GlyEco Completes Additional $1.7 Million in Funding
PHOENIX, Feb. 22, 2013 /PRNewswire/ -- Green Chemistry innovator GlyEco, Inc. (OTCQB: GLYE) ("GlyEco" or the "Company") today announced the completion of $1.7 million in financing, an extension of the previously announced offering, which has raised a total of $6.2 million for the Company since March 2012. Security Research Associates acted as the Company's non-exclusive placement agent in connection with this offering.
GlyEco plans to use the proceeds from this offering to accelerate its aggressive growth plan, including investments in initial facility upgrades and increased processing capacity, as well as Phase I implementation of its patent-pending GlyEco Technology™.
"We see this additional funding as a great vote of confidence in GlyEco's technology and business strategy," stated John Lorenz, chairman and CEO of GlyEco. "We have an aggressive growth plan ahead of us and believe that with this additional capital, the Company can grow even faster. Our top priority is to complete the first phase of technology upgrades and begin production of Type 1 Certified Recycled Glycols. Our customers are eagerly anticipating this new recycled product, and we intend to deliver it to them during the second quarter of 2013 or sooner."
GlyEco Technology™ improves recycled glycol quality to meet ASTM Type 1 standards – indistinguishable from refinery grade glycol. This proprietary technology will allow GlyEco to expand its services beyond the used car antifreeze recycling market into four additional large industrial markets which create waste glycol, representing a multibillion-dollar market opportunity.
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
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 the environment, especially aquatic life - the GlyEco Technology™ solution gives our customers a way to reduce waste while caring for the environment, 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.