PHOENIX, Dec. 1, 2011 (GLOBE NEWSWIRE) -- GlyEco, Inc. (GLYE is listed on www.otcmarkets.com) (OTCBB:GLYE) has completed a reverse merger into a public shell company named Environmental Credits, Ltd. GlyEco is a green chemistry company that transforms waste glycols, a hazardous material, into profitable green products. The Company, formed in 2006, is preparing to roll out its proprietary and patent-pending recycling technology, GlyEco Technology™, in the US and Europe. www.glyeco.com
GlyEco Technology™ is a breakthrough patent pending processing system and green chemistry solution that enables businesses to handle the removal of their waste glycol in a responsible and environmentally safe manner. The process cleans the five major types of hazardous waste glycols to a superior level of purity, and allows our customers to utilize recycled glycols as a more sustainable resource. Since most polluted glycol is disposed of in our surface waters - which can have devastating results for aquatic life - the GlyEco Technology™ solution gives our customers a way to reduce waste while caring for the environment at no additional cost to them.
GlyEco Technology™ ensures consistently clean, uniform quality recycled glycols with independent lab testing to document results. Our recycled materials are proved to meet or exceed ASTM (www.astm.org) purity standards.
The Company has assembled a group of accomplished managers each of whom has more than 20 years experience in their field of expertise. This talented team includes business owners and c-level managers from the solid waste, chemical engineering and glycol recycling industries. They provide disposal clients with documented compliance with EPA Hazardous Waste Manifest System and all State and Local regulations, protecting both our environment and their business partners.
Glycols are man-made liquid chemicals derived from crude oil and natural gas. They are made from an unrenewable and limited natural resources. As a base chemical, they are produced in massive quantities and used in many industrial applications. World-wide consumption for refinery produced ethylene glycol is over 5 Billion gallons per year, with growth expected to exceed 350 Million gallons every year for the next decade (Source: ICIS Chemical News). Demand in China exceeds supply and currently tops 2.1 Billion gallons each year. The United States consumes over 700 Million gallons of ethylene glycol each year.
In the United States, glycols are an indispensible production component in five primary industries: HVAC, Textiles, Automotive, Airline and Medical. Glycols are in the Heat Transfer Fluids used to warm and cool buildings; to create polyester fiber for fabrics and plastic containers, including water bottles. Also to produce antifreeze for vehicles engines and aircraft deicing fluids used at airports. The gaseous component of this chemical is used for equipment sterilization in the medical industry.
Demand continues to exceed supply for ethylene glycol, largely because of explosive growth in poly fiber manufacturing to make clothing, plastic containers and plastic beverage bottles. This growth trend is expected to continue well into the future.
Caution 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.