BioHiTech Global sells stake in Gold Medal Group

BioHiTech Global Inc., a technology and sustainable waste management solutions company based in Chestnut Ridge, New York, has announced the sale of its 2.2 percent stake in Gold Medal Group, Sewell, New Jersey, to Gold Medal Equity, an entity owned by Kinderhook Industries, New York City, for $2.25 million. 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.," remarks BioHiTech Global CEO Frank Celli. "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.”

Celli adds, “By monetizing our ownership in Gold Medal Group, we free up capital to support the operations of our first HEBioT facility in Martinsburg, West Virginia, 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."

The company will continue providing management oversight of Gold Medal’s waste services.Gold Medal is a solid waste company offering collection, processing, disposal and recycling services throughout the Northeast and mid-Atlantic regions, including New Jersey, Pennsylvania, West Virginia, Maryland, Washington and Virginia.