WEST PALM BEACH, FL / ACCESSWIRE / July 25, 2017 / Alliance BioEnergy Plus, Inc. (OTCQB: ALLM), today announced that it has completed the payoff of a short term note, held by PowerUp Lending Group, providing the full $211,000 owed approximately six months ahead of the notes maturity. By paying off the loan before its due date, and within the first 180 days of issuance, the Company avoided any conversion of the debt to stock.
The Company continues with its plan of retiring all of its outstanding debt prior to closing on the purchase of a bioethanol plant through its subsidiary Alliance Bio-Products, Inc.
"We are pleased to be able to pay off this loan well ahead of schedule, which is a focus as we move forward toward closing on our new plant in Florida," said Daniel de Liege, CEO of Alliance BioEnergy. "By paying off the debt early, we avoided the conversion of the debt to stock, which was important for us to do for our shareholders. We will continue our efforts to eliminate existing Company debt, before it comes due, to best position ourselves moving forward as we ramp up commercialization of our product for sale."
The purchase of the plant is being funded through a mixture of debt and equity. The equity portion of the investment is being done via a 506(c) filing under subsidiary Alliance Bio-Products, Inc, which is still open for investor consideration, in order to reduce as much debt as possible. For more information on that opportunity, please visit the offering page.
About ALLM
Alliance BioEnergy +, Inc. ("ALLM") is a publicly traded company focusing on the commercialization and licensing of a patented cellulose conversion technology that it controls through a master license agreement with the University of Central Florida, via its affiliate Carbolosic, LLC. Carbolosic holds the exclusive, worldwide license to four (4) issued patents and fourteen (14) filed and pending patents revolving around the core CTS (cellulose to sugar) technology. ALLM also holds the exclusive CTS rights to North America (Canada, US, and Mexico) and Africa.
The CTS process is the only known patented, dry mechanical process that can convert virtually any cellulose material into sugars and other products in a matter of minutes with no liquid acids, no applied heat, pressure or hazardous materials of any kind. The CTS process when used in the production of Ethanol is clean, less expensive to build and operate than traditional ethanol plants or other cellulose ethanol technologies and is completely environmentally friendly.
Information in this document constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The risks, uncertainties and other factors are more fully discussed in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Alliance BioEnergy Plus, Inc. herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Alliance BioEnergy Plus, Inc. disclaims any obligation to update forward-looking statements contained in this estimate, except as may be required by law.
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SOURCE: Alliance BioEnergy Plus, Inc.