PHOENIX, Nov. 1, 2012 /PRNewswire/ -- GlyEco, Inc. (OTCBB: GLYE)(OTCQB: GLYE), the inventors of cutting-edge technology for cleaning waste glycol, today announced it has closed on its asset purchase of Antifreeze Recycling, Inc. Antifreeze Recycling, Inc. is an industry leader in the recycling of waste automotive coolant, and is based in Tea, SD. The transaction closed on October 26, 2012 and is expected to be immediately accretive.
Purchase Agreements for a total of seven existing, profitable recyclers have been announced for 2012.
GlyEco is aggressively buying capacity to meet customer needs in an underserved market. Integration of the company's patent-pending GlyEco Technology™ will increase production capacity and improve product quality to meet ASTM Type 1 standards – indistinguishable from refinery grade material. This technology allows the company to offer waste glycol recycling services to four additional industries: HVAC, Textiles, Airline and Medical. The majority of potential clients in these industries currently do not have a recycling option when disposing of this hazardous waste.
The Antifreeze Recycling, Inc. team, led by founder Robert J. Kolhoff, will continue day-to-day operations of the South Dakota plant. The company plans to increase production as part of its integration plan for patent-pending GlyEco Technology™.
About Antifreeze Recycling, Inc.
Owner Robert J Kolhoff founded the privately held Antifreeze Recycling, Inc. in 1996 to provide used antifreeze recycling services to the SE South Dakota region. Mr. Kolhoff is a respected leader in the glycol recycling industry. He specializes in working with newly developed automotive and HVAC coolant blends. The company intends to tap Mr. Kolhoff's unique expertise with these new coolant formulations to grow sales for its high quality recycled products.
Antifreeze Recycling, Inc. currently services over 400 customers. In its sixteen years of business, the company has developed a reputation for exceptional customer service and top quality recycled products. The business has experienced exceptional growth through strategically concentrating sales efforts on the small to medium sized business market.
About GlyEco, Inc.
GlyEco is a green chemistry company with a patent-pending technology for transforming a hazardous waste into green products. GlyEco Technology™ has the unique ability to clean polluted glycols from all five waste producing industries: HVAC, Textiles, Automotive, Airline and Medical.
This patent-pending technology enables our clients to handle the removal of their waste glycol in a responsible and environmentally safe manner. We enable our clients to treat glycols as a more sustainable resource, recycling and re-using waste glycols repeatedly. Since most polluted glycol is disposed of in our surface waters - which can have devastating results for aquatic life - the GlyEco Technology™ solution gives our customers a way to reduce waste while caring for the environment, in some cases, while reducing their costs.
About Glycol Recycling
Recycling waste glycols presents an inventive solution to supply shortages and increasing costs for refinery-produced material. Global consumption for refinery produced ethylene glycol is over 5.5 Billion gallons per year and climbing. GlyEco Technology™ is uniquely able to process all five sources of waste glycols, opening new avenues of supply. With proper handling, glycols can be recycled and reused indefinitely, creating the opportunity to utilize this valuable material as a predominately sustainable resource.
Special Note 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.
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SOURCE GlyEco, Inc.