Edeniq Defeats Aemetis’ Lawsuit

VISALIA, Calif.–(BUSINESS WIRE)–#biofuels–Edeniq, Inc. announced today that all of Aemetis’ remaining claims
against the Company were dismissed on summary judgement. In the order
granting Edeniq’s 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 court’s decision, which conclusively rejects
Aemetis’ attempt to force through litigation a merger that it was
repeatedly unable to finance in 2016,” said Lily Wachter, Edeniq’s 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 court’s 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, Edeniq’s President and Chief Executive

Edeniq’s cross-claims against Aemetis for fraud, negligent
misrepresentation, intentional interference, and trademark infringement
are set to be heard at a trial later this month. Edeniq’s
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 Edeniq’s business. Edeniq’s 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. Edeniq’s 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