SEATTLE, May 12, 2009 (GLOBE NEWSWIRE) -- GeoBio Energy, Inc. (Pink Sheets:GBOE), d/b/a Plastics Conversion Technologies, Inc. (PCT), a Colorado based plastics cleaning, separation, and recycling company, announced a strategic agreement with Thar Process, Inc., of Pittsburgh, Pa. Thar, a global leader in supercritical fluid technology equipment, provides solutions involving chemistry, design, process development and optimization. Under terms of this new alliance, Thar has worked extensively with PCT assisting in development, testing, and refinement of a proprietary plastic cleaning and processing methodology that PCT intends to use in its first operating facility, on which it projects to commence construction within six months. In addition, Thar and PCT have agreed to exchange certain intellectual property (IP) rights in the system design, as well as to defer some of the costs of testing services. For those considerations PCT will transfer a 20% interest to Thar.
"We see tremendous growth opportunity in working with PCT and its founder Gary De Laurentiis and Chief Technology Officer Andrew Kegler. We're excited about PCT helping us commercialize and be able to profit from this unique and highly successful cleaning and separation process," said Thar founder and CEO Dr. Lalit Chordia. "Additionally, we wanted to be a long-term participant in their growth and success. The best way for us to do that was to be true partners with them from the outset, and thus we've come to this operational and ownership agreement today".
PCT founder De Laurentiis said: "Thar has been a world-class leader in the scientific and analytic communities for years. We chose Thar to help in refining a plastic waste cleaning process. In addition, they have developed a system to utilize the process that, to our knowledge, significantly exceeds the capability of anything on the market. It's more than we had hoped for, and we look forward to continuing to utilize their remarkable research and development team as we move into our plant development and operations. Having a strategic partner like this will be a tremendous asset for the company going forward. With the addition of Thar as a partner, combined with the Central Manufacturing partnership, the PCT Team is a manufacturing dream team."
About Plastics Conversion Technologies:
Plastics Conversion Technologies is a plastics recovery, separation, cleaning, and recycling company. It was formed in 2009 via the merger of GeoBio, Inc. and EnviroPlastics, Inc., with the intent to supply recycled commercial plastics to industries such as the automotive and consumer products industries, and it plans to construct large-scale plastics recycling facilities near automotive shredder locations nationwide. Operating in conjunction with large national metal recycling partners (see "Strategic Partners"), the company, using a patent-pending process developed by EnviroPlastics, will produce recycled commercial grade plastics ready to be re-introduced into commerce. In conjunction with Strategic Partners, PCT will convert waste and scrap plastic (both from its own processing and from other sources) into high-value energy products, including synthetic oil.
For more information, on PCT go to: www.enviroplasticscorp.com
The EnviroPlastics Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6107
About Thar Process, Inc.
Thar Process is a global leader in the design, development and operation of green, environmentally conscious high-pressure materials processing and equipment technologies for the pharmaceutical, food, nutraceutical, chemical, electronics and energy industries. Thar Process provides cost-effective, customer-driven solutions involving chemistry, design, process development and optimization and is the single-point-of-access provider of green, high-pressure technology and equipment worldwide.
For more about Thar Process Inc. visit www.tharprocess.com.
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