The Company Also Pays Off Remaining Secured Debt
Corsicana, Texas--(Newsfile Corp. - March 6, 2024) - Midwest Energy Emissions Corp. (TSXV: MEEC) (OTCQB: MEEC) ("ME2C Environmental " or the "Company"), a leading environmental technologies firm, announced today that it has made a $9.0 million principal payment against its approximate outstanding $13.1 million unsecured note with its principal financial partner, repaid in full the remaining $272,000 principal balance under its secured note, and restructured its remaining debt obligations with such lender.
As part of the restructuring, the Company negotiated a reduction in the non-recourse profit share held by the lender from $17.7 million to $7.9 million and limits the triggering of profit share payments to certain net litigation proceeds. The remaining balance of the unsecured note ($4.1 million), except for the non-recourse profit share, will mature in six months.
This new restructuring also grants the Company the ability to facilitate the sale of certain shares of common stock held by the lender within 30 days and, through the end of 2024, provides the Company the exclusive right to facilitate the sale of all or a portion of the remaining balance of common stock held by such lender. The Company will be entitled to receive certain dollar for dollar credits based upon such sales.
Richard MacPherson, Chief Executive Officer of ME2C Environmental, stated, "We are pleased to have made a substantial payment to our financial partner, including the repayment in full of our secured debt. The restructuring of our remaining debt obligations has already provided millions of dollars of benefits which could increase based upon certain sales of stock that may be made by the lender in the future."
About ME2C® Environmental
ME2C Environmental is a leading environmental technologies company developing and delivering patented and proprietary solutions to the global power industry. ME2C's leading-edge mercury emissions technologies and services have been shown to achieve emissions removal at a significantly lower cost and with less operational impact than currently used methods, while maintaining and/or increasing power plant output and preserving the marketability of byproducts for beneficial use. ME2C Environmental is a trade name of Midwest Energy Emissions Corp. For more information, please visit http://www.me2cenvironmental.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 U.S. Private Securities Litigation Reform Act of 1995 or forward-looking information under applicable Canadian securities laws (collectively, "forward-looking statements"). 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 loss of major customers; dependence on availability and retention of key suppliers; changes, or lack of changes, in environmental regulations; risks related to advancements in technologies; lack of diversification in the Company's business; risks related to intellectual property, including the ability to protect intellectual property and the success with any patent litigation; competition risks; changes in demand for coal as a fuel source for electricity production; ability to retain key personnel; absence of a liquid public market for our common stock; share price volatility; and, the potential that dividends may never be declared. In addition, this release contains time-sensitive information that reflects management's best analysis only as of the date of this release. ME2C Environmental 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 or other forward-looking statements contained in this release can be found in ME2C Environmental's periodic filings with the Securities and Exchange Commission or Canadian securities regulators.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
ME2C Environmental Contact:
Stacey Hyatt
Corporate Communications
ME2C Environmental
Main: 614-505-6115 x-1001
Direct: 404-226-4217
shyatt@me2cenvironmental.com
Investor Relations Contact:
Jessica Butt
IR Representative
Adelaide Capital
Direct: 416-844-6202
jessica@adcap.ca
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/200601
