BRIGHT GREEN ANNOUNCES PLANS FOR $250 MILLION EXPANSION OF ITS CONTROLLED SUBSTANCES DRUG PRODUCTION FACILITY IN GRANTS, NEW MEXICO AND OBTAINS $60 MILLION IN FINANCING
March 12 2024 - 10:59AM
Bright Green Corporation (Nasdaq: BGXX) (“Bright Green” or the
“Company”) today announced that it has signed an agreement with
Dalsem Greenhouse Technologies BV for a $250 million construction
project to expand the Company’s current research, production and
extraction processing facility located in rural Grants, New Mexico
(the “Dalsem Agreement”). The proposed expansion will add 7 million
square feet of manufacturing and production capabilities. The
Dalsem Agreement provides that Dalsem will construct the additional
facility to its specifications and build them in a modular fashion.
Additionally, the Company has entered into a
credit agreement with a lender for a $60 million senior debt
financing to fund the expansion construction project (the “Credit
Agreement”). The Credit Agreement has a term of 10 years with a
fixed interest rate and will have a $5 million tranched draw
schedule with up to 12 draw requests over the 10 year term. The
remainder of the funds are expected to be sourced from the
Company’s EB-5 investment visa oppertunity, currently being
marketed by Asia Capital Pioneers Group.
This expansion is a direct result of Bright
Green obtaining the regulatory approvals for the production of
Schedule I and II controlled substances from the DEA and the State
of New Mexico Board of Pharmacy. The expansion will facilitate the
production and manufacturing required to process the active
pharmaceutical ingredients (“API”) and to make generic prescription
drugs, supporting Bright Green's “Drugs Made in America”
initiative.
Lynn Stockwell, Bright Green’s Chairwoman said
“This cutting-edge bespoke greenhouse project incorporates state of
the art technology and is designed with a modular approach. The
number of modules constructed at any given time is contingent upon
the capital from our EB-5 investors and other federal
infrastructure assistance. I am also pleased to confirm that this
project will be powered by energy from solar panels with the
components soon to be produced here in Albuquerque. Ms. Stockwell
continues “shareholders will benefit from a producer/manufacturer
with a solar power generation field as the state and federal tax
credits are unprecedented allowing our rural based company
significant advantages over foreign competition resulting in a
low-cost generic drug manufacturing company and importantly,
leaving a carbon neutral footprint.”
CEO Groovy Singh expressed his optimism for the
impact the expansion will have for its “Drugs Made In America”
plan. Mr, Singh shared that “Bright Green is the first company in
almost a century to receive approval to produce these controlled
substances in the U.S., so this is a new concept for the U.S.
pharmaceutical industry. The opportunity to mitigate the national
security risk associated with dependency on foreign
imports—manufactured in countries that may have different
ideologies and quality standards that practiced by U.S companies—is
to substantial to ignore.”
The company is finalizing negotiations for the
necessary services from the city, landowners' land parcels and the
necessary state permitting for the construction and occupancy.
The company believes the fully integrated
approach in rural Grants, New Mexico will substantially reduce the
costs of drugs to both the state and all Americans.
About Bright Green Corporation
Bright Green is one of the very few companies
selected by the New Mexico Board of Pharmacy and the US government
for the production, API and drug manufacture, market and distribute
Schedule 1-V plant-based drugs API including opium, cannabis and
cannabis-related products for research, pharmaceutical
applications, and affiliated export. Our approval based on already
agreed terms from the U.S. Drug Enforcement Administration gives us
the opportunity to advance our vision of improving quality of life
through the opportunities presented by cannabis-derived therapies.
To learn more, visit www.brightgreen.us.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements are made as of the date they were first
issued and were based on current expectations, estimates, forecasts
and projections as well as the beliefs and assumptions of
management as of such date. Words such as “expect,” “anticipate,”
“should,” “believe,” “hope,” “target,” “project,” “goals,”
“estimate,” “potential,” “predict,” “may,” “will,” “might,”
“could,” “intend,” “shall” and variations of these terms or the
negative of these terms and similar expressions are intended to
identify these forward-looking statements. Forward-looking
statements are subject to a number of risks and uncertainties, many
of which involve factors or circumstances that are beyond the
Company’s control, including but not limited to, the inability of
the Company to raise funds under the Company’s EB-5 program, and
the impact that new officers, directors and employees may have on
the Company and the Company’s business and results of operations.
The Company’s actual results could differ materially from those
stated or implied in forward-looking statements due to a number of
factors, including but not limited to, risks detailed in the
Company’s Annual Report on Form 10-K and Quarterly Report on Form
10-Q, as amended and supplemented, as well as other documents that
may be filed by the Company from time to time with the SEC. The
forward-looking statements included in this press release represent
the Company’s views as of the date of this press release. The
Company anticipates that subsequent events and developments will
cause its views to change. The Company undertakes no intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
These forward-looking statements should not be relied upon as
representing the Company’s views as of any date after the date of
this press release. Additional information regarding these and
other factors that could affect the Company’s results is included
in the Company’s SEC filings, which may be obtained by visiting the
SEC's website at www.sec.gov.
Media Contacts: Interdependence Public Relations Owen Phillips /
Grace Connor BrightGreen@Interdependence.com
(310) 745-1407Media Inquiries & Investor Relations Contact
ir@brightgreen.us
Bright Green (NASDAQ:BGXX)
Historical Stock Chart
From Jul 2024 to Aug 2024
Bright Green (NASDAQ:BGXX)
Historical Stock Chart
From Aug 2023 to Aug 2024