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Financing option will significantly reduce the up-front costs for potential customers to utilize this technology as part of their safety protocols for combating bacteria and viruses such as Coronavirus 2 (SARS-CoV-2)
CHESTNUT RIDGE, N.Y., July 22, 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 expanded its financing relationship with Crestmark, a division of MetaBank, N.A., a leading business-to-business lender, and US Equity Funding, a full service commercial financing firm, to begin offering equipment lease financing for the Altapure AP-4™ high-level disinfecting system.
The lease financing through Crestmark and US Equity Funding will make the implementation of this technology more affordable to potential customers in the markets BioHiTech services including healthcare, hospitality, and education. Financing will only be offered for customer contract applications that receive business credit approval from either leasing company. Crestmark and US Equity Funding currently offer BioHiTech customers lease financing options for approved Revolution Series Digester rental contract applications.
"We are excited to expand our relationship with Crestmark and US Equity Funding for our new disinfecting distribution business," stated Frank E. Celli, CEO of BioHiTech Global. "We believe this technology is the most effective solution for achieving high-level disinfection of areas such as infirmaries, guest or patient rooms, classrooms, and small common spaces as part of any post-COVID safety protocol. And now, with this equipment lease financing in place, it can be a much more affordable option for helping businesses maintain a healthy and safe environment for their employees and customers."
John C. McBride, Senior Vice President of US Equity Funding stated, "We look forward to helping BioHiTech expand its business in this important area. COVID-19 has had a severe impact on economic activity in this country and we are happy to use our collective expertise to facilitate prompt, transparent financing to help organizations address the new safety and health issues resulting from this pandemic as they get back to business."
About the Altapure AP-4™
The Altapure AP-4™ is an enhanced, automated and touchless high-level disinfection sub-micron aerosol system launched in 2017, providing a safe process and rapid kill of spores, viruses, and vegetative bacteria, such as but not limited to: COVID-19, Acinetobacter baumanii, Pseudomonas aeruginosa, VRE, MRSA, Bacillus atrophaeus, Geobacillus stearothermophilus, Polio virus, , C. auris and Clostridium difficile (C. difficile). Extensive research and development alongside Harris Corporation, formerly ITT Exelis, a top-tier global aerospace, defense, and information solutions company, resulted in the creation of a very unique and patented aerosol generation technology that when coupled with the liquid agent Altacare®, a reagent grade peracetic acid solution, yields rapid and unparalleled results for high level disinfection. Altapure is committed to providing its customers with the highest quality products and processes in the marketplace that are safe to use and are environmentally friendly. All of Altapure's products are engineered, manufactured, and assembled in the U.S.
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®, N.A., 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.
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SOURCE BioHiTech Global, Inc.