Freedom Environmental Services has delivered over 50,000 gallons of recycled yellow grease commodity resulting from the acquisition of Clean Fuel was made official.
Pursuant to the asset purchase agreement, and upon the terms and subject to the conditions thereof, Freedom Environmental agreed to purchase all of the equipment, inventory on hand, furniture and a customer list of Clean Fuel and closed the acquisition.
The purchase price for the assets consisted of $850,000 in cash and 5,000,000 warrants at a $.10 exercise price which are fully vested and have a three-year life at the date of closing of the acquisition.
Freedom’s management anticipates generating progressively higher levels of yellow grease commodity each month by integrating its existing customer base of recognizable commercial brand accounts.
Freedom Environmental Services president and CEO Michael Borish said that the company has also begun entering into contracts to provide additional services to recently acquired Clean Fuel accounts.
Freedom Environmental Services is Florida-based green grease and wastewater collection, processing, and recycling company.