PHOENIX, March 27, 2014 (GLOBE NEWSWIRE) -- Sustainable glycol technologies leader GlyEco, Inc. (OTCQB:GLYE) ("GlyEco" or the "Company") completed the acquisition of MMT Technologies, a glycol processing center in Lakeland, Florida.
GlyEco completed initial upgrades to the MMT Technologies facility in July 2013, including installation of an improved vacuum distillation system and advanced post-treatment equipment. Additionally, overall processing capacity has been increased by over 10,000 gallons. The improved processing center has been in production since August 2013.
In the six months preceding the completion of the acquisition, GlyEco's sales team executed a comprehensive marketing campaign which resulted in the addition of more than 200 new customers for the processing facility. GlyEco has been working with MMT Technologies since fourth quarter of 2012.
"The Central Florida market represents a tremendous opportunity for GlyEco," stated John Lorenz, chairman and CEO of GlyEco. "The current customer base at the facility is heavily focused on the automotive and HVAC industries, and we intend to continue to support this strong demand for coolant products. We believe the regulatory environment and geographic dynamics of the region will drive strong sales growth, and with our established involvement in the operations of this facility for some time now, we believe we are well positioned to build on the momentum of the past several quarters."
GlyEco received independent third-party lab verification in the fourth quarter of 2013 that confirms the Company's ability to recycle waste glycol, a hazardous material, to refinery-grade glycol standards. The Company is currently producing commercial quantities of its Type 1 recycled glycol and intends to expand its proprietary glycol recycling services to industries which previously lacked options to recycle hazardous waste glycol.
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: Jon Cunningham RedChip Companies, Inc. Tel: 1-800-RED-CHIP (733-2447), ext. 107 Email: firstname.lastname@example.orgSource:GlyEco, Inc.