In Georgia, Meridian Waste Solutions, Inc. is selling the equity interest of its wholly-owned subsidiaries that house its Solid Waste Group to Warren Equity Partners Fund II in exchange for approximately $87 million in debt assumption and $3 million in cash. Meridian’s business has historically been comprised of its solid waste collection, transfer and disposal services. However, they recently began to shift its focus to growth of its innovative technology units, including biomass, and healthcare technology services.
Jeff Cosman, the Company’s Chief Executive Officer said in their press release, “After closing on the sale of our solid waste group, we intend to re-brand the public company as Attis Industries, Inc. and currently believe that our remaining assets can generate approximately $3 million in pre-tax earnings (versus previous years of net losses) in 2018, or approximately $0.15 per common share. We also believe that reducing our debt load by more than 90% paves the way for us to aggressively pursue several acquisitions that we’re currently evaluating.”