Verde Bio Holdings terminates agreement to buy 2 biodiesel plants
Verde Bio Holdings Inc. announced March 10 that it has terminated the agreement to purchase two biodiesel facilities in Florida and North Carolina, first announced in December.
“Verde maintains a highly disciplined approach to the assessment of potential acquisition candidates,” said Scott Cox, founder and CEO. “While we were excited by the potential of this transaction to move the company into the renewable energy space and to create significant stockholder value, we could not get comfortable with the level of debt, short and long-term capital needs, and time it would take to generate revenue. Towards that end, we have decided that terminating this previously announced transaction is prudent for the company and our shareholders. While we are growth-focused through opportunistic acquisitions such as this, we take debt and the issuance of significant numbers of shares very seriously.”
Cox said Verde Bio Holdings remains focused on its strategy and execution of continued acquisitions of oil and gas royalties and pursuing opportunistic investments or acquisitions into alternative-energy assets.
“With crude oil over $100 a barrel and the strong level of deal activity we currently have, we are particularly excited about upcoming months of revenue and adding to our existing portfolio of great assets,” he said. “We are proud to have built a company which is creative and flexible enough to take advantage of these deals as they come to market. We remain focused on executing our business plan and creating long-term value for our shareholders.”