GlyEco Announces Acquisition Agreement with Evergreen Recycling, Inc.
PHOENIX, April 17, 2012 /PRNewswire/ -- GlyEco, Inc. (GLYE is listed on www.otcmarkets.com) (OTCBB:GLYE) an innovator in waste glycol recycling, today announced a preliminary agreement to acquire certain assets of Evergreen Recycling Inc. Evergreen Recycling is a leading glycol recycling company based in Indianapolis, IN. The transaction is scheduled to close on June 30, 2012.
Evergreen Recycling has been in operation since 1999, primarily servicing the waste automotive antifreeze industry. The company was founded by owner Tom Shiveley, who has operated the business while maintaining his career as an expert in industrial waste water treatment with the Ford Motor Company. He will join GlyEco full time, serving as General Manager of the Indiana facility.
GlyEco, Inc. (www.glyeco.com) is implementing a strategy for rapid growth through the acquisition of existing profitable recyclers. These facilities will be upgraded with patent-pending GlyEco Technology™, improving production capacity, product quality and profitability. The company expects to expand its customer base and geographical reach at each location.
"This acquisition of Evergreen Recycling further positions GlyEco at the cutting edge of an emerging industry of profitable Cleantech businesses," states John Lorenz, Chairman and CEO of GlyEco, Inc. "Our patent-pending technology uses green chemistry to transform hazardous waste into profitable green products."
"We look forward to welcoming everyone at Evergreen Recycling to the GlyEco team," Mr. Lorenz went on to say. "They are a talented, hardworking and resourceful group with a growing clientele. Mr. Shiveley is particularly knowledgeable in equipment installation and plant operations. He brings in-depth experience in liquid waste treatment. Paired with GlyEco Technology™, we expect this team to show explosive growth in the near future."
GlyEco Technology™ is a breakthrough green chemistry solution for recycling used glycols. This is the only process that can cleanse all five major types of waste glycols to a meet ASTM E1177 Type 1. This superior level of purity allows our customers to utilize recycled glycols as a more sustainable resource. GlyEco Technology™ gives our customers a way to reduce waste while caring for the environment at no additional cost to them.
GlyEco Technology™ ensures consistently clean, uniform quality recycled glycols with independent lab testing to document results. Our recycled materials are proved to meet or exceed ASTM (http://www.astm.org/) purity standards.
The potential for GlyEco to access waste glycol streams is substantial. Glycols are a liquid petrochemical produced in massive quantities and used primarily in five industries: HVAC, Textiles, Automotive, Airline and Medical. In the United States, these industries create approximately 700 Million Gallons of hazardous waste glycol each year. Although most of this waste could be recycled into useable products, over 85% of this liquid waste is disposed of in our surface waters – which can have devastating results for aquatic life.
World-wide consumption for refinery produced ethylene glycol is over 5 Billion gallons per year, with growth expected to exceed 350 Million gallons every year for the next decade (Source: ICIS Chemical News). Demand in China exceeds supply and currently tops 2.1 Billion gallons each year.
Recycling waste glycols presents an inventive solution to glycol supply shortages and increasing costs for refinery produced materials. GlyEco Technology™ opens new avenues of supply in a market beset with constrained production and ever-increasing prices. With proper handling, glycols can be recycled and reused indefinitely, creating the opportunity to utilize this valuable material as a predominately sustainable resource.
Caution Concerning Forward-Looking Statements
This release contains statements that may constitute "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. These statements regard the intent, belief, and expectations of the Company. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, they involve risks and uncertainties, and their results may differ materially.
CONTACT: Investor Relations firstname.lastname@example.org or Denise Pallozzi 858-925-3737
SOURCE GlyEco, Inc.
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