SEATTLE, April 23, 2009 (GLOBE NEWSWIRE) -- GeoBio Energy, Inc. ("GeoBio") (Pink Sheets:GBOE) today announced the completion of its acquisition of EnviroPlastics, Inc., the combined entity soon to be renamed, and now doing business as, "Plastics Conversion Technologies" ("PCT" or "Company"). PCT, which is a plastics recovery, separation, cleaning, and recycling company formed in 2009, announced today that it has begun to implement its business plan "successor business" after successfully completing the merger of GeoBio, Inc. and EnviroPlastics Corp.
The Company, headquartered in Seattle, is prepared to move forward on several fronts to further develop its plastics recycling business, beginning with testing of its newly designed separation process, recently developed to increase the capabilities and output of the company's ASR (auto shredder residue) cleaning process. Additionally, the company announced it is pursuing a number of joint venture prospects, including the market expansion of its cleaned plastic product stream into feedstock for the hybrid energy field, as well as investigating the potential acquisition of another energy-product derivative recycling process. PCT expects that the successful acquisition of these new ventures would result in combined revenues of up to $17 million during its first eighteen to twenty-four months in operation.
To assist in and help accelerate these developments, the company is adding skilled professionals with experience in the recycling and energy industries to its advisory Board. Further information on these planned changes will be forthcoming over the next thirty days.
Information on EnviroPlastics Corp. www.enviroplasticscorp.com.
Press Release Services: www.SmallCap1.com & www.PennyStockProfile.com
About EnviroPlastics Corp.
EnviroPlastics Corporation, a Nevada Corporation, is a recovery, cleaning, and plastics recycling company which, in conjunction with a currently identified strategic metal recycling partner (the "Strategic Partner"), plans to construct a large scale, plastic recycling operation near automotive shredder locations to clean and produce recycled commercial grade plastics to be immediately re-introduced into commerce.
EP formed in 2008 to capitalize on this growing market and supply recycled commercial plastics to industries such as the automotive and consumer products industries, which will use these recycled plastics in their products. Working with its Strategic Partner, EP intends to utilize its patent pending, proprietary technology to take Shredder Residue otherwise headed for the landfill and tainted with contaminants, and reduce it to three streams of recyclable material with no remaining trace of contaminants. Using EP's process, plastics, rubber and foam, can be recovered. EP plans to sell the rubber and foam streams, and use its technology to process the plastic stream, removing the contaminants and ultimately creating recycled commercial plastic material ready to be re-introduced into commerce.
The EnviroPlastics Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6107
About GeoBio Energy:
GeoBio Energy, Inc., is an alternative fuel and energy technology company that historically worked to develop alternative methods for producing feed stocks for fuel and energy. GeoBio currently seeks to expand its focus into additional opportunities in environmental and energy technology.
Safe Harbor Statement
The contents of this Press Release may contain forward-looking statements generally identified as such because the context of the statement will include the words such as "expects," "should," "believes," "anticipates" or words of similar import. Such forward-looking statements are subject to certain risks and uncertainties including the financial performance of GEOBIO which could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements.
This Press Release does not constitute any offer, invitation, or solicitation to purchase securities. "Forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995, may be included in this press release. These statements relate to future events and/or our future financial performance. These statements are only predictions and may differ materially from actual future events or results. GEOBIO disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future developments or otherwise. Please refer to the documents filed by GEOBIO with the Securities and Exchange Commission, which identify important risk factors that could cause actual results to differ from those contained in forward-looking statements, including, but not limited to risks associated with our ability to (i) obtain additional financing, (ii) generate revenues, (Iii) obtain profitability, (iv) manage changes in general economic and business conditions (including in the asset management and asset tracking industries), (v) react to actions of our competitors, (vi) develop new services and markets for our services, (vii) properly quantify the time and expense involved in such development activities, (viii) identify and manage risks in connection with acquisitions (ix) evaluate the level of demand and market acceptance of our services and (x) make necessary changes to our business strategies.