PHOENIX, Oct. 7, 2013 (GLOBE NEWSWIRE) -- Waste management systems innovator GlyEco, Inc. (OTCQB:GLYE) ("GlyEco" or the "Company") today announced that the Company closed on $7.1 million in funding on September 28, 2013. TriPoint Global Equities and Security Research Associates acted as the Company's non-exclusive placement agents in connection with this offering.
The Company plans to use funds from this round to accelerate growth and the rollout of its patent-pending GlyEco Technology™, including:
- Capital equipment for facility upgrades
- Capital equipment to increase processing capacity
- Purchase of additional facilities
"This funding is a great vote of confidence in GlyEco's vision of shaping the glycol recycling market, as well as in the long-term potential of our company," stated John Lorenz, chairman and CEO of GlyEco. "We are well able to execute our plan for serious growth in this emerging industry."
"In about 12 months, the Company has achieved some major accomplishments. We have purchased and integrated seven recycling facilities and completed initial technology upgrades. We are able to cost-effectively produce Type 1 recycled glycol, and we have begun to expand services into untapped industries. We will continue to aggressively and carefully enact our plans to increase value for our shareholders."
GlyEco Technology™ improves recycled glycol quality to meet ASTM Type 1 standards – indistinguishable from refinery-grade glycol. This proprietary technology will allow GlyEco to expand its services beyond the used car antifreeze recycling market into four additional large industrial markets that create waste glycol, representing a multibillion-dollar market opportunity.
About TriPoint Global Equities
TriPoint Global Equities is a global investment banking firm headquartered in New York City. TriPoint executives have been helping growth companies to navigate the U.S. public markets for over two decades. The Company offers a broad range of services focused on assisting growth companies in the micro and small cap arena to achieve their expansion objectives. For more information, visit www.tripointglobalequities.com
About Security Research Associates
Security Research Associates (SRA) was founded in San Francisco in 1980 and today offers both investment banking and institutional brokerage services. A boutique firm by design, SRA works with a select group of portfolio managers from around the country and focuses on technology and life science companies in the micro and small cap arenas. For more information, visit www.sracap.com.
GlyEco is a green chemistry company with a patent-pending technology for transforming a hazardous waste into green products. GlyEco Technology™ has the unique ability to clean the polluted glycols from all five waste-producing industries: HVAC, Textiles, Automotive, Airline and Medical. This technology recycles waste glycol to meet ASTM Type 1 specifications – the same level of purity expected of refinery-grade glycols.
This patent-pending technology enables our clients to handle the removal of their waste glycol in a responsible and environmentally safe manner. Our clients can treat glycols as a more sustainable resource, recycling and re-using waste glycols repeatedly. Since most polluted glycol is disposed of in our surface waters - which can have devastating results for the environment, especially aquatic life - the GlyEco Technology™ solution gives our customers a way to reduce waste while caring for the environment, while reducing their costs.
About Glycol Recycling
Recycling waste glycols presents an inventive solution to supply shortages and increasing costs for refinery-produced material. Global consumption for refinery-produced ethylene glycol is over 5.5 billion gallons per year and climbing. GlyEco Technology™ is uniquely able to process all five sources of waste glycols, opening new avenues of supply. With proper handling, glycols can be recycled and reused indefinitely, creating the opportunity to utilize this valuable material as a predominately sustainable resource.
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.
CONTACT: Paul Kuntz RedChip Companies, Inc. Tel: 1-800-RED-CHIP (733-2447), ext. 105 Email: firstname.lastname@example.orgSource:GlyEco, Inc.