PHOENIX, Oct. 11, 2012 /PRNewswire/ -- Cleantech innovator GlyEco, Inc. (OTCBB: GLYE) (OTCQB: GLYE) announced today it has completed an asset purchase agreement to acquire Antifreeze Recycling, Inc. located in Tea, SD. As previously reported, the two parties entered into a preliminary agreement in June, 2012. This transaction supersedes any prior agreements and is scheduled to close on October 26, 2012. The company expects the closed transaction to be immediately accretive.
About Antifreeze Recycling, Inc.
Founded in 1996 by owner Robert J Kolhoff, Antifreeze Recycling provides waste glycol recycling services to the SE South Dakota region. Mr. Kolhoff is considered a pioneer in working with newly developed automotive and HVAC coolant blends. He will continue to oversee operations at the plant while the company aims to grow its business by leveraging the management expertise and know-how of both companies.
Antifreeze recycling currently services over 400 customers and primarily recycles used antifreeze. The company has grown through strategically concentrating sales efforts on the small to medium business market while developing a reputation for customer care and product quality.
About GlyEco, Inc.
GlyEco is a green chemistry company with a patent-pending technology for recycling polluted glycols to a purity level equal to refinery-produced material. GlyEco Technology™ has the unique ability to clean polluted glycols from all five waste producing industries: HVAC, Textiles, Automotive, Airline and Medical.
The Company plans rapid expansion through acquiring the assets of existing, profitable businesses. The Company believes each facility can increase market penetration exponentially by leveraging GlyEco Technology's improved processes and the ability to process additional types of waste glycol.
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.