GlyEco Closes Purchase of Renew Resources, LLC
PHOENIX, Nov. 6, 2012 /PRNewswire/ -- GlyEco, Inc. (OTCBB: GLYE) (OTCQB: GLYE), an innovative green chemistry company, announced today it has closed on its asset purchase of Renew Resources, LLC., based in Rock Hill, SC. This accretive acquisition closed on October 26, 2012 and includes the waste antifreeze recycling division of the business.
Purchase Agreements to acquire seven profitably operating 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.
Founder Todd Bernard will continue to lead the Renew Resources, LLC team. The company plans to increase production as part of its integration plan for patent-pending GlyEco Technology™.
About Renew Resources, LLC
Renew Resources is a privately held corporation formed in 1999 by owner Todd M. Bernard. The business provides recycling services for multiple types of industrial waste, including antifreeze, used oil filters, e-scrap, light bulbs, plastics and batteries. The company also provides a unique line of equipment to automotive service centers, which improves efficiency while changing engine coolants.
Regarded as a premier recycler, Renew Resources has earned a loyal following of over 200 customers in South Carolina and the greater Charlotte, NC area.
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 the 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 environmental consequences for human, animal and 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.