Alliance BioEnergy Plus, Inc. Pays Off Final Two Short Term Convertible Notes, Ahead of Conversion, that Were Due in January
ACCESSWIRE ACCESSWIREJanuary 17, 2018
WEST PALM BEACH, FL / ACCESSWIRE / January 17, 2018 / Alliance BioEnergy Plus, Inc. (OTCQB: ALLM) (the “Company”) today announced that it has completed the payoff of the final two short term notes, held by Power Up Lending Group, Ltd. in full, in the amount of two hundred six thousand, two hundred sixty seven and forty seven cents ($206,267.47) and Crown Bridge Partners, LLC, in the full amount of eighty thousand, eight hundred ninety and sixteen cents ($80,890.16), that were due in January 2018, ahead of both notes’ maturity and conversion. By successfully paying off these loans before their conversion dates, within the first 180 days of issuance, the Company avoids the issuance and subsequent market sale of more than fourteen million (14,000,000) shares of its common stock.
“We continue to focus on clearing our books of any short term debt, while expecting to deploy our CTS process commercially this year,” said Daniel de Liege, CEO of Alliance BioEnergy Plus (the “Company”). “It is our goal to avoid any debt instruments in the future that could be considered harmful to the Company while continuing to focus on building shareholder value through commercialization and licensing of our patented processes.”
“As we previously announced, the Company generated its first revenue from our agreement with Phoenix Biomaterials Thomaston, LLC (Phoenix), upon their completion of due diligence of the CTS process. Phoenix intends to build a greenfield CTS plant capable of processing 1,000 tons per day of agricultural waste at a location in the southeastern United States under a sub-license agreement with the Company,” concluded Mr. De Liege. The Company is in the process of evaluating Phoenix’s business plan, feedstock agreements, and financial backing. Once the Company is comfortable with the ability of Phoenix’s plan to succeed they will issue a sub-license agreement that includes with upfront licensing fees and royalties and release this information to its shareholders and the public.
About Alliance Bio-Products, Inc.
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 fifteen (15) 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.