Alliance BioEnergy Receives CARES Act SBA Loan
PALM BEACH GARDENS, FL, May 06, 2020 (GLOBE NEWSWIRE) -- Alliance BioEnergy Plus, Inc. (PINK: ALLM). Alliance BioEnergy Plus Inc., (“Alliance”) announces that it has received a forgivable loan from the Small Business Administration equal to 2.5 times its 2019 average monthly payroll. This is the maximum forgivable loan size available in accordance with the Paycheck Protection Program in the CARES Act that was passed into law on March 27, 2020.
Alliance also reports that its 4th generation CTS 2.0 prototype is on schedule to be completed in about 4 to 6 weeks. Management is looking forward to testing its additional parameters and features.
About the CTS 2.0 Process. CTS 2.0 can convert virtually any plant material – grasses, wood, paper, farm waste, yard waste, forestry products, fruit casings, nut shells, and the cellulosic portion of municipal solid waste -- into sugars and subsequently into biofuels, and bioplastics, without the use of enzymes or liquid acids. CTS stands for Cellulose to Sugar. The cellulose is converted into sugar and lignin. The sugar is further converted into bio-ethanol and other biofuels; the lignin may be further converted into bioplastics. CTS 2.0 has a near zero carbon footprint. CTS 2.0 is the fully owned and independently developed proprietary process of Alliance BioEnergy Plus.
Information in this document may constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The risks, uncertainties and other factors are more fully discussed in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Alliance BioEnergy Plus, Inc. herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Alliance BioEnergy Plus, Inc. disclaims any obligation to update forward looking statements contained in this estimate, except as may be required by law.
Contact:
Ben Slager, CEO
Anthony Santelli, CFO
SOURCE: Alliance Bioenergy Plus, Inc.
