GlyEco Announces Acquisition of Glycol Recycler Recycool
PHOENIX, AZ--(Marketwire -02/07/12)- GlyEco, Inc. (GLYE is listed on www.otcmarkets.com) (OTCQB: GLYE.OB - News) (OTC.BB: GLYE.OB - News) today announced it has signed an asset purchase agreement to acquire certain assets of Recycool, Inc. (www.recycool.net). Recycool is the dominant recycler in the Minneapolis, MN area and has been collecting and processing waste glycol -- primarily used antifreeze -- into high quality recycled antifreeze since 1995.
Recycool was founded by Marty Rosauer, Kurt Rosauer and Dennis Scott, early pioneers of the antifreeze recycling industry. Today, the company services nearly 400 customers in and around the Twin Cities metro area and will report 2011 revenues of approximately $430,000. The company's customer base is focused on vehicle dealers and repair shops, quick lube facilities, and governmental entities.
The founders and Recycool recycling team will continue to operate the Minnesota plant.
"We are very excited to have the entire Recycool group join forces with our team," stated John Lorenz, Chairman and CEO of GlyEco, Inc. "They produce high quality recycled antifreeze and have a tremendous customer service ethic. Their depth of industry experience makes the business a great asset in our growth strategy."
This purchase marks the beginning implementation of GlyEco's strategy for rapid growth through the acquisition of existing profitable recyclers. The acquired facilities will be upgraded with patent-pending GlyEco Technology™, improving production capacity, product quality and profitability. The company expects to expand its customer base and geographical reach at each location.
GlyEco Technology™ is a breakthrough green chemistry solution for recycling used glycols. This is the only process that can cleanse all five major types of waste glycols to a superior level of purity allowing our customers to utilize recycled glycols as a more sustainable resource. GlyEco Technology™ gives our customers a way to reduce waste while caring for the environment at no additional cost to them.
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