PHOENIX, Aug. 21, 2014 (GLOBE NEWSWIRE) -- Sustainable glycol technologies leader GlyEco, Inc. (OTCQB:GLYE) ("GlyEco" or the "Company") has appointed portfolio manager and independent Board of Directors member Dwight Mamanteo as its Lead Director, effective immediately.
Mamanteo joined the Company's board on January 15, 2014 and is currently Chairman of the Governance and Nominating Committee and a member of the Audit Committee and Compensation Committee.
GlyEco has implemented the Lead Director position as part of its commitment to strong, independent leadership on its board. As Lead Director, Mamanteo will work closely with the Company's chairman, John Lorenz, and his responsibilities will include approving board meeting agendas and schedules, calling special meetings or executive sessions of the board, and calling and presiding at executive sessions or meetings of the independent directors. In addition, Mamanteo will serve as a liaison between the Company's independent directors and chairman, working with committee chairs to ensure coordinated coverage of board responsibilities and facilitating communication between the board and senior management.
"Dwight is an experienced director and his guidance will further enhance our governance practices and reputation. He has great enthusiasm and passion for the company," stated John Lorenz, Chairman and CEO of GlyEco. "We are pleased to expand his role as part of a larger objective to improve our internal and external corporate structures. We have exponentially increased capacity at our seven processing centers and put the infrastructure in place to run high volumes of recycled glycol. With enhanced corporate controls in place, we can shift focus into the next stage of development which will center on sales and production."
Since 2004, Mamanteo has served as a Portfolio Manager at Wynnefield Capital, Inc. In addition, Mamanteo serves on the Board of Directors of multiple NASDAQ-listed companies, including MAM Software Group, a provider of innovative software and data solutions for a wide range of businesses, including those in the automotive aftermarket, and ARI Network Services, a provider of products and solutions that serve several vertical markets with a focus on the outdoor power, power sports, marine, RV, and appliance segments. Mamanteo received an M.B.A. from the Columbia University Graduate School of Business and a B.Eng. in Electrical Engineering from Concordia University (Montreal).
Lorenz continued, "This is a dynamic time of transition and growth for our Company. I'm confident Dwight will carry out the responsibilities of Lead Director with insight and his characteristic thoroughness and dedication to serving the best interests of GlyEco and its shareholders."
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.