stock, based on 20M shares outstanding. Development and build-out of biorefineries could greatly improve these projections...In our biomass innovation division, we intend to leverage our expertise in waste streams and technology development experience to harvest value that is hiding in plain sight. We have accordingly assembled a growing portfolio of technologies designed that are being developed to refine biomass in a series of process steps that are analogous to petroleum refining, in which crude oil is sequentially processed into a wide range of products....In healthcare technologies, we plan to build on our existing medical waste, lab services, and healthcare leadership experience to focus on a strategy in the rural hospitals and extended care facilities that will synergistically add revenue and earnings with our lab services division. The strategy potentially includes acquisition or operating partnerships of rural hospitals and extended care facilities....While we expect most of our revenue growth in 2018 and 2019 will come from our healthcare technologies business, we expect the performance of our biomass innovation division will eventually eclipse our healthcare technologies business. The by-products that we are targeting in innovations are available at low cost in enormous volumes, and the downstream fuels, energy, plastics and other commodity markets that we expect to be selling into rank amongst the largest...The Company will become known as Attis Industries.Attis is the Greek god of vegetation, recognized for its ability to regenerate itself. The underlying purpose of the deity, Attis, was to make plants grow and feed animals that, in turn, would fertilize new plants. If left alone, they repeat that process, 'regenerating' over and over again, in balance, sustainably. We believe Attis Industries, Inc. will quickly become the perfect sustainable capitalist tool."