CLEVELAND, OHIO – (September 5, 2023) – MALACHITE INNOVATIONS, INC. (OTC Mkts: MLCT) (“Malachite”) announces the closing of its acquisition of Collins Building & Contracting, Inc. (“Collins Building”), an environmental services business that primarily focuses on the reclamation of abandoned mine land (“AML”) sites in West Virginia, representing Malachite’s acquisition of its third environmental services business in West Virginia in the past 16 months.
Collins Building Acquisition
The acquisition was consummated on August 31, 2023 pursuant to a Stock Purchase Agreement, of the same date, entered into between Malachite and Roger Collins, Collins Building’s sole shareholder, whereby Malachite acquired 100% of the outstanding common stock of Collins Building for $5.035 million, comprised of $1.0 million of cash, a $2.0 million seller note collateralized by the acquired real estate and quarry infrastructure, and a separate $2.035 million seller note collateralized by the acquired equipment. The purchase included over 100 pieces of equipment, nearly 100 acres of land, a multi-use mechanics shop, an active sandstone quarry, and several reclamation contracts. Roger Collins will serve as Senior Vice President of Sales of Range Environmental Resources, Inc., a wholly-owned subsidiary of Malachite, responsible for growing Malachite’s abandoned mine land business throughout West Virginia.
“We are our excited to have acquired our third reclamation business in West Virigina to add the critical equipment and operational infrastructure, including a mechanics shop and sandstone quarry, necessary to support the significant growth of our reclamation business,” stated Michael Cavanaugh, Malachite’s Chief Executive Officer. “Roger Collins is an exceptional leader with unparalleled expertise in identifying, bidding on, and performing AML jobs. We are thrilled to be partnering with him to expand our sales channels into AML work and further accelerate the growth of our reclamation businesses throughout Appalachia,” added Cavanaugh.
About Malachite Innovations, Inc.
Headquartered in Cleveland, Ohio, Malachite Innovations, Inc. is a public holding company dedicated to improving the health and wellness of people and the planet through a novel and innovative approach to impact investing. Malachite owns and operates a balanced portfolio of operating businesses focused on developing long-term solutions to environmental, social and health challenges, with a particular focus on economically disadvantaged communities. Malachite takes an opportunistic approach to impact investing by leveraging its competitive advantages and looking at solving old problems in new ways. Malachite seeks to thoughtfully allocate its capital into ventures that are expected to make a positive impact on the people-planet ecosystem and generate strong investment returns for its shareholders.
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Malachite Innovations, Inc.
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