~ NEXT will Remain Opportunistic with Capital Markets Activities ~
~ Reinforces Commitment to Oregon Renewable Fuels Projects ~
~ Growth Strategy, Operating Plan and Project Financing Unimpacted ~
HOUSTON, October 31, 2023 – NEXT Renewable Fuels, Inc. (the “Company” or “NEXT”), a next generation fuels company dedicated to sustainably producing clean, low-carbon fuels at scale, announced the Company has entered a mutual agreement with Industrial Tech Acquisition II, Inc. (“ITAQ”) to terminate its previously announced business combination. While this termination reflects current equity market conditions and timing related to ITAQ, NEXT will remain opportunistic with respect to all capital markets activities moving forward.
CEO of NEXT, Christopher Efird commented, “While we have made significant progress on our path towards becoming public through the SPAC process with ITAQ, the timeline in which ITAQ is required to consummate a merger has become compressed, and during this period of adverse market conditions we have agreed to terminate our proposed business combination agreement. While this was a difficult decision, we have the discipline and capital markets expertise that enables us to make these decisions. Given where we stand today, moving forward with this merger would not have been in the best interests of NEXT. Importantly, this termination does not impact our development activities in Oregon or our intent to pursue creative financing opportunities. My overarching goal is to remain open and opportunistic in finding a favorable capital markets path for NEXT in the near-term. We thank the ITAQ team for the partnership and support throughout this process.”
Additional information regarding the termination of the transaction agreement for the proposed business combination is provided in a Current Report on Form 8-K filed by ITAQ with the SEC. It is available at www.sec.gov.
NEXT is a next generation fuels company dedicated to sustainably producing clean, low-carbon
fuels. The company’s initial project is a 50,000 barrel-per-day / 750 million gallon-per-year Renewable Diesel (“RD”) / Sustainable Aviation Fuel (“SAF”) refinery in Oregon with easy multi-modal access to the West Coast demand markets. The project is advancing through permitting and expects to begin construction upon completion of an Environmental Impact Statement currently underway with the US Army Corp of Engineers. RD and SAF are high-margin liquid transportation fuels worldwide and there is a global demand for increased supply. To learn more
about NEXT, please visit www.nxtclean.com.
About Industrial Tech Acquisitions II, Inc.
ITAQ is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities. ITAQ is sponsored by Texas Ventures, a leading technology and venture capital firm with expertise in capital markets and structured finance. The firm provides guidance, insight and capital to assist entrepreneurial teams and managers who have the desire and talent to build exceptional companies. The Texas Ventures’ approach is to identify emerging trends and opportunities prior to recognition by the broader marketplace, and to take a proactive approach in working with entrepreneurs and managers who have the determination to build world-class companies.
NEXT Cautionary Statement Regarding Forward-Looking Statements
All statements other than statements of historical facts contained in press release are forward-looking statements. Forward-looking statements may generally be identified by the use of words such as “believe,” “may,” “will,” “estimate,” “continue,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics, projections of market opportunity and market share. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of NEXT’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions, and such differences may be material. Many actual events and circumstances are beyond the control of NEXT. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions, including the risk that any required regulatory approvals are not obtained, are delayed, or are subject to unanticipated conditions that could adversely affect the actual results; risks related to the rollout of NEXT’s business and the timing of expected business milestones; the effects of competition on NEXT’s business. If any of these risks materialize or NEXT’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that NEXT presently does not know or that NEXT currently does not believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect NEXT’s expectations, plans or forecasts of future events and views as of the date of this press release. NEXT anticipates that subsequent events and developments will cause NEXT’s assessments to change. However, while NEXT may elect to update these forward-looking statements at some point in the future, NEXT specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing NEXT’s assessments as of any date after the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. Neither NEXT nor any of its affiliates have any obligation to update this press release.