PHOENIX, July 10, 2013 (GLOBE NEWSWIRE) -- Sustainable glycol technologies leader GlyEco, Inc. (OTCQB:GLYE) ("GlyEco") has signed a preliminary asset purchase agreement to acquire GSS Automotive Recycling, Inc. ("GSS"), based in Landover, Maryland.
The agreement marks GlyEco's eighth acquisition agreement to date. Management expects the transaction to close before August 31, 2013.
"This acquisition strengthens our presence in the Northeast," said John Lorenz, chairman and CEO of GlyEco. "We are excited to have the GSS group join our team. They bring a wealth of industry knowledge and a proven ability to build a loyal customer following. After completing this transaction, we will implement plant upgrades so this team is able to apply its business savvy to expanding glycol recycling into new markets."
Mr. Lorenz continued, "GlyEco remains focused on expanding our processing capabilities and capacities to better serve our customers. We are preparing for the anticipated rollout of our breakthrough GlyEco technology in a few weeks. With plant upgrades well underway at our existing facilities, we are strongly positioned to accelerate revenue growth going forward."
About GSS Automotive Recycling, Inc.
GSS is a leader in the glycol recycling industry, serving over 1,500 customers in the Mid-Atlantic region. The business is known for its outstanding customer service and top-quality recycled antifreeze products. The company was founded in 1997 by owner John Stein, who brings over 25 years of management experience to the organization. Joe Getz, who became a partner in the business in 1998, brings over 31 years of management experience. The existing management team will continue to manage day-to-day operations at this facility.
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.