{"id":494216,"date":"2021-05-17T08:33:55","date_gmt":"2021-05-17T12:33:55","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/alto-ingredients-inc-closes-the-sale-of-its-madera-facility\/"},"modified":"2021-05-17T08:33:55","modified_gmt":"2021-05-17T12:33:55","slug":"alto-ingredients-inc-closes-the-sale-of-its-madera-facility","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/alto-ingredients-inc-closes-the-sale-of-its-madera-facility\/","title":{"rendered":"Alto Ingredients, Inc. Closes the Sale of its Madera Facility"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"justify\">SACRAMENTO, Calif., May  17, 2021  (GLOBE NEWSWIRE) &#8212; <strong>Alto Ingredients, Inc. (NASDAQ: ALTO)<\/strong>, a leading producer of specialty alcohols and essential ingredients, announced today the completion of the sale of its fuel ethanol production facility in Madera, CA to Seaboard Energy California, LLC. The Company received $19.5 million in cash proceeds and an additional $8.8 million in assumption of liabilities. The Company used the $19.5 million in net proceeds to prepay principal and accrued interest on its senior notes outstanding. After the close, the Company\u2019s outstanding balance of its senior notes is only $0.7 million.<\/p>\n<p align=\"justify\">Mike Kandris, Alto Ingredients, Inc.\u2019s CEO, stated, \u201cWe wish Seaboard much success as they launch their repurposing of the facility. As previously discussed, the monetization of this asset reduces interest and idle expenses for Alto Ingredients by over $4 million dollars annually and allows us to better focus resources on driving revenue and profitable growth.\u201d<\/p>\n<p align=\"justify\">\n        <strong>About Alto Ingredients, Inc.<br \/><\/strong>Alto Ingredients, Inc. (ALTO), formerly known as Pacific Ethanol, Inc., is a leading producer of specialty alcohols and essential ingredients. The company is focused on products for four key markets: Health, Home &amp; Beauty; Food &amp; Beverage; Essential Ingredients; and Renewable Fuels. The company\u2019s customers include major food and beverage companies and consumer products companies. For more information please visit <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=jP7k-vnPGAoXlZEruH6D3ThbQCS_E-5VxYKZ_gdFCRp5UbtQZ5BHVIVzmDGqN1KmCjkY0xPTQuuV5fFItRoX5UOU7nUoUuE6NLSZLZ3o8jY=\" rel=\"nofollow noopener\" target=\"_blank\">www.altoingredients.com<\/a>.<\/p>\n<p align=\"justify\">\n        <strong><br \/>\n          <u>Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 <\/u><br \/>\n        <\/strong>\n      <\/p>\n<p align=\"justify\">Statements and information contained in this communication that refer to or include Alto Ingredients\u2019 estimated or anticipated future results or other non-historical expressions of fact are forward-looking statements that reflect Alto Ingredients\u2019 current perspective of existing trends and information as of the date of the communication. Forward looking statements generally will be accompanied by words such as \u201canticipate,\u201d \u201cbelieve,\u201d \u201cplan,\u201d \u201ccould,\u201d \u201cshould,\u201d \u201cestimate,\u201d \u201cexpect,\u201d \u201cforecast,\u201d \u201coutlook,\u201d \u201cguidance,\u201d \u201cintend,\u201d \u201cmay,\u201d \u201cmight,\u201d \u201cwill,\u201d \u201cpossible,\u201d \u201cpotential,\u201d \u201cpredict,\u201d \u201cproject,\u201d or other similar words, phrases or expressions. Such forward-looking statements include, but are not limited to, statements concerning Alto Ingredients\u2019 plans, objectives, expectations and intentions. It is important to note that Alto Ingredients\u2019 plans, objectives, expectations and intentions are not predictions of actual performance. Actual results may differ materially depending upon a number of factors affecting Alto Ingredients\u2019 business. These factors include, among others, adverse economic and market conditions, including for specialty alcohols and essential ingredients; export conditions and international demand for the company\u2019s products; fluctuations in the price of and demand for oil and gasoline; raw material costs, including production input costs, such as corn and natural gas; and the effects \u2013 both positive and negative \u2013 of the coronavirus pandemic and its resurgence or abatement. These factors also include, among others, the inherent uncertainty associated with financial and other projections; the anticipated size of the markets and continued demand for Alto Ingredients\u2019 products; the impact of competitive products and pricing; the risks and uncertainties normally incident to the specialty alcohol production and marketing industries; changes in generally accepted accounting principles; successful compliance with governmental regulations applicable to Alto Ingredients\u2019 distilleries, products and\/or businesses; changes in laws, regulations and governmental policies; the loss of key senior management or staff; and other events, factors and risks previously and from time to time disclosed in Alto Ingredients\u2019 filings with the Securities and Exchange Commission including, specifically, those factors set forth in the \u201cRisk Factors\u201d section contained in Alto Ingredients\u2019 Annual Report on Form 10-Q filed with the Securities and Exchange Commission on May 17, 2021.