BioHiTech Global Inc., a technology and services company that provides sustainable waste management solutions, just announced the sale of its 2.2 percent stake in Gold Medal Group to Gold Medal Equity LLC, an entity owned by Kinderhook Industries, for $2.25 million in cash. BioHiTech acquired its stake in Gold Medal in January 2018 in exchange for 500,000 shares of its common stock.
"We are pleased to have completed the sale of our stake in Gold Medal Group to help us focus our financial resources on the growth of our HEBioT resource recovery technology in the Northeast U.S.," said Frank E. Celli, CEO of BioHiTech Global, in a statement. "Over the past two years, our relationship with Gold Medal Group and Kinderhook has strengthened to include their $5.5 million investment into our HEBioT development subsidiary this past December. By monetizing our ownership in Gold Medal Group, we free up capital to support the operations of our first HEBioT facility in Martinsburg, W. Va., while maintaining a portfolio comprised solely of technology assets focused on achieving cost-effective landfill diversion, repurposing waste into alternative fuel and providing data analytics to help customers reduce waste generation. We look forward to continuing to grow our business and build long-term value for our stockholders with the help of our partners at Gold Medal Group and Kinderhook Industries."