Attis Industries Inc (NASDAQ: ATIS) is flying early on in the market this morning after the company announced that it has purchased a new site. The new site will be used as the company’s first commercial-scale biorefinery. Of course, the news excited investors, sending the stock screaming for the top. Today, we’ll talk about:
- The site purchase;
- what we’re seeing from the stock as a result; and
- what we’ll be watching for ahead.
ATIS Announces New Site Purchase
As mentioned above, Attis Industries is having an overwhelmingly strong start to the trading session this morning after the company announced a new site purchase. In a press release issued early this morning, the company announced that it has executed a letter of intent with the city of Barnesville, GA. The letter of intent is centered around the company’s intent to purchase a 32-acre property. The property is planned to be the company’s first commercial-scale biorefinery.
In the release ATIS siad that the Barnesville facility will be capable of generating around $35 million in annual revenue as well as contribute 40 direct green collar jobs to the local economy. Over the next 2 years, the company intends on expanding the facility to provide more than 100 jobs. In a statement, David Rose, Barnesville City Manager had the following to offer:
The City of Barnesville welcomes Attis Industries Inc. to our industrial community. We are proud to be a partner in such innovative technologies and we appreciate their choice to be the first commercial scale biorefinery location in Georgia.
The above statement was followed up by Kathy Oxford, Executive diretor of the Barnesville Lamar County Industrial Development Authority. Here’s what she had to offer:
The synergies with our existing industrial base in Lamar County are appreciated and the addition of this facility creates an opportunity for good quality jobs, which is our mission–creating economic wealth… We look forward to future developments as the company grows.
Finally, Jeff Cosman, CEO at ATIS, closed statements with the following:
The city of Barnesville has been fantastic to work with, and we look forward to continuing our relationship well into the future as Attis expands its manufacturing footprint.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news causes moves. In the case of Attis Industries, the news proved to be overwhelmingly positive. After all, the company is moving toward commercial phases, which means that revenue generation is coming soon. So, it’s no surprise to see that the stock is headed for the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (11:00), ATIS is trading at $0.41 per share after a gain of $0.029 per share or 7.48% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA finance team will continue to keep a close eye on ATIS. In particular, we’re interested in following the story surrounding the company’s work to build their first commercial refinery. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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