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HIGHWATER ETHANOL, LLC

(HEOL)
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HIGHWATER ETHANOL LLC : Termination of a Material Definitive Agreement (form 8-K)

12/09/2020 | 03:50pm EDT

Item 1.02 Termination of a Material Definitive Agreement

On September 26, 2013, Highwater Ethanol, LLC (the "Company") entered into a series of related definitive agreements with Butamax Advanced Biofuels, LLC ("Butamax") which included an Easement for Construction and Process Demonstration Agreement, an Equipment Lease Agreement, a Technology License Agreement, a Technology Demonstration Risk Reduction Agreement and a Security Agreement pursuant to which Butamax installed and leased its corn oil separation system and licensed to the Company its proprietary, patent-protected corn oil separation technology.

On December 3, 2020, the Company and Butamax entered into a Termination and Asset Purchase Agreement (the "Purchase Agreement"). Pursuant to the Purchase Agreement, Butamax agreed to (i) sell the corn oil separation system to the Company; and (ii) amend the Technology License Agreement to provide for a license of its corn oil separation technology to remain in effect until expiration of the patents unless earlier terminated in accordance with the terms of the Technology License Agreement. In exchange for the purchase of the corn oil separation system and the license, the Company paid a one-time fee to Butamax.

The Purchase Agreement also provided for the termination of the Easement for Construction and Process Demonstration Agreement, the Equipment Lease Agreement, the Technology Demonstration Risk Reduction Agreement and the Security Agreement as of December 3, 2020.

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2020 97,3 M - -
Net income 2020 -6,37 M - -
Net Debt 2020 13,8 M - -
P/E ratio 2020 -
Yield 2020 -
Capitalization 29,9 M 29,9 M -
EV / Sales 2019 0,49x
EV / Sales 2020 0,43x
Nbr of Employees 43
Free-Float 86,2%
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Managers and Directors
Brian D. Kletscher Chief Executive Officer
Lucas G. Schneider Chief Financial Officer
David Gerald Moldan Chairman-Governors Member
Rachel Imker Head-Human Resources & Administration
Russell Jon Derickson Independent Member-Governors Board
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