BioHiTech Global Sells 2.2% Stake in Gold Medal Group for $2.25 Million
Retrieved on:
Tuesday, July 30, 2019
CHESTNUT RIDGE, N.Y., July 30, 2019 /PRNewswire/ -- BioHiTech Global, Inc. ("BioHiTech" or the "Company") (NASDAQ: BHTG), a technology and services company that provides cost-effective and sustainable waste management solutions, today announced the sale of its 2.2% stake in Gold Medal Group, LLC ("Gold Medal Group") to Gold Medal Equity, LLC, an entity owned by Kinderhook Industries, for $2.25 million in cash.
Key Points:
- CHESTNUT RIDGE, N.Y., July 30, 2019 /PRNewswire/ -- BioHiTech Global, Inc. ("BioHiTech" or the "Company") (NASDAQ: BHTG), a technology and services company that provides cost-effective and sustainable waste management solutions, today announced the sale of its 2.2% stake in Gold Medal Group, LLC ("Gold Medal Group") to Gold Medal Equity, LLC, an entity owned by Kinderhook Industries, for $2.25 million in cash.
- BioHiTech acquired its stake in Gold Medal in January 2018 in exchange for 500,000 shares of its common stock.
- "We are pleased to have completed the sale of our stake in Gold Medal Group to help us focus our financial resources on the growth of our HEBioT resource recovery technology in the Northeast US," stated Frank E. Celli, CEO of BioHiTech Global.
- "Over the past two years our relationship with Gold Medal Group and Kinderhook has strengthened to include their $5.5 million investment into our HEBioT development subsidiary this past December.