ME2C Environmental Eliminates $2.6M of Convertible Debt

Rhea-AI Summary

Midwest Energy Emissions Corp. (OTCQB: MEEC) announced the conversion of $2,550,000 of its 2019 Convertible Promissory Notes into common stock, significantly improving its debt profile. This conversion completes the full discharge of the 2019 notes, enhancing the company’s balance sheet and supporting plans to list on a major exchange. CEO Richard MacPherson highlighted this as a pivotal step alongside ongoing litigation and the development of environmental technologies. The company anticipates strong growth in the latter half of 2021, aiming to address critical environmental challenges.

Positive

• Conversion of $2,550,000 of 2019 Convertible Promissory Notes enhances balance sheet.
• Completion of 2019 Convertible Notes conversion supports major exchange listing.
• Company's ongoing litigation efforts and environmental technology development are progressing.

Negative

• None.

Noteholder Conversion Significantly Improves Debt Profile & Stockholders’ Equity

CORSICANA, TX, June 28, 2021 (GLOBE NEWSWIRE) -- Midwest Energy Emissions Corp. (OTCQB: MEEC) ("ME₂C Environmental" or the “Company”), a leading environmental technologies firm, today announced that all holders of the Company’s outstanding 2019 Convertible Promissory Notes have agreed to convert their Notes into ME₂C Environmental shares.

The Company indicated that between June 17 and June 23, 2021, a total of $2,550,000 outstanding principal, together with interest, has been voluntarily converted into shares of the Company’s common stock. The Convertible Notes were issued in 2019 in the aggregate principal amount of $2,600,000. Previously, $50,000 of the principal was converted, leaving $2,550,000 outstanding until the conversion being announced today.

“Earlier this year, the Company announced conversions related to two other rounds of debt, one in 2013 and the other in 2018. The conversion of these 2019 notes represents the last major tranche of convertible debt that significantly improves our balance sheet and is a key step in moving toward listing onto a major exchange,” stated Richard MacPherson, Chief Executive Officer of ME₂C Environmental.

“With recent announcements related to progress in our litigation efforts and the ongoing development of other environmental technologies, including rare earth element (REE) extraction technologies that we are pursuing alongside Dr. Scott A. Drummond, we expect to continue to gain traction on various corporate initiatives as we work to develop viable solutions for crucial environmental concerns. We believe the latter half of 2021 will be equally significant to the growth of our company across multiple fronts and improving the firm’s enterprise value,” concluded MacPherson.

The foregoing is qualified in its entirety by a more complete discussion of the conversion of the 2019 Convertible Notes, which will be set forth in a Form 8-K to be filed by the Company.

About ME₂C Environmental (ME₂C^®)

ME₂C Environmental (OTCQB: MEEC), is a leading environmental technologies company developing and delivering patented and proprietary solutions to the global power industry. ME₂C Environmental’s leading-edge services have been shown to achieve emissions removal at a significantly lower cost and with less operational impact than currently used methods, while maintaining and/or increasing power plant output and preserving the marketability of byproducts for beneficial use. ME₂C Environmental is a trade name of Midwest Energy Emissions Corp. For more information, please visit www.me2cenvironmental.com.

Safe Harbor Statement

With the exception of historical information contained in this press release, content herein may contain "forward-looking statements" that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified by using words such as "anticipate," "believe," "plan," "expect," "intend," "will," and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the statements made. Matters that may cause actual results to differ materially from those in the forward-looking statements include, among other factors, the gain or loss of a major customer, change in environmental regulations, disruption in supply of materials, capacity factor fluctuations of power plant operations and power demands, a significant change in general economic conditions in any of the regions where our customer utilities might experience significant changes in electric demand, a significant disruption in the supply of coal to our customer units, the loss of key management personnel, availability of capital and any major litigation regarding ME₂C Environmental. In addition, this release contains time-sensitive information that reflects management's best analysis only as of the date of this release. ME₂C Environmental does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release. Further information concerning issues that could materially affect financial performance related to forward-looking statements contained in this release can be found in ME₂C Environmental’s periodic filings with the Securities and Exchange Commission.

ME₂C Environmental Contact:
Stacey Hyatt
Corporate Communications
ME₂C Environmental
Main: 614-505-6115 x-1001
Direct: 404-226-4217
shyatt@me2cenvironmental.com

Investor Relations Contact:
Greg Falesnik or Brooks Hamilton
MZ Group - MZ North America
949-546-6326
MEEC@mzgroup.us
www.mzgroup.us

FAQ

What is the significance of the recent debt conversion by MEEC?

The conversion of $2,550,000 of 2019 Convertible Promissory Notes into common stock improves MEEC's debt profile and supports major exchange listing plans.

How much debt did MEEC convert in their latest announcement?

MEEC converted a total of $2,550,000 in outstanding principal and interest from their 2019 Convertible Promissory Notes.

What are MEEC's future plans following the debt conversion?

MEEC aims to enhance its enterprise value and continue developing environmental technologies while pursuing a major exchange listing.