SEATTLE, June 4, 2009 (GLOBE NEWSWIRE) -- GeoBio Energy, Inc. (Pink Sheets:GBOE), d/b/a Plastics Conversion Technologies, Inc. (PCT or "the Company"), a Colorado based plastics cleaning, separation, and recycling company, today announced that it has received a formal proposal for the construction of its first operating facility from Bayland Construction Co., Inc. (Bayland), of Green Bay, WI. The proposal includes the development and construction of an 83 thousand sq. ft. building on land that PCT currently holds the right to acquire, in the city of Fond du Lac, WI, and which would include adequate space within the building for the inclusion of equipment to be operated by PCT's Joint Venture partner, Plas2Fuel, Inc. The facility, expected to take 8 months to complete, has been specifically designed to meet PCT's operating specs and needs, and will be offered to the company on a build/lease-back basis. That key financing element will save PCT nearly $4.0MM in "up-front" costs, allowing the company to utilize its capital for equipment purchases and for start-up of operations at the facility.
Said Gary De Laurentiis, PCT Founder and COO, "This proposal represents an ideal situation for the growth of our business. We've worked very closely with the Bayland team to be sure this building will meet our (and our partners') functional and operational needs. The lease-back arrangement will help us lower starting costs dramatically and provide a solid beginning for our plastics conversion business."
Dan Danforth of Bayland, commented, "We're pleased to have the opportunity to work with this exciting new company in its early stage of development. The expectation we have is that upon the successful completion of this first facility, we'll be given the opportunity to begin development of a second facility. Then, we hope to build a long term relationship with PCT that will lead to a significant number of future projects with them."
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.
The EnviroPlastics Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6107
About Plas2Fuel, Inc.
Plas2Fuel Corporation is a Kelso, Washington based company that 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, comingled 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 in Tacoma, Washington, who in turn have been manufacturing transportation fuels. For more information, please go to: www.Plas2Fuel.com
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