PHOENIX, Sept. 18, 2014 (GLOBE NEWSWIRE) -- Sustainable glycol technologies leader GlyEco, Inc. (OTCQB:GLYE) ("GlyEco" or the "Company") was issued a Class D Recyclable Materials ("Class D") permit by the State of New Jersey Department of Environmental Protection ("NJ DEP"), Division of Solid and Hazardous Waste and Bureau of Recycling Hazardous Waste Management in Trenton, NJ.
"We are honored to receive the Class D permit in New Jersey," stated John Lorenz, Chairman and CEO of GlyEco. "The operating and documentation requirements to process material under this permit are rigid and thorough. We believe our customers benefit from operating under these guidelines, and it will help us create more opportunities for glycol recycling in the expansive Northeast region."
The NJ DEP has issued only a small number of Class D permits covering waste glycols and used petroleum products. The permit allows GlyEco's NJ processing center to take delivery and store waste glycol and used petroleum products for onsite processing. Due to the limited number of issued permits, industry experts consider the Class D permit a multi-million dollar asset.
Lorenz continued, "Receipt of the Class D permit marks another milestone in our growth plans, marking the transition from technology implementation and infrastructure expansion to a focus on revenue development."
"We have made incredible progress at our NJ processing center over the past several months. We have implemented our patent-pending GlyEco Technology and became the first recycler to produce T1™ (refinery grade) recycled glycol in commercial quantities from multiple types of waste streams. Since acquiring this facility, we have increased processing capabilities by over 500% and put a top notch chemical engineering team in place to manage production and quality control. I am very proud of the results our talented and effective team have delivered, and I believe we are well-positioned to gain significant market share moving forward," concluded Lorenz.
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.