HOUSTON, TX--(Marketwired - May 29, 2014) - Global Clean Energy, Inc. (OTC PINK: GCEI) is in the final stages of its due diligence subsequent to an executed agreement to acquire a nonferrous scrap metal and catalytic recycling company in the US.
The company which will be majority owned by GCE, will focus on becoming a major aggregator of spent catalytic converters from end of life vehicles, which are rich in Platinum Group Precious Metals (Platinum, Palladium and Rhodium). PGM from used auto catalysts can be highly and efficiently recovered through a state of the art smelting process. Concurrent with the acquisition, GCE will be purchasing smelting technology to operate the recovery process.
Auto catalysts, which reduce toxic emissions in automobiles, use substantial amounts of platinum and palladium and are the largest source of demand for PGM followed by the jewelry industry and industrial applications. The auto catalyst canisters are fitted in more than 95 percent of new passenger cars worldwide. PGM has increased in price steadily over the last 20 years.
"We're not alone in this industry and for good reason," says Brian Levine GCE's COO. "PGM are essential industrial precious metals with world demand growing to the point that you'll need a telescope to see how high the price of Platinum will go, according to industry experts." The demand from Asia, as they tackle their air pollution crisis, is expected to drive prices to all time highs, further accelerating demand for PGM recovery processes which GCE will build, own and operate. Platinum will gain 13 percent to average $1,635 an ounce by the fourth quarter of 2014, according to the mean of eight estimates by the most-accurate analysts tracked by Bloomberg in the past two years. Palladium will gain 10 percent during the same time period to average $823 an ounce, the most for a quarter since 2001.
Through its acquisition, GCE will operate a vertically integrated PGM recovery facility and be able to compete favorably in this market. The companies will be in attendance at the industries global gathering at the IPMI trade show in Orlando Florida next month.
About Global Clean Energy, Inc.
Global Clean Energy, Inc. is a waste-to-energy conversion solutions company, focusing on using available and developing technologies to convert waste into commercially viable energy, a process the company refers to as Reforming Environmental Salvage into Clean Usable Energy (R.E.S.C.U.E.). GCE is the industry's most diversified aggregator and system integrator bringing solutions to the plastics, rubber, anaerobic digestion and platinum group metals recovery industries. GCE focuses on existing technologies with a track record to provide its feedstock network with reliable solutions.
Statements in this release may be regarded, in certain instances, as "forward-looking statements" pursuant to certain sections of the Securities Act 1933 and the Securities Exchange Act 1934, respectively. "Forward-looking statements" are based on expectations, estimates and projections at the time the statements are made, and involve risks and uncertainties, which could cause actual results or events to differ materially from those currently anticipated, including, but not limited to delays, difficulties, changed strategies, or unanticipated factors or circumstances affecting Global Clean Energy Inc. and its business. There can be no assurance that such forward-looking statements will ever prove to be accurate and readers should not place undue reliance on any such forward-looking statements contained herein. Global Clean Energy Inc. will not republish revised forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events.