MPIR - Empire Diversified Energy Inc. Signs Agreement To Acquire Logistics Terminals
FORT LAUDERDALE, Fla., May 30, 2019 /PRNewswire/ -- Empire Diversified Energy Inc. ("Empire" or the "Company") (OTCQB: MPIR) is pleased to announce it has signed an agreement to acquire all of the equity interests in Go Green American Recycling, Inc. and a majority interest in Tri Modal Terminals (in a single, binding agreement) in exchange for $16,000,000 in cash, 35 million shares of Empire common stock and one million shares of Empire preferred stock. Go Green and Tri Modal are strategically located on the banks of the Ohio River, in Follansbee WV. The companies are engaged in providing handling and logistics services for an array of energy related materials.
Frank Rosso, Empire CEO states, "This is part of the vertical integration plan we have always had in mind for our company. We could not be more pleased and excited to work with the Ewusiak family and the staff at the terminals. These are great people who have done a great job finding the right geographic location, at the right time, to take advantage of the new industrial revolution underway in the Tri-State region. This area has been challenged for many years, and now due to the changes in governmental policies is witnessing the rebuilding of old steel plants and the opening of new ones. Coke plants servicing these steel mills are now running at full capacity, as are the new cracker plants built by Shell Oil which support the liquid natural gas coming from the nearby Marcellus Shale pipeline project."
Mr. Rosso went on to say, "Empire is now perfectly positioned to support the resurgence of multiple American industries surrounding our terminal, providing procurement services to acquire a wide variety of materials these plants need to operate at maximum efficiently. The resulting Company plans to invest in and build a central logistics hub, not only for the traditional steel mills in the area, but also for the future LNG distribution network. Empire is pleased to be a part of this historic American revitalization."
About Empire Diversified Energy Corporation
Empire Diversified Energy, Inc. is a full-service firm offering solutions to the dynamic changing needs of the Energy Industry. The Company's goal, based on years of demonstrable experience, is to offer strategic and innovative on-site execution in addressing industry issues such as remediation of Coal Combustion Residue (CCR), and the development of renewable energy sources.
Statements contained in this communication that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect current views of management with respect to future events and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected, or described pursuant to similar expressions.
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SOURCE Empire Diversified Energy Inc.