Edeniq Defeats Aemetis’ Lawsuit

Edeniq, Inc. announced today that all of Aemetis remaining claims against the Company were dismissed on summary judgement. In the order granting Edeniqs motion, Judge Peter H. Kirwan of the Santa Clara Superior Court ruled that Aemetis could not sustain a claim for breach of contract because Aemetis did not deliver to Edeniq a commitment for financing the requisite payments. Further, with regard to the fraud claim, the court held that Aemetis had not identified nor submitted any evidence that any material fact was misrepresented or concealed by the Company or its CEO Brian Thome. The court previously dismissed two of Aemetis other claims, and Aemetis voluntarily dismissed a third claim on October 30, 2018.

We are pleased with the courts decision, which conclusively rejects Aemetis attempt to force through litigation a merger that it was repeatedly unable to finance in 2016, said Lily Wachter, Edeniqs Chief Financial Officer.

Aemetis could not finance the merger, but instead of acknowledging that fact, they filed a baseless lawsuit in an attempt to buy time and to force us to accept any deal they wanted. The courts order affirms our belief that Edeniq dealt with Aemetis with candor and professionalism throughout the parties efforts to merge and vindicates us after this long process, said Brian Thome, Edeniqs President and Chief Executive Officer.

Edeniqs cross-claims against Aemetis for fraud, negligent misrepresentation, intentional interference, and trademark infringement are set to be heard at a trial later this month. Edeniqs cross-complaint alleges that Aemetis fraudulently induced Edeniq to enter into a merger agreement it could not finance and seeks monetary relief to remedy harm it alleges was caused by Aemetis interference with Edeniqs business. Edeniqs case also involves a claim against Aemetis lender, Third Eye Capital, for making false statements that induced Edeniq to enter into the merger agreement with Aemetis.

About Edeniq, Inc.

Edeniq, Inc. is a leading biotechnology company that develops processes for producing and measuring cellulosic ethanol from corn kernel fiber through its Intellulose technology. Edeniqs Intellulose requires zero capital investment and is easily integrated into existing ethanol production facilities. Edeniq was established in 2008 and is headquartered in Visalia, Calif. with a field office in Omaha, Neb. More information can be found at www.edeniq.com.

Lily Wachter
[email protected]