LEWIS CENTER, Ohio, Feb. 26, 2019 (GLOBE NEWSWIRE) -- Midwest Energy Emissions Corp. (MEEC) ("ME2C" or the "Company"), a leader in mercury emissions control in North America, announced today that it has completed a restructuring of all of its unsecured subordinated and secured debt obligations presently held by AC Midwest Energy LLC, an affiliate of Alterna Capital Partners, LLC (“Alterna”), a registered investment advisor located in Wilton, CT.
The restructuring exchanges the existing $13.0 million unsecured subordinated note, together with all accrued and unpaid interest through closing, for a new unsecured note in the approximate principal amount of $13.2 million which will mature in August 2022. Until then, principal payments will only be required on the new unsecured note from certain litigation and licensing proceeds as well as adjusted free cash flow achieved by the Company. The new unsecured note will bear zero interest and instead entitle Alterna to certain non-recourse profit share. In addition, the restructuring extends the maturity date of the remaining principal balance due on the secured note with Alterna, in the approximate amount of $270,000, until August 2022.
The Company announced that this restructuring will assist the Company in being able to sustain a positive operating cash flow given present business and will provide a solid financial footing on which to continue its growth.
“This debt restructuring is another important step forward for ME2C, and I would like to thank our financial partner, Alterna Capital, for their tremendous support and continued belief in our long term prospects,” said Richard MacPherson, President and CEO of ME2C. “This restructuring represents a milestone which will help secure the Company’s ability to attract new business while managing present customers and monetizing our patent portfolio with Caldwell Cassady and Curry P.C., which leads our licensing and patent enforcement program.”
About Midwest Energy Emissions Corp. (ME2C®)
Midwest Energy Emissions Corp. (MEEC) delivers patented and proprietary solutions to the global coal-power industry to remove mercury from power plant emissions, providing performance guarantees, and leading-edge emissions services. ME2C has developed patented technology and proprietary products that have been shown to achieve mercury removal at a significantly lower cost and with less operational impact than currently used methods, while preserving the marketability of fly-ash for beneficial use. For more information, please visit www.midwestemissions.com.
Safe Harbor Statement
With the exception of historical information contained in this press release, content herein may contain "forward-looking statements" that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified by using words such as "anticipate," "believe," "plan," "expect," "intend," "will," and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the statements made. Matters that may cause actual results to differ materially from those in the forward-looking statements include, among other factors, the gain or loss of a major customer, change in environmental regulations, disruption in supply of materials, capacity factor fluctuations of power plant operations and power demands, a significant change in general economic conditions in any of the regions where our customer utilities might experience significant changes in electric demand, a significant disruption in the supply of coal to our customer units, the loss of key management personnel, availability of capital and any major litigation regarding the Company. In addition, this release contains time-sensitive information that reflects management's best analysis only as of the date of this release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release. Further information concerning issues that could materially affect financial performance related to forward-looking statements contained in this release can be found in the Company's periodic filings with the Securities and Exchange Commission.