CHESTNUT RIDGE, N.Y.,
Feb. 4, 2020 /PRNewswire/ --
BioHiTech Global, Inc. ("BioHiTech" or the "Company") (NASDAQ:
BHTG), a technology and services company that provides
cost-effective and sustainable waste management solutions,
announced today that the Company has teamed up with Crestmark, a
leading business to business lender, and US Equity Funding, a full
service commercial financing firm, to begin offering equipment
lease financing to new Revolution Series Digester customers.
BioHiTech will begin utilizing lease financing through Crestmark
and US Equity Funding in place of the Company's traditional rental
agreements for new Revolution Series Digester customer contract
applications that receive business credit approval from either
leasing company. The new financing program is expected to
significantly improve cash flow by enabling BioHiTech to monetize
approved contracts upfront. In the first nine months of 2019,
approximately 84% of new digester contracts delivered were under
traditional rental agreements financed by the Company entirely
through its own working capital.
"Teaming up with Crestmark and US Equity Funding is an important
part of our growth strategy for 2020 and beyond," stated
Frank E. Celli, CEO of BioHiTech
Global. "As we continue to gain traction in the market by
providing a state-of-the-art sustainable food waste disposal
solution, managing cash flow and optimizing working capital is
critical to our growth plans. By offering this financing
option to qualified customers from our financing partners, we can
monetize our typical five-year lease immediately at a very
attractive rate, providing us with more capital to invest back into
the business to fuel further growth. With a large majority of
our business coming through leasing this past year, we see this
arrangement having the potential to improve cash flow by as much as
$1.5 million or more in 2020 based on
historical digester deployments. We are confident that this leasing
program will help us accelerate growth and significantly improve
our financial results in the coming years."
About Crestmark
Crestmark provides innovative
financial solutions for businesses nationwide. Financing solutions
include asset-based lending, accounts receivable financing, lines
of credit, term loans, factoring, machinery/equipment financing and
equipment leasing. Crestmark has extensive experience in helping
many industries including transportation, manufacturing, staffing,
petrochemical, renewable energy, government contractors,
hospitality/hotels, insurance agencies, and technology
hardware/software. Crestmark, a division of MetaBank®, is
headquartered in Michigan, with
additional offices in California,
Florida, Louisiana, Tennessee, and Illinois; representatives nationwide; and a
Canadian foreign representative office. www.crestmark.com
About US Equity Funding, LLC
US Equity Funding, a
Boston based company, is a full
service commercial financing firm that provides lending, leasing
and advisory services to small and middle market businesses. The
company offers unparalleled expertise in the commercial
finance industry and brings over 100 years of combined experience
in the market-place, providing in-depth knowledge relative to
all aspects of commercial financing. The company's knowledge and
expertise in this field facilitates customized financing
solutions.
About BioHiTech Global
BioHiTech Global, Inc. (NASDAQ:
BHTG), is changing the way we think about managing waste. Our
cost-effective technology solutions include the patented processing
of municipal solid waste into a valuable renewable fuel, biological
disposal of food waste on-site, and proprietary real-time data
analytics tools to reduce food waste generation. Our unique
solutions enable businesses and municipalities of all sizes to
lower disposal costs while having a positive impact on the
environment. When used individually or in combination, our
solutions lower the carbon footprint associated with waste
transportation and can reduce or virtually eliminate landfill
usage. For more information, please
visit www.biohitech.com.
Forward Looking Statements
Statements in this document
contain certain forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, as amended. These statements,
including statements about the benefits of this leasing program,
potential improvements to cash flow, and the growth of its digester
business, are based on many assumptions and estimates that may
involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of
BioHiTech Global, Inc. to be materially different from future
results, performance or achievements expressed or implied by such
forward-looking statements. BioHiTech Global, Inc. assumes no
obligation to publicly update or revise these forward-looking
statements for any reason, or to update the reasons actual results
could differ materially from those anticipated in these
forward-looking statements, even if new information becomes
available in the future. Our actual results may differ materially
from the results anticipated in these forward-looking statements
due to a variety of factors, including, without limitation those
set forth as "Risk Factors" in our filings with the Securities and
Exchange Commission ("SEC"). There may be other factors not
mentioned above or included in the BioHiTech's SEC filings that may
cause actual results to differ materially from those projected in
any forward-looking statement. BioHiTech Global, Inc. assumes no
obligation to update any forward-looking statements as a result of
new information, future events or developments, except as required
by securities laws.
Company Contact:
BioHiTech Global, Inc.
Richard Galterio
Executive Vice President
Direct: 845.367.0603
rgalterio@biohitech.com
www.biohitech.com
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SOURCE BioHiTech Global, Inc.