GlyEco Completes Agreement to Acquire Antifreeze Recycling,
GlyEco Completes Agreement to Acquire Antifreeze Recycling, Inc.
PHOENIX, AZ -- (Marketwire) -- 06/13/12 -- GlyEco, Inc. (OTCBB: GLYE) (OTCQB: GLYE) announced today it has completed a preliminary agreement to acquire certain assets of Antifreeze Recycling, Inc. located in Tea, SD. The transaction is scheduled to close July 31, 2012.
Antifreeze Recycling, Inc. is a privately held company founded in 1996 by owner Robert J. Kolhoff. The business provides waste glycol recycling services to the SE South Dakota region. Mr. Kolhoff is considered a pioneer in working with newly developed automotive and HVAC coolant blends.
The company actively services 390 waste glycol customers in SE South Dakota and is successfully expanding in their immediate region. The company has grown through strategically concentrating sales efforts on the small to medium business market while developing a reputation for customer care and product quality. Their proven track record of excellent service has drawn the attention of larger operations.
This is the seventh preliminary acquisition agreement GlyEco has announced in 2012.
"We are looking forward to welcoming Antifreeze Recycling to our team," said John Lorenz, GlyEco's Chairman and CEO. "Mr. Kolhoff has an in-depth understanding of the latest coolant blends used for building heat and cooling systems, as well as engine antifreeze. This expertise is a valuable addition to our operation."
The company plans to initially target the U.S. antifreeze market to market GlyEco Certified(R) recycled glycols. The four target markets within this group are vehicle manufacturers, vehicle service centers, branded bottle automotive antifreeze formulators, and government agencies. In the future, this could be expanded into international markets around the world.
GlyEco is a green chemistry company which transforms used glycols, a hazardous waste, into profitable green products. The Company's patent-pending technology recycles polluted glycols to a purity level equal to refinery-produced material. This unique process cleans polluted glycols from all five waste producing industries: HVAC, Textiles, Automotive, Airline and Medical. Global consumption for refinery produced ethylene glycol is over 5 Billion gallons per year.
The company is rapidly expanding operations by strategically acquiring assets of existing profitable recycling businesses. The Company believes each facility can increase market penetration exponentially when enabled to process additional types of waste glycol.
The management team is a collection of c-level managers from the solid waste, chemical engineering and glycol recycling industries. They have accomplished backgrounds in both the private and public sector, each bringing over 20 years experience in their field of expertise.
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.
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