PHOENIX, April 4, 2012 /PRNewswire/ -- GlyEco, Inc. (GLYE is listed on www.otcmarkets.com) (OTCBB:GLYE) an innovative green chemistry company, today announced they have entered into a binding agreement to acquire certain assets of MMT Technologies, Inc. ("MMT"), a well known glycol recycler based in the Tampa, FL area. The transaction is scheduled to close on May 31, 2012.
MMT was Founded in 1996 by owner "Mickey" Fletcher, a recognized and respected leader in the glycol recycling industry. Mr. Fletcher focused the company on recycling waste from the automotive services industry. Under his management, the business has grown to service over 1,000 customers from major car dealerships to quick lube facilities and independent repair shops.
MMT leads the way in processing waste anti-freeze into reliable, high quality products. They are known for formulating superior anti-freeze blends which meet various car manufacturer specifications. Currently servicing central Florida, the company will report 2011 revenues of approximately $500K. The Lakeland, FL plant is particularly well located for geographical expansion and processing additional waste glycol streams.
This is the third acquisition GlyEco, Inc. (www.glyeco.com) has announced in the past 60 days, keeping pace with its roadmap for aggressive growth in North America. The company is on schedule to purchase at least six strategically located facilities in 2012.
"The combination of GlyEco's patent-pending technology and MMT's experience in producing high quality coolant formulations provides a tremendous growth opportunity," said John Lorenz, Chairman and CEO of GlyEco, Inc. "Mr. Fletcher has a well established customer base in the automotive services industry. The company hosts a top-notch group of professionals we are proud to pair up with. I am confident the MMT team has the knowledge, skill and drive to expand our recycling business by reaching out to waste glycol clients in other industries."
GlyEco was formed to roll-out its patent-pending glycol recycling technology which transforms a hazardous waste into profitable green products. The key advantage to this technology is the capability to effectively recycle all five types of available hazardous waste glycol feedstock streams to meet ASTM E1177 Type 1 standard, a purity level equivalent to refinery produced glycols. Currently, most recyclers are only capable of processing waste anti-freeze and few meet any industry standards.
The potential for GlyEco to access waste glycol streams is substantial. Currently, recycling is utilized almost exclusively for used automotive antifreeze. Even in this industry, the EPA (www.epa.gov) reports only 12% of waste antifreeze is recycled, leaving an estimated 177 Million gallons of recyclable material disposed each year. There is even greater opportunity to access high volumes of waste glycol in the HVAC and polyester industries.
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.