SEATTLE, June 25, 2009 (GLOBE NEWSWIRE) -- GeoBio Energy, Inc. (Pink Sheets:GBOE), d/b/a Plastics Conversion Technologies, Inc. (PCT or "Company"), a Colorado-based plastics cleaning, separation, and recycling company, announced in an 8K filing it has extended the formal closing of its merger by up to an additional ninety (90) days. The purpose of this extension is to provide additional time to facilitate the parties reporting, capital structuring and other compliance requirements. At or prior to the end of this period of consolidation, correction, and compilation of all accounting and shareholder records (and prior to submission for audit) the company will announce that it has engaged one of a number of firms being considered to act as corporate auditors.
Stated Geoff Meagher, PCT's CEO, "Up to this point, we've focused on building a high-quality group of suppliers, advisors and business partners as we've developed the company. I look forward to adding a large, well-respected audit firm to that distinguished list, and to working with them now and in the future as PCT grows into a nationwide organization."
About PCT:
PCT is a plastics recovery, separation, cleaning, and recycling company. Formed in 2009 via the merger of GeoBio, Inc. and EnviroPlastics, Inc., with the intent to supply recycled commercial plastics to the automotive and consumer products industries and plans to construct large-scale plastics recycling facilities near automotive shredder locations nationwide. EnviroPlastics, using its patent-pending process, and operating in conjunction with large national metal recycling partners (see "Strategic Partners"), will produce recycled commercial grade plastics ready to be re-introduced into commerce. 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. More information www.enviroplasticscorp.com
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