Press Release Source: Plastics Conversion Technologies Inc. Plastics Conversion Technologies, Inc., Wisconsin State Department of Commerce and City of Fon du Lac Approve the Issuance of Industrial Revenue Bonds to Raise Up to $20,000,000
* On Thursday May 14, 2009, 9:00 am EDT
SPOKANE, Wash., May 14, 2009 (GLOBE NEWSWIRE) -- GeoBio Energy, Inc. (Other OTC:GBOE.PK - News), d/b/a Plastics Conversion Technologies, Inc., (PCT) a Colorado-based plastics cleaning, separation, and recycling company, today announced a funding development agreement with the State of Wisconsin and City of Fon du Lac. The agreement will allow PCT to take advantage of a Wisconsin State Department of Commerce program supporting the issuance of Industrial Revenue Bonds, and to raise up to $20MM via this investment vehicle.
The Wisconsin program is geared toward business development and job creation within the state, and the proceeds from this type of bond sale are typically used to finance capital investment projects for companies that will operate within Wisconsin. In this case, PCT plans to use the funding to construct a plastics recycling and conversion facility in Fon du Lac to separate and clean plastics recovered from Auto Shredder Residue.
Gary De Laurentiis, founder and COO of Plastics Conversion stated: ``We're very happy that our company can take advantage of this state program. Use of bonds as part of our overall capital structure gives us much more funding flexibility, and will help accelerate our capital raising plans. This should also give investors who want to participate in a start-up business an extra element of confidence, knowing a form of government backing is with the company.''
Geoff Meagher, PCT's CEO said: ``In the current difficult economic climate, having the ability to utilize what can be a tax-advantaged financing program gives us a new tool to attract otherwise hesitant or conservative investors. This is a terrific opportunity for the company to construct a diverse financial platform to grow on, and a tool that will hopefully be able to be utilized a number of times in the future.''
An announcement about the bond underwriting and sales is expected to be made in the next 60 days.
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.
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