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Slide #36. Delek Renewables, LLC — EQM Technologies & Energy, Inc. Biodiesel Production Business
Delek Renewables, LLC (NYSE:DK)
EQM Technologies & Energy, Inc. Biodiesel Production Business (EQTE)
EQM Technologies & Energy, Inc., a leading provider of environmental services to government and commercial businesses, today 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.
Delek US Holdings is a holding company. Through its subsidiaries, Co. is engaged in the downstream energy business focused on petroleum refining, the transportation, storage and wholesale distribution of crude oil, intermediate and refined products and convenience store retailing. Co.'s segments are: refining, which processes crude oil and other feedstocks for the manufacture of transportation motor fuels; logistics, which gathers, transports and stores crude oil and markets, distributes, transports and stores refined products; and retail, which includes the operations of convenience store sites located primarily in Central and West Texas and New Mexico.
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Hold (1.93 out of 4)