PHOENIX, Aug. 26, 2014 (GLOBE NEWSWIRE) -- Sustainable glycol technologies leader GlyEco, Inc. (OTCQB: GLYE) ("GlyEco" or the "Company") plans to appoint two new directors to its Board at the Company's upcoming Annual Meeting at the end of October 2014. The new board members will fill vacancies created by the resignations of Everett Alexander and Joseph Ioia.
Mr. Alexander is assuming a consulting role moving forward, with focus on developing international partnerships for the Company, while Mr. Ioia will continue to support the ongoing expansion of GlyEco's New Jersey Processing Center.
"Both Everett and Joe have been excellent board members for GlyEco, and we want to thank them for their contributions and dedicated service," stated John Lorenz, Chairman and CEO of GlyEco. "They have invested valuable time, talent, passion, and wisdom to help build the foundation we have in place today. We've made great progress over the past 18 months and intend to build on the solid foundation they have helped create."
Dwight Mamanteo, Chairman of the Company's Governance and Nominating Committee, will lead the search for new directors, specifically focusing on appointees who understand the intricacies of a growth company entering the multi-national arena and have experience transitioning public companies to the NASDAQ.
Lorenz continued, "We're now shifting our strategic focus to growing revenues and building profitability as we take advantage of our increased processing capabilities. This is a time of great transformation and development for GlyEco, and we recognize the importance of improving our internal and external corporate structures to prepare for significant growth. I look forward to the challenges ahead knowing the opportunities are even larger."
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.