GlyEco Completes Purchase Agreement with Full Circle Manufacturing
PHOENIX, Ariz., March 28, 2012 /PRNewswire/ -- GlyEco, Inc. (GLYE is listed on www.otcmarkets.com) (OTCBB:GLYE) today announced it signed a binding agreement to acquire certain assets of Full Circle Manufacturing, Inc. of Elizabeth, NJ (Full Circle) on March 16, 2012. Full Circle is the second company to join GlyEco this year, in implementation of its rapid growth strategy. Closing is scheduled for completion by June 30, 2012.
Full Circle is one of North America's largest glycol recyclers. Company revenues are estimated to be $3.7 Million in 2011, with waste glycol processing volumes exceeding 1.2 Million gallons. The company is known for its ability to recycle particularly difficult to clean hazardous waste from the automotive services industry.
Full Circle is owned by founder Joe Iola, who purchased the Elizabeth, NJ plant in 2007. Mr. Iola is an accomplished professional with a 20-year background in the automotive petrochemical industry. The facility has been in operation approximately fifteen years.
"We enthusiastically welcome the Full Circle group to our team," stated John Lorenz, Chairman and CEO of GlyEco, Inc. "Mr. Iola has built a company with great infrastructure and growth potential. He has assembled a dedicated team and impressive customer base. The facility is well equipped to install our patent-pending GlyEco Technology™ and expand into processing more types of waste glycol. We look forward to creating an unprecedented, cutting edge operation together."
Under Mr. Iola's management the plant was updated to feature a state of the art computerized control system. Full Circle has over 3 Million gallons of storage capacity with space allotted for expansion. Transportation resources include the ability to hold 40 rail cars, a barge slip for large capacity shipping and 2 truck scales with loading and offloading function.
GlyEco plans to increase processing capability to 10 Million gallons per year during the installation of its patent-pending GlyEco Technology™. The plant will produce ASTM E1177A Type 1 (www.astm.org) recycled glycols, a breakthrough in the quality of recycled material. In addition, this technology enables four more types of waste glycols to be processed to the refinery equivalent Type 1 standard.
Glycols are a liquid petrochemical produced in massive quantities and used primarily in five industries: HVAC, Textiles, Automotive, Airline and Medical. In the United States, these industries create approximately 700 Million Gallons of hazardous waste glycol each year. Although most of this waste could be recycled into useable products, over 85% of this liquid waste is disposed of in our surface waters – which can have devastating results for aquatic life.
Demand continues to exceed supply for ethylene glycol, largely because of explosive growth in poly fiber manufacturing to make clothing, plastic containers and plastic beverage bottles. This growth trend is expected to continue well into the future. (Source: ICIS Chemical News).
Recycling waste glycols presents an inventive solution to glycol supply shortages and increasing costs for refinery produced materials. GlyEco Technology™ is uniquely able to process all five sources of waste glycols, opening new avenues of supply in a market beset with constrained production and ever-increasing prices. With proper handling, glycols can be recycled and reused indefinitely, creating the opportunity to utilize this valuable material as a predominately sustainable resource.
Caution 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.