PHOENIX, Oct. 3, 2013 (GLOBE NEWSWIRE) -- Sustainable glycol technologies leader GlyEco, Inc. (OTCQB:GLYE) ("GlyEco" or the "Company") has completed the acquisition of GSS Automotive Recycling, Inc. ("GSS"), based in Landover, Maryland.
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. Mr. Stein and Mr. Getz will continue to manage day-to-day operations at the facility.
"The acquisition of GSS significantly expands our production capabilities," stated John Lorenz, chairman and CEO of GlyEco. "With a proven management team, large customer base, and reputation for delivering high-quality products, GSS is a great addition to our growing network of facilities. Our next step will be to ramp sales while we implement our Type 1 processing technology."
About GlyEco
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.
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