GlyEco Completes Integrated Agreement with Full Circle Manufacturing, Inc.
PHOENIX, Dec. 13, 2012 /PRNewswire/ -- CleanTech innovator GlyEco, Inc. (OTCBB: GLYE)(OTCQB: GLYE) leader in the emerging glycol recycling market, today announced it has completed an integrated agreement with Full Circle Manufacturing, Inc. Under terms of the agreement, the company will acquire certain assets and intellectual property of the Elizabeth, NJ based recycler.
Founded by owner Joe Ioia, Full Circle purchased the New Jersey recycling facility in 2007. Mr. Ioia has spent more than two decades as a leader in the automotive petrochemicals industry. Under his management, Full Circle has grown to be one of the largest glycol recyclers in North America. Projected revenues for 2012 are at $4.3 Million. The company is known for its ability to process difficult to clean hazardous waste glycol materials created by the automotive services industry. The plant has been in operation fifteen years.
"As a proven leader, Mr. Ioia has a track record of building great infrastructure, dedicated teams and an impressive customer base," said GlyEco Chief Executive Office John Lorenz. "With the aggressive growth plans ahead of us, Joe is exactly the kind of decisive, seasoned leader GlyEco needs to capitalize on the unprecedented opportunities on the horizon."
GlyEco plans an unprecedented processing capacity run rate of 10 Million gallons per year at the Full Circle plant during 2013.
The company plans to leverage key components of this facility to drive its plan for exponential growth in the underserved glycol recycling market. That includes state-of-the-art computerized control systems, enabling mass production while controlling quality. The location is cost beneficial and the plant has exceptional transportation logistics, a key resource in glycol recycling. The facility also has over 3 million gallons of glycol storage capacity with space available for expansion of storage and processing capacities.
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 engine coolant 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 aquatic life - the GlyEco Technology™ solution gives our customers a way to reduce waste while caring for the environment, and 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.