PHOENIX, June 9, 2014 (GLOBE NEWSWIRE) -- Sustainable glycol technologies leader GlyEco, Inc. (OTCQB:GLYE) ("GlyEco" or the "Company") has begun servicing its Polyester By-Products Supply Agreement with a large multi-national polyester fiber producer.
Under the terms of the exclusive agreement, GlyEco will handle collecting, transporting and recycling of all polyester purge stream by-product from the plant of a leading U.S. producer of industrial polyesters and fabrics. The contract will keep an estimated 1.15 million gallons of polyester purge stream by-product from becoming pollution.
"Some very exciting things are happening here. To begin with, we are providing textile producers with a better alternative to landfilling their purge stream waste glycol," stated John Lorenz, CEO of GlyEco. "These customers can do the right thing for the environment while mitigating potential liabilities, possibly saving costs and creating green products in the process."
"We now have the capacity at our New Jersey processing center to fulfill the demands of multiple high-volume contracts. Customers, particularly in the polyester manufacturing industry, have been asking for this type of business partnership. As we announced last week, we spent several months building the processing capacity and infrastructure necessary to effectively manage these kinds of relationships," stated Lorenz.
The Company intends to use its patent-pending technology to process this waste material into refinery-grade (ASTM E1177 compliant) recycled glycol at its New Jersey processing center.
Lorenz continued, "We consider this a huge step forward for the glycol recycling industry. The textile industry is the largest consumer of ethylene glycol in the world. Our proprietary GlyEco Technology is the only technology that can effectively clean polyester by-product to meet ASTM E1177 specifications."
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: email@example.comSource:GlyEco, Inc.