SEATTLE, May 28, 2009 (GLOBE NEWSWIRE) -- GeoBio Energy, Inc. (Pink Sheets:GBOE), d/b/a Plastics Conversion Technologies, Inc. (PCT "Company"), a Colorado based plastics cleaning, separation, and recycling company, announced it signed a Letter of Intent with Plas2Fuel, Inc., a Washington company (P2F), regarding future joint venture operation opportunities. The final agreement contemplates P2F operating within PCT's EnviroPlastics (EVP) division facilities at multiple locations, nationwide. These EVP facilities will process Auto Shredder Residue located near large auto-shredder/metal recyclers. EVP's process cleans and separates scrap resin grades into three streams of plastics. One of the outputs of EVP's process, a "mixed stream" of plastic, will be the supply for P2F's proprietary 'plastic-to-synthetic oil' conversion process.
Gary De Laurentiis, PCT founder and COO stated: "The synergies between our two companies' processes are absolutely unbelievable. Our 'post-cleaning' waste plastic material is perfect feedstock for the P2F process. We can supply them all the materials they need to produce synthetic oil 24/7 within the same facility. This is a major win-win situation for both businesses."
Said Brent Bostwick, P2F's VP for Business Development: "This is a truly exciting opportunity. Our plan allows us to operate within the same facility, and allows P2F to focus on our process and our sales, and not about supplies. We'll be able to guarantee our customers a steady flow of product, which is of utmost importance to them."
Final details of the initial operating joint venture will be completed prior to construction of the first PCT facility, and are expected to be announced in the next 90 days.
About PCT
PCT was formed in 2009 via the merger of GeoBio, Inc. and EnviroPlastics, Inc., with the intent to supply recycled commercial plastics to industries: automotive and consumer products, and plans to construct large-scale plastics recycling facilities near automotive shredder locations nationwide. Operating 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 re-introduced into commerce. In conjunction Strategic Partners, PCT will convert waste and scrap plastic (from its own processing and other sources) into high-value energy products, including synthetic oil.
Additional information at www.enviroplasticscorp.com.
The EnviroPlastics Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6107
About Plas2Fuel, Inc.
Plas2Fuel Corporation, a Kelso, Washington based company provides environmentally responsible and sustainable technologies enabling customers to convert waste plastic into petroleum products, simply, safely and profitably. Incorporated in 2006, Plas2Fuel has operated a full-scale facility in the Pacific Northwest, converting millions of pounds of waste plastic into synthetic crude oil. The Plas2Fuel system is specifically designed to convert dirty, commingled heterogeneous waste plastic into high value, high quality homogeneous synthetic crude oil. To date, Plas2Fuel has sold tens of thousands of gallons of crude oil to U.S. Oil and Refining (www.usor.com/) in Tacoma, Washington, who in turn have been manufacturing transportation fuels. Additional information on Plas2Fuel at www.plas2fuel.com/
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