PHOENIX, AZ -- (Marketwire) -- 05/31/12 -- GlyEco, Inc. (OTCBB: GLYE) announced today it has completed a preliminary agreement to acquire certain assets of Renew Resources, LLC., a leading provider of recycling services in Rock Hill, SC. The transaction is scheduled to close July 31, 2012.
Renew Resources is a privately held company founded in 1999 by owner Todd M. Bernard. The business provides recycling services for multiple types of industrial waste, including antifreeze, used oil filters, e-scrap, light bulbs, plastics and batteries. The company also provides a unique line of equipment used in changing automotive antifreeze.
Renew Resources services approximately 200 customers in the greater Charlotte, SC area. Under the agreement, GlyEco will purchase certain assets of the antifreeze recycling business. Mr. Bernard will continue to operate the facility with his current staff.
This preliminary agreement is the sixth acquisition announcement for GlyEco in 2012.
'The agreement with the Renew Resources group will be another great addition to our team,' said John Lorenz, GlyEco's Chairman and CEO. 'Mr. Bernard is very creative and inventive, he has designed and built most of the Renew Resources recycling facility himself. He leads a professional, upbeat group with an outstanding customer service ethic.'
'I believe GlyEco is a leader in the emerging industry of for-profit Cleantech businesses,' Mr. Lorenz went on to say. 'The potential to access new waste glycol streams is substantial. We provide an inventive solution that eliminates fees associated with disposal in landfills by recycling customers' waste glycol.'
The Company is rapidly expanding operations by continuing to strategically acquire assets of existing, profitable glycol recycling businesses. These recyclers primarily process waste antifreeze. The Company believes each facility can increase market penetration exponentially when enabled to process additional types of waste glycol. The management team is a collection of c-level managers from the solid waste, chemical engineering and glycol recycling industries. They have accomplished backgrounds in both the private and public sector, each bringing over 20 years' experience in their field of expertise.
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).
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.