SEATTLE, April 9, 2009 (GLOBE NEWSWIRE) -- EnviroPlastics, Inc. (EnviroPlastics "EP") and GeoBio Energy, Inc. (Pink Sheets:GBOE) ("GeoBio") continue towards closing their announced share exchange. The combined organization will be renamed Plastics Conversion Technologies, Inc. ("PCT"). PCT will combine the business plans of EP and GeoBio to engage in plastics recovery, separation, cleaning, recycling, and alternative fuels production.
Primarily utilizing Auto Shredder Residue (ASR), and operating in conjunction with several Strategic metal shredder/recycling Partners, PCT intends to utilize its anticipated patent pending and proprietary cleaning technology which takes tainted and contaminated Shredder Residue headed for landfills and converts it into three streams of uncontaminated recyclable material. Those streams will be re-introduced into commerce, available to automotive and appliance parts manufacturers and to worldwide commodities markets. Additionally, in conjunction with other Strategic Partners, PCT will convert waste and scrap plastic (both from its own processing and from other sources) as well as waste oil products from a PCT oil recycling division, into high-value energy products, including synthetic oil.
On March 2, 2009, GeoBio entered a share exchange agreement with EnviroPlastics, under which EnviroPlastics will exchange 100% of its issued and outstanding common shares in exchange for 90% of the issued and outstanding common shares of GeoBio at closing of the Share Exchange.
The Share Exchange provides for a closing date within 90 days of the date of execution (the "Closing Date"), with conditions.
Additional information on EnviroPlastics can be found at www.enviroplasticscorp.com.
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About EnviroPlastics Corporation
EnviroPlastics Corporation, a Nevada Corporation, is a recovery, cleaning, and plastics recycling company which, in conjunction with a currently identified strategic metal recycling partner (the "Strategic Partner"), plans to construct a large scale, plastic recycling operation near automotive shredder locations from which to clean and produce recycled commercial grade plastics that are ready to be re-introduced into commerce.
EP was formed in 2008 to capitalize on this growing market and to supply recycled commercial plastics to industries such as the automotive and consumer products industries, which will use these recycled plastics in their products. Working with its Strategic Partner, EP intends to utilize its patent pending, proprietary technology to take Shredder Residue otherwise headed for the landfill and tainted with contaminants, and reduce it to three streams of recyclable material with no remaining trace of contaminants. Using EP's process, plastics, rubber and foam can be recovered. EP plans to sell the rubber and foam streams, and then use its technology to process the plastic stream, removing the contaminants and ultimately creating recycled commercial plastic material ready to be re-introduced into commerce.
About GeoBio Energy:
GeoBio Energy, Inc., is an alternative fuel and energy technology company that has historically worked to develop alternative methods for producing feed stocks for fuel and energy. GeoBio currently seeks to expand its focus into additional opportunities in environmental and energy technology.
Safe Harbor Statement
The contents of this Press Release may contain forward-looking statements which can be generally identified as such because the context of the statement will include the words such as "expects," "should," "believes," "anticipates" or words of similar import. Such forward-looking statements are subject to certain risks and uncertainties including the financial performance of GeoBio which could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.
This Press Release does not constitute any offer, invitation, or solicitation to purchase securities.
"Forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995, may be included in this press release. These statements relate to future events and/or our future financial performance. These statements are only predictions and may differ materially from actual future events or results. GeoBio disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. Please refer to the documents filed by GeoBio with the Securities and Exchange Commission, which identify important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with our ability to (i) obtain additional financing, (ii) generate revenues, (Iii) obtain profitability, (iv) manage changes in general economic and business conditions (including in the asset management and asset tracking industries), (v) react to actions of our competitors, (vi) develop new services and markets for our services, (vii) properly quantify the time and expense involved in such development activities, (viii) identify and manage risks in connection with acquisitions (ix) evaluate the level of demand and market acceptance of our services and (x) make necessary changes to our business strategies.