PHOENIX, Jan. 24, 2013 - The Board of Directors of GlyEco, Inc. GlyEco, Inc. (OTCQB: GLYE) today announced it has elected Joe Ioia as a Director of the Company, effective immediately.
Mr. Ioia is a leader in the emerging glycol recycling industry. He has a 40-year accomplished background in the petrochemicals and petroleum lubricants industries. Mr. Ioia founded the largest ExxonMobil Distributor in the Metro New York and New Jersey area for the past 25 years. At NY Terminals II, he revamped an aging and underachieving liquid bulk storage terminal into a modern, state-of-the-art facility commonly referred to as the "crown jewel" of the regions privately held terminals. He created and operates a separate transportation business that services both NY Terminals II customers, and clients in the petroleum lubricant and petrochemicals industry.
Mr. Ioia also founded Full Circle Manufacturing, one of the largest and most sophisticated glycol recycling facilities in North America. Under his leadership, the business has grown to over $4.3 Million in estimated revenues for 2012. The company is known for its success in recycling difficult to clean hazardous waste glycols created by the automotive services industry.
GlyEco completed an integrated agreement with Full Circle Manufacturing in December 2012. The company plans to run an unprecedented processing capacity run rate of 10 Million gallons per year at the Full Circle plant during 2013.
The company intends to leverage key components of this facility to drive its plan for exponential growth in the underserved glycol recycling market. That includes state-of-the-art computerized control systems, which enables mass production while controlling quality. The location is cost beneficial and the plant has exceptional transportation logistics, a key resource in glycol recycling. The facility also has over 3 million gallons of glycol storage capacity with space available for expansion of storage and processing capacities.
GlyEco is on schedule to integrate its groundbreaking GlyEco Technology™ during 2013. This technology improves recycled glycol quality to meet ASTM Type 1 standards – indistinguishable from refinery grade glycol.
GlyEco Technology™ opens the door for the company to expand services beyond the used engine coolant recycling market. Services can be offered to an additional four large industrial markets which create waste glycol. The majority of potential clients in these markets do not currently have the option of recycling this hazardous waste.
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 aquatic life - the GlyEco Technology™ solution gives our customers a way to reduce waste while caring for the environment, and 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.
IR@GLYECO.COM OR (866) 960-1539 EXT. 3
SOURCE GLYECO, INC.