GlyEco Completes Definitive Agreement with MMT Technologies, Inc.
PHOENIX, May 30, 2012 /PRNewswire/ -- GlyEco, Inc. (OTCBB: GLYE) said today that it has signed a definitive agreement to acquire certain assets of glycol recycler MMT Technologies, Inc. of Lakeland, FL. As previously disclosed, overall terms of the acquisition were defined in a Preliminary Agreement dated March 22, 2012. GlyEco currently expects the transaction to close by June 30, 2012, after satisfaction of customary closing conditions.
About GlyEco, Inc.
GlyEco, Inc. is an Innovative Green Chemistry® company which transforms a hazardous waste, used glycols, into profitable green products. The Company's patent-pending GlyEco Technology™ cleans waste glycol to a level of purity equivalent to refinery-produced material. This unique process cost effectively cleans polluted glycols from all five waste producing industries: HVAC, Textiles, Automotive, Airline and Medical Sterilization. Worldwide, consumption for refinery produced ethylene glycol is over 5 Billion gallons per year.
The Company is rapidly expanding operations by strategically acquiring assets of existing, profitable glycol recycling businesses. These recyclers primarily process waste antifreeze. The Company believes each facility can increase market penetration exponentially when enabled to process additional types of waste glycol. The management team is a collection of c-level managers from the solid waste, chemical engineering and glycol recycling industries. They have accomplished backgrounds in both the private and public sector, each bringing over 20 years experience in their field of expertise.
About MMT Technologies, Inc.
Founded in 1996 by owner "Mickey" Fletcher, MMT Technologies is a leading glycol recycler servicing the automotive services industry. Considered an industry leader, the company processes waste anti-freeze into reliable, high quality products. They are known for formulating superior anti-freeze blends that meet various car manufacturer specifications. The business has over 1,000 customers from major car dealerships to quick lube facilities and independent repair shops. The company expects to report 2011 revenues of approximately $500K.
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Special Note Regarding 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.
SOURCE GlyEco, Inc.