WEST PALM BEACH, FL / ACCESSWIRE / August 14, 2017 / Alliance BioEnergy Plus, Inc. (OTCQB: ALLM), today announced that it has completed the payoff of a short term note, held by Labrys Fund LLP, providing the full $140,000 ahead of the notes maturity. By paying off the loan before its due date, and within the first 180 days of issuance the Company receives back the entire 630,630 shares of its common stock issued to Labrys as a commitment fee and avoids 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 continue to focus on clearing our books of any short term debt and look to closing on the purchase of the bioethanol plant we have been working on for the last several months," said Daniel de Liege, CEO of Alliance BioEnergy. "It is our goal to avoid any debt in the future that could be considered harmful to the Company and we will continue to pay off the last few notes as they come due."
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 that 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 Alliance Bio-Products, Inc.
Alliance Bio-Products, Inc. was formed as a special purpose wholly-owned subsidiary of Alliance BioEnergy Plus, Inc. ("ALLM") to own and operate Bioethanol plants in the United States.
Utilizing ALLM's patented CTS process Alliance intends to retrofit existing ethanol plants with the mechnocatalytic cellulosic conversion process, transforming them into profitable renewable energy centers that are carbon neutral, waste free and protecting our delicate environment while providing energy and high value co-products. The CTS process enjoys a family of patents centered around the main U.S. patent # 8,062,428. 2032.
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 Bio-Products, Inc.