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Southridge Partners II and BenchMark Energy Corporation Enter Into a $15 Million Equity Purchase Agreement
By: PR Newswire
Nov. 29, 2012 01:45 PM
RIDGEFIELD, Conn., Nov. 29, 2012 /PRNewswire/ -- Stephen Hicks, Managing Member of Southridge ("Southridge") and Mark Bateman, CEO of BenchMark Energy Corporation, are pleased to announce that Southridge Partners II, an institutional investor, has entered into a Fifteen Million Dollar ($15,000,000) equity purchase agreement with BenchMark Energy Corporation ("Benchmark" or the "Company"), whereby Southridge has agreed to purchase up to $15,000,000 of BenchMark Common Stock over the next two years. (OTC: BMRK).
BenchMark Energy and its subsidiary, Energy Partners LLC, are expanding the global glycerin market by developing new applications for refined glycerin. The Company currently originates glycerin from biodiesel plants located in the U.S. and Canada and manages logistics for its customers who utilize the glycerin in traditional and emerging markets. BenchMark intends to use the $15,000,000 to accelerate the growth and development of the Company and capitalize on the opportunity in the evolution of the current biofuels market. The Company's primary focus will be to target the logistical control in the delivery and distribution in our existing operation on the purchase, sales, and distribution within the glycerin market. This will include building a new facility and pursuing the acquisition of an existing plant. The Company has identified several existing facilities for acquisition in the Midwestern United States which it will retrofit and update for streamlined transportation. BenchMark has commenced feasibility research for locations to build or acquire a refinement facility in Texas which would provide access to major ports for international sales.
"We are pleased to commence our transition of BenchMark into the highly profitable refinement sector of the alternative and biofuels market," states Mark Bateman, CEO for BenchMark. Mr. Bateman states further, "We look forward to working with Mr. Hicks and Southridge as our equity partner that will provide BenchMark Energy the experience and knowledge it requires in today's capital markets."
Southridge seeks investments in emerging growth areas, domestically and in international markets. Southridge has successfully participated in providing over $1.7 billion in capital to companies in the United States, Asia, Canada, the United Kingdom and Australia amongst others.
About Southridge Advisors
Southridge LLC is a diversified financial holding company specializing in direct investment and advisory services to small and middle market issuers. Read on for more about another one of Southridge Capital's exciting investments.
SOURCE BenchMark Energy Corporation
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