Planned Transactions on Track
MILTON, GA, March 15, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Attis Industries Inc.(NASDAQ: ATIS) (the “Company” or “Attis”), a diversified innovation and technology holding company, today provided an update on the status of its quarterly filing and direction for its annual 10-K filing. While the Company continues to prepare the consolidated financial statements with the assistance of outside valuation and accounting experts, as well as input from its independent auditor, management believes the Company will become current in the near future.
Certain transactions into which the Company had entered over the course of the 2018 calendar year have been complex by accounting standards. With this complexity comes certain expectations of valuations and accounting memos, and, unfortunately, during the time the Company entered into these complex transactions, the Company was replacing its previous auditor. The delays ultimately resulting from these issues has created various issues for the investing public, but the Company feels confident in its ability to complete and file its quarterly and annual filings.
The current delinquency of the Company’s filings has caused delays in securing the necessary capital for planned acquisitions such as CCS (“Custom Cable Services”), which the Company remains focused on completing.
More importantly, the Attis Innovations division’s planned acquisition of Sunoco’s Fulton, NY ethanol plant is a key step in the Company’s long-term vision of becoming a leader in the production of low-carbon fuels and biobased products. Attis has plans for numerous improvements to the Fulton plant over the next 24 months, with the goal of creating the industry’s premier renewable energy campus.
“It is without question that the late filings have created issues; however, we are continuing to work to complete as quickly as possible our financial statements and assist our independent auditor as they finalize their audit and review of these filings. We expect this to be achieved in the near term based on a recently prepared timeline. Attis Industries is a disruptor in the massive fossil fuel industry, as well as carbon fiber and bio-plastics and it is more vital then ever to present the Company in a solid accounting footing for what the future holds over the coming months and years for the Company, its investors and for the green economy,” said Jeffrey Cosman, CEO of Attis. “We are focused on completing the immediate tasks of getting all filings current and closing the Sunoco transaction, which we believe to be on track.”
Attis Industries, Inc.
Attis Industries Inc. (NASDAQ: ATIS) is a diversified innovation and technology holding companyfocused on developing and building businesses that play important roles in the new economy. We strive to encourage our employees to be entrepreneurs focused on innovation and technology. We will remain dynamic, persistent and motivated to our mission of winning. The growth of our company will rely on our integrity and our vision for the future. Today, each of Attis business sectors provide high growth opportunities that collectively account for more than a third of our nations GDP. For more information, visit: www.attisind.com
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “should,” “would” or similar words. You should consider these statements carefully because they discuss our plans, targets, strategies, prospects and expectations concerning our business, operating results, financial condition and other similar matters. These statements are subject to certain risks, uncertainties, and assumptions, including, but not limited to, risks and uncertainties relating to the Company's ability to develop, market and sell products based on its technology; the expected benefits and efficacy of the Company's products and technology; the availability of substantial additional funding for the Company to continue its operations and to conduct research and development, clinical studies and future product commercialization; and, the Company's business, research, product development, regulatory approval, marketing and distribution plans and strategies; the ability of the Company to continue to meet the listing requirements of NASDAQ; the ability of the Company to execute on a business plan that permits the technologies and innovations businesses to provide sufficient growth, revenue, liquidity and cash flows for sustaining the Company’s go-forward business, and the risks identified and discussed under the caption “Risk Factors” in the Attis Annual Report on Form 10-K for the fiscal year ended December 31, 2017, filed with the Securities and Exchange Commission (the “SEC”) on April 16, 2018 and the other documents Attis files with the SEC from time to time. There will be events in the future, however, that Attis is not able to predict accurately or control. Attis’s actual results may differ materially from the expectations that Attis describes in its forward-looking statements. Factors or events that could cause Attis’s actual results to materially differ may emerge from time to time, and it is not possible for Attis to accurately predict all of them. Any forward-looking statement made by Attis in this press release speaks only as of the date on which Attis makes it. Attis undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Kevin M. McGrath
(212) 389-9782 x104