SEATTLE, May 19, 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, today announced a land acquisition and development agreement with the City of Fond du Lac, WI. The agreement stipulates that PCT will purchase 12.24 acres of developable land in the Southwest Industrial Park, located just outside the city.
In Fond du Lac, PCT plans to construct a plastics recycling and conversion facility. The plant will be operated by EnviroPlastics, Inc., a wholly-owned subsidiary of Plastics Conversion Technologies. PCT has already announced its involvement with the State of Wisconsin and the City of Fond du Lac in a $20,000,000 municipal bond program geared toward business development and job creation within the state.
Gary De Laurentiis, founder and COO of PCT, stated, "This is an absolutely ideal location for our company to build a facility. It is situated almost halfway between a large supplier (our source of Auto Shredder Residue), and the landfill where that supplier has been transporting the very waste materials that we'll be cleaning and recycling. In addition, we'll be bringing in a 1.5 mile rail spur to the completed facility, giving us access to nationwide freight service from the plant for our recycled materials."
Added Brenda Hicks-Sorenson, President of the Fond du Lac County Economic Development Corporation: "When EnviroPlastics decided that Fond du Lac County was a good fit for their needs and their company, we were pleased to know that we would have the opportunity to continue to work with them and to have Plastics Conversion and EnviroPlastics as part of the strong business community in Fond du Lac County."
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. Additionally, in conjunction with other 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, please go to: www.enviroplasticscorp.com.
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"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.