GlyEco Completes Asset Purchase Agreement with Renew Resources, LLC.
PHOENIX, Oct. 11, 2012 /PRNewswire/ — GlyEco, Inc. (OTCBB: GLYE) (OTCQB: GLYE) a recycling technology innovator, announced today it has signed an asset purchase agreement to acquire Renew Resources, LLC., based in Rock Hill, SC. As previously reported, the companies signed a preliminary agreement in May, 2012. This transaction is scheduled to close on October 26, 2012 and supersedes any prior agreements. The company expects the completed transaction to be immediately accretive.
This transaction is the second asset purchase due to close in October, 2012
About Renew Resources, LLC.
Renew Resources is a privately held company founded in 1999 by owner Todd M. Bernard. The business provides recycling services for multiple types of industrial waste, including antifreeze, used oil filters, e-scrap, light bulbs, plastics and batteries. The company also provides a unique line of equipment used in changing automotive antifreeze.
Renew Resources services about 200 customers in the greater Charlotte, SC area. Under the agreement, GlyEco will purchase certain assets of the antifreeze recycling business. Mr. Bernard will continue to operate the facility with his current staff.
About GlyEco, Inc.
GlyEco is a green chemistry company with a patent-pending technology for recycling polluted glycols. The Company is rapidly expanding operations by acquiring assets of existing, profitable businesses. These recyclers primarily process waste antifreeze. 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.
About Recycling Glycols
Glycols are a liquid petrochemical produced in massive quantities and used primarily in five industries: HVAC, Textiles, Automotive, Airline and Medical. In the United States, these industries create approximately 700 Million Gallons of hazardous waste glycol each year. Although most of this waste could be recycled into useable products, over 85% of this liquid waste is disposed of in our surface waters – which can have devastating results for aquatic life.
Demand continues to exceed supply for ethylene glycol, largely because of explosive growth in poly fiber manufacturing to make clothing, plastic containers and plastic beverage bottles. This growth trend is expected to continue well into the future. (Source: ICIS Chemical News).
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SOURCE GlyEco, Inc.