Another major acquisition by management of a potential majorrevenue generation company. Management is moving forward on their long-range plans to build carefully a significant proven portfolio.
Surely, the Market requires that a financial statement be published to give credibility to their plans.
"PINK:FRMA) - Firma Advanced Carbon Materials Inc., a wholly-owned subsidiary of Firma Holdings Corp., is pleased to announce that it has entered into an Agreement to acquire a 51% interest in the existing shares of NorthStar Sustainable Energy LLC, a Kentucky-based operator of the state of the art Huff Plant which is a Carbon Enhancement facility for heavy media course and fine coal cleaning rated at 450 tons/hr. The transaction is based on a typical 60-day due diligence period.
Sebastien Dufort, CEO/Chairman of Firma Holdings Corp., stated; "We are extremely excited to complete this transaction, as NorthStar through the R.H Group is comprised of over 130 million recoverable tons of very high quality, high-vol coal reserves, mining permits, a modern preparation plant and tipples on both the CSX and NS railways. This project represents the highest quality, most economically feasible large scale metallurgical coal development opportunity in the U. S.
NorthStar, an R.H. Group company, is led by a seasoned management group that has over 120 years of combined experience in the management and development of natural resources. On average, team members have been with the RH Group for over 15 years. The dedication and experience of our team members allow the RH Group to operate as a lean and efficient organization. With its focus on the future and not the past, the RH Group will continue to look for ways to unlock hidden value from its ever-expanding portfolio of assets.
About NorthStar Sustainable Energy LLC (A Ross Harris Group Company):
NorthStar Sustainable Energy LLCis positioned to be a carbon neutral coal company, the first of its kind in North America. NorthStar will be a dual services facility on the NS and CSX rail roads, focusing on metallurgical coals, along with specialty products for its existing customer base. NorthStar has established several long-term relationships with users of the metallurgical coal and will begin shipping in June 2021. NorthStar located in Pike County, Kentucky which is in the "Opportunity Zone" making its position in the market unique. NorthStar with its "Socially Responsible Carbon" outlook has three new metallurgical mines coming online this summer. Metallurgical coal, also known as met coal, coking coal, or steelmaking coal, is a vital ingredient for making steel, iron alloy, carbon and other metals usedin everything from buildings, tools, trains, planes, and automobiles, to cookware, cutlery, surgical tools and implants.
About Ross Harris Group
The Ross Harris Group is comprised of over 30 companies with common ownership and a common purpose - to optimize the value of its natural resource holdings while protecting the environment for future generations. Founded by the late Ross Harris over thirty years ago, the RH Group has followed Mr. Harris' vision of acquiring underappreciated assets and then having a well-defined plan and the patience to execute that plan to create value. His vision and creed permeate and still guide us. With its corporate offices located in Pikeville, Kentucky, the RH Group has holdings in Kentucky, Virginia and West Virginia. It has a diverse array of assets including: a unique metallurgical coal development opportunity, vast thermal coal reserves, over 160,000 acres of oil and gas holdings, thousands of acres of timber lands and significant real estate suitable for commercial, industrial and residential development. The RH Group has gone beyond the traditional utilization of its assets. To create value, it has delved into areas such as generating carbon credits to sell in the California Cap and Trade program; partnering with solar energy professionals to evaluate and develop sites for solar energy development and evaluating properties for the opportunity to develop and sell mitigation credits, to name a few.
A summary of agreement terms is as follows:
Firma expects this to be part of a number of acquisitions in accordance with Firma Holding's new corporate directives. Firma Holdings Corp. is organized and engaged in the business of fostering established companies through the different developmental phases. The intent is to acquire an interest in a company that already has the potential to succeed on its own; use Firma Holding's resources to further assist the acquisition target to grow and develop; and at the appropriate time, distribute the shares to our shareholders."