$1.5 million first funding closed; I-924 Exemplar Approval allows foreign investors to utilize project approval for faster EB-5 processing
CUPERTINO, CA, Jan. 23, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Aemetis, Inc. (AMTX) announced today that the US Customs and Immigration Service (USCIS) has issued an I-924 Exemplar Approval for its $50 million EB-5 Phase II funding related to the Aemetis Riverbank cellulosic biorefinery project in California. Three EB-5 investors filed with the USCIS and funded $1.5 million to the Aemetis project in December 2018 to launch the $50 million EB-5 Phase II funding round.
With the I-924 Exemplar Approval of the Aemetis project by the USCIS, EB-5 investors receive faster processing of their EB-5 investor documents.
“Aemetis has already successfully raised $35 million of EB-5 Phase I funding at a 3% interest rate for the Keyes ethanol plant, so we are pleased with the I-924 Exemplar Approval by the USCIS of $50 million EB-5 Phase II funding for the Riverbank below zero carbon biofuels plant as our next round of low interest rate funding,” stated Eric McAfee, Chairman and CEO of Aemetis. “This EB-5 Phase II financing is not convertible into Aemetis stock at either the parent company or subsidiary levels, so the $50 million from EB-5 Phase II investors will not be dilutive to Aemetis shareholders and has a minimum five-year maturity with a below market interest rate.”
The Aemetis Riverbank cellulosic biorefinery is designed to produce below zero carbon biofuels from agricultural waste that could otherwise be burned in the Central Valley. The USCIS I-924 Exemplar Approval for the Aemetis Riverbank project is in addition to California state governmental support through the recent award of $12.7 million of sales and use tax waivers for equipment and other purchases for the construction of the Aemetis Riverbank plant.
The Aemetis Riverbank project was selected as the “#1 Waste-to-Value Project” in 2018 by Biofuels Digest, citing benefits from the conversion of waste orchard wood into valuable biofuels, the low carbon content of the biofuel produced from agricultural waste, the rise in the value of credits for low carbon fuels under the California Low Carbon Fuel Standard, and the project’s 20-year feedstock supply agreement with fixed prices for 10 years.
Headquartered in Cupertino, California, Aemetis is an advanced renewable fuels and biochemicals company focused on the acquisition, development and commercialization of innovative technologies that replace traditional petroleum-based products by the conversion of ethanol and biodiesel plants into advanced biorefineries. Founded in 2006, Aemetis owns and operates a 60 million gallon per year ethanol production facility in California’s Central Valley, near Modesto. Aemetis also owns and operates a 50 million gallon per year renewable chemical and advanced fuel production facility on the East Coast of India producing high quality distilled biodiesel and refined glycerin for customers in India, the US and Europe. Aemetis operates a research and development laboratory, and holds a portfolio of patents and related technology licenses for the production of renewable fuels and biochemicals. For additional information about Aemetis, please visit www.aemetis.com.
Safe Harbor Statement
This news release contains forward-looking statements, including statements regarding our assumptions, projections, expectations, targets, intentions or beliefs about future events or other statements that are not historical facts. Forward-looking statements in this news release include, without limitation, statements regarding our business plans, growth opportunities, the construction and operation of the cellulosic production facility in Riverbank, California, the achievement of certain cost advantages for the construction of the cellulosic facility, and our ability to meet our funding goals under the EB-5 Phase II (Riverbank project) funding. Words or phrases such as “anticipates,” “may,” “will,” “should,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “showing signs,” “targets,” “will likely result,” “will continue” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current assumptions and predictions and are subject to numerous risks and uncertainties. Actual results or events could differ materially from those set forth or implied by such forward-looking statements and related assumptions due to certain factors, including, without limitation, competition in the ethanol, biodiesel and other industries in which we operate, commodity market risks including those that may result from current weather conditions, financial market risks, customer adoption, counter-party risks, risks associated with changes to federal policy or regulation, and other risks detailed in our reports filed with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2017, and in our subsequent filings with the SEC. We are not obligated, and do not intend, to update any of these forward-looking statements at any time unless an update is required by applicable securities laws.
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