PHOENIX, Aug. 11, 2014 (GLOBE NEWSWIRE) -- Sustainable glycol technologies leader GlyEco, Inc. (OTCQB:GLYE) ("GlyEco" or the "Company") has signed a new contract with its Chief Technology Officer, Richard Geib, extending his term of service for an additional two years.
Geib has played a key role in the development of the Company's proprietary GlyEco Technology™ which enables the recycling of all types of waste glycol to refinery grade (ASTM E1177 Type 1) standards. Joining GlyEco in 2005, Mr. Geib brings more than 40 years experience as an industry leading senior chemical engineer and has been an active and voting member of the ASTM D15 Committee on Engine Coolants and Related Fluids for 20 years.
"Dick is an industry innovator and one of the sharpest minds in the glycol business," stated John Lorenz, CEO of GlyEco. "His vast experience in glycol recycling systems, plant development, and building sales infrastructures are key components to our continued growth. I look forward to continuing to work side-by-side with Dick on the next phase of our development."
Geib's accomplished background includes degrees in chemical engineering and business administration, and over 20 years with Monsanto in various functions, including engineering, manufacturing, marketing, sales, and project management. He also served as Managing Director of the Process Chemical Division for Europe and Africa out of the European headquarters in Brussels. He went on to found WEBA Technology, a leading glycol additive and specialty chemicals company.
Lorenz continued, "The potential for our business today and in the future is incredible. We are building a top-notch engineering team with world-class talent. Increasing Dick's role in our build-out and plant expansion plans further enables the Company to capitalize on our proprietary technology while leading important transformation of the glycol industry."
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.