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,
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
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
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
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