SOURCE: GlyEco, Inc.

May 24, 2012 08:14 ET

GlyEco Announces Acquisition Agreement With Enviro-Cool, LLC.

PHOENIX, AZ--(Marketwire - May 24, 2012) - GlyEco, Inc. (GLYE is listed on www.otcmarkets.com) (OTCBB: GLYE), an innovative green chemistry company, announced today a preliminary agreement to acquire certain assets of Enviro-Cool, LLC., a waste glycol recycler located in Norcross, GA. The transaction is scheduled to close August 31, 2012.

Founded in 2009 by owners Michael Adams and Carl Gardei, Enviro-Cool provides waste glycol recycling services and top quality recycled antifreeze to the automotive and trucking industries in the greater Atlanta area. Both partners have prior business ownership experience.

Mr. Adams and Mr. Gardei have led the company to achieve explosive growth. In three years the partners have taken the business from start-up phase to an expected $1.5 Million in gross sales for 2012. They have quickly drawn attention and earned respect from both clients and industry experts.

This preliminary agreement marks the fifth acquisition announcement in 2012 for GlyEco, Inc. (www.glyeco.com). The company is implementing a strategy for rapid growth through purchase of existing profitable recyclers. These facilities will be fitted with patent-pending GlyEco Technology™, improving production capacity, product quality, and profitability. The company expects to expand its customer base and geographical reach at each location.

"We look forward to welcoming the Enviro-Cool crew to the GlyEco team," said John Lorenz, Chairman and CEO of GlyEco, Inc. "The owners are articulate, intelligent, and knowledgeable professionals, who have built a team with enormous drive and energy. I know of no other recycler who has reached the $1 Million gross sales mark so rapidly and their customer service is second to none."

"GlyEco is at the forefront of an emerging industry of profitable Cleantech businesses," Mr. Lorenz went on to say. "Our patent-pending technology uses green chemistry to transform hazardous waste into profitable green products."

GlyEco plans to increase processing capability at Enviro-Cool, potentially boosting production to a projected $5 Million in annual gross sales by 2015. In addition, patent-pending GlyEco Technology™ will enable the facility to process four additional types of waste glycols, including hazardous waste from the polyester fiber manufacturing industry. This waste stream is particularly difficult to process effectively and is abundant in the Southeastern United States.

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.

Contact Information

  • CONTACT:
    Investor Relations
    ir@glyeco.com
    Denise Pallozzi
    858-925-3737