Alto Ingredients, Inc. Receives $22.7 Million Grant from USDA Program
16 June 2022 - 09:05PM
Alto Ingredients, Inc. (NASDAQ: ALTO), a leading
producer and distributor of specialty alcohols and essential
ingredients, announced today that it has received a $22.7 million
cash grant from the USDA’s Biofuel Producer Program. The Program
was created as part of the CARES Act, which provided $700 million
to support biofuel producers who experienced market losses due to
the COVID-19 pandemic.
Mike Kandris, Alto Ingredients’ CEO, said, “The grant we
received from the Biofuels Producer Program will be used to support
ongoing facility maintenance and improvements. Our strategic plan
includes upgrading equipment and operating systems to increase
efficiency and plant reliability, expanding our corn storage
capacity, broadening our distribution, and installing high protein
harvesting technology. In addition to fueling growth, these capital
projects are expected to yield additional profitability.”
About Alto Ingredients, Inc.Alto Ingredients,
Inc. (ALTO) is a leading producer and distributor of specialty
alcohols and essential ingredients. The company is focused on
products for four key markets: Health, Home & Beauty; Food
& Beverage; Essential Ingredients; and Renewable Fuels. The
company’s customers include major food and beverage companies and
consumer products companies. For more information, please visit
www.altoingredients.com.
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995Statements and information
contained in this communication that refer to or include Alto
Ingredients’ estimated or anticipated future results or other
non-historical expressions of fact are forward-looking statements
that reflect Alto Ingredients’ 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
“anticipate,” “believe,” “plan,” “could,” “should,” “estimate,”
“expect,” “forecast,” “outlook,” “guidance,” “intend,” “may,”
“might,” “will,” “possible,” “potential,” “predict,” “project,” or
other similar words, phrases or expressions. Such forward-looking
statements include, but are not limited to, statements concerning
Alto Ingredients’ expected uses of funds received under the USDA’s
Biofuel Producer Program and the effects of, including the
financial results deriving from, Alto Ingredients’ capital
improvement projects; and Alto Ingredients’ other plans,
objectives, expectations and intentions. It is important to note
that Alto Ingredients’ plans, objectives, expectations and
intentions are not predictions of actual performance. Actual
results may differ materially from Alto Ingredients’ current
expectations depending upon a number of factors affecting Alto
Ingredients’ business. These factors include, among others, Alto
Ingredients’ ability to timely and effectively complete its capital
improvement and other projects and initiatives, and to operate them
as expected; adverse economic and market conditions, including for
specialty alcohols and essential ingredients; export conditions and
international demand for the company’s 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 – both positive and negative – 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’ 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’ facilities, 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’ filings with the Securities and Exchange
Commission including, specifically, those factors set forth in the
“Risk Factors” section contained in Alto Ingredients’ Quarterly
Report on Form 10-Q filed with the Securities and Exchange
Commission on May 10, 2022.
Media Contact:
Bryon
McGregor, Alto Ingredients, Inc., 916-403-2768
mediarelations@altoingredients.com
Company IR Contact:
Michael
Kramer, Alto Ingredients, Inc.,
916-403-2755investorrelations@altoingredients.com
IR Agency Contact: Kirsten Chapman, LHA
Investor Relations,
415-433-3777investorrelations@altoingredients.com
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