GlyEco Completes $3.4 Million in Funding for Strategic Growth Initiatives
PHOENIX, Oct. 25, 2012 /PRNewswire/ -- Green Chemistry pioneer GlyEco, Inc. (OTCBB: GLYE)(OTCQB: GLYE) today announced that the company closed on $3.4 Million in funding on October 19, 2012. Security Research Associates acted as the company's non-exclusive placement agent in connection with this offering. This round of funding will fuel previously announced strategic growth initiates, including:
- Asset purchase of six glycol recyclers
- Initial plant expansion and upgrades
- Phase I implementation of patent-pending GlyEco Technology™
GlyEco is aggressively buying capacity to meet customer needs in an underserved market. The company plans to increase the production capacity of acquired businesses to better serve the existing market. Integration of patent-pending GlyEco Technology™ will improve product quality to meet ASTM Type 1 standards – indistinguishable from refinery grade materials. This technology allows the company to offer waste glycol recycling services to four additional industries. The majority of potential clients in these industries currently do not have a recycling option when disposing of this hazardous waste.
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 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 Security Research Associates
Security Research Associates (SRA) was founded in San Francisco in 1980 and today offers both investment banking and institutional brokerage services. A boutique firm by design, SRA works with a select group of portfolio managers from around the country and focuses on technology and life science companies in the micro and small cap arenas. For more information, visit www.sracap.com
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.