EQM Technologies & Energy, Inc. Announces Agreement to Sell ItsrnBiodiesel Production Business to Delek Renewables, LLC

摘要

2013 JAN 18 (VerticalNews) -- By a News Reporter-Staff News Editor at Energy Business Journal -- EQM Technologies & Energy, Inc. (OTCQB: EQTE) ("EQM"), a leading provider of environmental services to government and commercial businesses, announced that it has entered into an agreement to sell its biodiesel production facility based in Cleburne, TX and related assets to Delek Renewables, LLC ("Delek Renewables"), a wholly owned subsidiary of Delek US Holdings, Inc. (NYSE: DK), for approximately $5.3 million in cash. The transaction, which has been approved by EQM's Board of Directors, is expected to close on or before January 23, 2013, and is subject to customary closing conditions. EQM plans to use the proceeds from the transaction to pay off all $1,650,000 unpaid principal and all accrued but unpaid interest under EQM's secured subordinated notes that are secured by the assets being sold in the transaction, and for general corporate purposes.