GlyEco Completes Additional $825,000 in Funding for Capital Expenditures
PHOENIX, Dec. 12, 2012 /PRNewswire/ -- Green Chemistry innovator GlyEco, Inc. (OTCBB: GLYE) (OTCQB: GLYE) today announced the completion of $825,000 in financing. The company extended its previously announced offering through December 10, 2012, raising a total of $4.2 Million from this round of funding. Security Research Associates acted as the company's non-exclusive placement agent in connection with this offering.
This financing will accelerate GlyEco's growth and cement its leadership position in the glycol recycling market, an emerging sector of CleanTech industries. The company plans to use funds from this round to substantially impact the first phase of its technology roll-out, including:
- Capital Equipment for initial facility upgrades
- Capital Equipment to increase processing capacity
- Phase I implementation of patent-pending GlyEco Technology™
GlyEco has signed agreements to acquire seven profitable domestic glycol recyclers. The company plans to increase production capacity at the acquired facilities to better serve customer demand in the underserved recycled glycol market.
GlyEco is on schedule to integrate its groundbreaking GlyEco Technology™ during the first quarter of 2013. This technology improves recycled glycol quality to meet ASTM Type 1 standards – indistinguishable from refinery grade glycol.
GlyEco Technology™ opens the door for the company to expand services beyond the used car antifreeze recycling market. Services can be offered to an additional four large industrial markets which create waste glycol. The majority of potential clients in these markets do not currently have the option of recycling 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 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 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.