GlyEco Closes Purchase of Evergreen Recycling, Inc.
PHOENIX, Jan. 8, 2013 /PRNewswire/ -- GlyEco, Inc. (OTCBB: GLYE)(OTCQB: GLYE) inventors of cutting-edge technology for cleaning waste glycol, today announced it has closed on its asset purchase of Evergreen Recycling, Inc. Evergreen Recycling is a leading glycol recycler based in Indianapolis, Indiana. The transaction closed on December 31, 2012 and is expected to be immediately accretive.
GlyEco acquired the assets of five profitably operating recyclers during 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 Evergreen Recycling team will continue to manage day-to-day operations of the Indianapolis, Indiana plant. The company plans to increase production as part of its integration plan for patent-pending GlyEco Technology™.
About Evergreen Recycling
Evergreen Recycling was founded in 1998 when owner Tom Shiveley began processing waste automotive antifreeze in his barn. The company has grown to service over 500 customers by producing high quality recycled glycols and providing exceptional customer service.
Mr. Shiveley left the Ford Motor Company to pursue his passion for recycling. He has 15 years experience in industrial waste treatment. He is considered an expert in industrial fluids and oils removal from liquid waste streams. He served as an ISO 14001 Internal Auditor and group leader, and as a Hazardous Shipping coordinator. GlyEco plans to take full advantage of this expertise by placing Mr. Shiveley on strategic projects.
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 the polluted glycols from all five waste producing industries: HVAC, Textiles, Automotive, Airline and Medical. This technology recycles waste glycol to meet ASTM Type 1 specifications – the same level of purity expected of refinery grade glycols.
This patent-pending technology enables our clients to handle the removal of their waste glycol in a responsible and environmentally safe manner. Our clients can 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, and 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.