PHOENIX, Nov. 25, 2014 (GLOBE NEWSWIRE) -- Sustainable glycol technologies leader GlyEco, Inc. (OTCQB:GLYE) ("GlyEco" or the "Company"), announces its shareholders elected a new board member, David Ide, at the Company's annual shareholder meeting in Phoenix, Arizona, on October 24, 2014.
As a successful technology entrepreneur and an experienced CEO, chairman, patented inventor, and director, David Ide brings a wealth of capabilities to the GlyEco board. Since August 2010, Mr. Ide has served as an independent director, investor, and advisor to technology start-ups, including Spindle, Inc. (OTCQB:SPDL), a mobile commerce company providing solutions for small to medium businesses and enterprise customers. As chairman and CEO of Modavox, Inc., Mr. Ide engineered accretive acquisitions of four companies, including Augme Technologies, Inc.
"I'm very pleased to welcome David to the GlyEco team. David brings tremendous capital allocation, operational, and leadership expertise to our group, key skills for our next phase of growth as we build revenues," said John Lorenz, President and CEO of GlyEco. "I know David will make great contributions toward achieving our objectives of better serving our customers, developing strategic partnerships, and building value for our shareholders."
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.