In Australia, Mission NewEnergy announced it has successfully completed the company transformation plan commenced in 2012. Management has continued to improve the balance sheet and restructure the Company’s operations achieving major milestones in 2013 and 2014.
Today Mission is pleased to announce the achievement of the final step of the transformation plan being:
•Completion of the sale of its 250,000 tpa biodiesel refinery for $22.5 million
•Settlement of all outstanding convertible note debt of approximately A$25 million
•Retention of a 20% stake in a highly prospective Joint Venture with the world’s largest oil palm plantation company and one of the United States’ most promising disruptive fuels technology providers
•Retention of approximately two years in general working capital to cover operational and legal expenses Mission has added 40.28 cents per share of asset value on a fully diluted basis from this Transaction including 10.44 cents per share of cash and enterprise value of Mission’s interest in the Joint Venture of 29.84 cents per share.
