DENVER, Nov. 08, 2017 (GLOBE NEWSWIRE) -- Vista International Technologies, Inc. (VVIT), a pioneer in efficient Waste-to-Energy technology, is pleased to announce that it has closed on the sale of its 18-acre tire processing facility in Hutchins, TX. The sale was closed on November 3, 2017 for gross proceeds of $1.5 million as part of the Company's stated goal of becoming primarily a Waste-to-Energy company. Under this agreement Vista sold the facility and will lease back the property for a one-year period for the sum of $150,000 (sale/leaseback transaction). This lease is designed to give the Company time to clear the site to remediation specifications as required by the state and local authorities. The facility is currently closed as the remediation plan is being coordinated with the proper authorities.
In addition, the Company has agreed that $300,000 of the sale proceeds will be held in escrow until the site is fully remediated. If Vista fails to remediate the site during the one-year period, then these funds will be used by the purchaser for any remaining cleanup efforts. For clarification purposes, this sale is separate from the transaction for the sale of the 9-acre parcel of vacant land the company currently owns, which is adjacent to the 18-acre tire facility and is currently under contract for sale.
Vista International Technologies, Inc. has been producing Waste-to-Energy gasification systems for over twenty-five years, with installations across three continents. The Company’s technology has low costs of installation and operation, and allows for the processing of virtually any hydrocarbon-based waste product, including municipal solid waste, waste tires, waste coal, sewage waste, and biomass, among others. The company’s Waste-to-Energy systems are emission friendly and extremely efficient, and can be used to produce heat, steam, and/or electricity.
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