<\/p>\n<p align=\"justify\">Media Contact: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<p align=\"justify\">Bryon McGregor, Alto Ingredients, Inc., 916-403-2768, <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=FCGsZxxM-Jxg5-CfveL71IDPAd7EoF1DdTtWPDEAsIxWXRYtCJigKy7FHKKK5kcvxpLAM3eZChWG3Fkx0yFA-ixW4dT6isjPWQ08nWew28pC3zaLwzj3wxWpZ1Xc-36Gnxq6g9XnFCC2bWMhcQLk0w==\" rel=\"nofollow noopener\" target=\"_blank\">mediarelations@altoingredients.com<\/a><\/p>\n<p align=\"justify\">Company IR Contact: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/p>\n<p align=\"justify\">Michael Kramer, Alto Ingredients, Inc., 916-403-2755, <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=tgdRw8tIhyScpkWh0dKjG3-cs62mrWLzBRRjWo6Cx2wa043kuQBDnnrn0PzqOjW1KfqHvRHma-eVpcsmW_Ot99yPBD-u9utTxbXLzYWEXstygb92JCILfZ0y5lmDqW16XRAw4Z9TvA31TO3cC_4uKQ==\" rel=\"nofollow noopener\" target=\"_blank\">Investorrelations@altoingredients.com<\/a><\/p>\n<p align=\"justify\">IR Agency Contact:<\/p>\n<p align=\"justify\">Moriah Shilton, LHA Investor Relations, 415-433-3777, <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=tgdRw8tIhyScpkWh0dKjG3-cs62mrWLzBRRjWo6Cx2wa043kuQBDnnrn0PzqOjW1kcklTNuygYJsWAyQz8qqarWe_1vC_K6TbKT6QwLHAaIHB47KbxL90WGvz7rzb62tKpk_3D4YA0T2cUhjYaNkBA==\" rel=\"nofollow noopener\" target=\"_blank\">Investorrelations@altoingredients.com<\/a><\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODIzNzI1NyM0MTg2MjYwIzIwMDcxMDE=\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/f01769d3-3a45-4285-a03f-b40cbd25f943\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>SACRAMENTO, Calif., May 17, 2021 (GLOBE NEWSWIRE) &#8212; Alto Ingredients, Inc. (NASDAQ: ALTO), a leading producer of specialty alcohols and essential ingredients, announced today the completion of the sale of its fuel ethanol production facility in Madera, CA to Seaboard Energy California, LLC. The Company received $19.5 million in cash proceeds and an additional $8.8 million in assumption of liabilities. The Company used the $19.5 million in net proceeds to prepay principal and accrued interest on its senior notes outstanding. After the close, the Company\u2019s outstanding balance of its senior notes is only $0.7 million. Mike Kandris, Alto Ingredients, Inc.\u2019s CEO, stated, \u201cWe wish Seaboard much success as they launch their repurposing of the facility. As previously discussed, the monetization &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/alto-ingredients-inc-closes-the-sale-of-its-madera-facility\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Alto Ingredients, Inc. Closes the Sale of its Madera Facility&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-494216","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Alto Ingredients, Inc. Closes the Sale of its Madera Facility - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/alto-ingredients-inc-closes-the-sale-of-its-madera-facility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Alto Ingredients, Inc. Closes the Sale of its Madera Facility - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"SACRAMENTO, Calif., May 17, 2021 (GLOBE NEWSWIRE) &#8212; Alto Ingredients, Inc. (NASDAQ: ALTO), a leading producer of specialty alcohols and essential ingredients, announced today the completion of the sale of its fuel ethanol production facility in Madera, CA to Seaboard Energy California, LLC. The Company received $19.5 million in cash proceeds and an additional $8.8 million in assumption of liabilities. The Company used the $19.5 million in net proceeds to prepay principal and accrued interest on its senior notes outstanding. After the close, the Company\u2019s outstanding balance of its senior notes is only $0.7 million. Mike Kandris, Alto Ingredients, Inc.\u2019s CEO, stated, \u201cWe wish Seaboard much success as they launch their repurposing of the facility. As previously discussed, the monetization &hellip; Continue reading &quot;Alto Ingredients, Inc. 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