Revenue Increased 283% Year-Over-Year; Type 1 Production Underway
Conference Call Scheduled for Thursday, November 21 at 2:30 p.m. ET
PHOENIX, Nov. 19, 2013 (GLOBE NEWSWIRE) -- Green Chemistry innovator and glycol recycler GlyEco, Inc. (OTCQB:GLYE) ("GlyEco" or the "Company") announced its financial results for the third quarter ended September 30, 2013.
Third Quarter Highlights
- Net sales increased 283% to $1.2 million, up from $303,456 in the third quarter of 2012
- The Company completed a $7.1 million capital raise in late September 2013
- Shareholders' equity increased 251% to $12.0 million at the quarter ended September 30, 2013, up from $3.4 million at fiscal year-end 2012
"We reached an extremely important milestone in the evolution of GlyEco, Inc. during this third quarter – we began production of T1 (Type 1) compliant recycled glycol, and are producing commercial quantities of this widely-used refinery-grade commodity," stated John Lorenz, chairman and CEO of GlyEco. "Our Phase 1 facility upgrades continue to expand our overall T1 production capacity, positioning us with the necessary scale required to build long-term, sustainable growth in this multi-billion dollar market."
Conference Call
GlyEco will host a conference call on Thursday, November 21, with CEO John Lorenz and CFO Alicia Williams Young at 2:30 p.m. Eastern time (11:30 a.m. Pacific time). To participate in the call, please dial (877) 941-1427, or (480) 629-9664 for international calls, approximately 10 minutes prior to the scheduled start time.
A replay of the call will be available for two weeks from 5:30 p.m. ET on November 21, 2013, until 11:59 p.m. ET on December 5, 2013. The number for the replay is (877) 870-5176, or (858) 384-5517 for international calls; the passcode for the replay is 4651479.
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.