PureCycle Technologies, Inc. (NASDAQ: PCT) celebrated its inaugural Pure Planet Day, which will become an annual day of service in Ironton, Ohio, as declared by the Lawrence County Commissioners Office, in partnership with the Lawrence-Scioto County Solid Waste Management District. Senior executives, team members and the new PureCycle 2021 intern class collected a total of 2,280 pounds of solid and plastic waste along the Ohio river bank and County Road 1A. All collected polypropylene plastic has gone to recycling at the Feedstock Evaluation facility to be transformed into ultra-pure recycled polypropylene resin.
"We are thrilled at the thought of what Pure Planet Day will become around the world," said PureCycle CEO Mike Otworth. "An annual service day starting right here in Ironton, where our first production facility is located, is just one more step towards a pure planet."
PureCycle uses proprietary technology licensed from The Procter & Gamble Company (P&G) to recycle waste PP into virgin-like recycled polypropylene (PP) for a myriad of applications. The company is the intersection of an enabling technology meeting a compelling global need: only approximately 1% of the 170 billion pounds of PP consumed last year was recycled, as compared to almost 20% for polyethylene terephthalate (PET), according to the American Chemistry Council.
As a relatively new face in the Lawrence County area, the PureCycle team is eager to give back to the area through service.
"We value and support our Ironton neighbors," said Dustin Olson, PureCycle chief manufacturing officer. "To show that, we want to make an impact, not only locally but also to the larger community that has access to the Ohio River. By cleaning up the banks of the river and recycling the waste right here in our plant, we're showing the world what the future of recycling looks like."
With construction of the Phase II facility underway in Ironton, PureCycle expects to produce more than 107 million pounds of ultra-pure recycled polypropylene per year at this plant alone.
About PureCycle Technologies
PureCycle Technologies LLC, a subsidiary of PureCycle Technologies Inc., holds a global license to commercialize the only patented, solvent-based purification recycling technology, developed by The Procter & Gamble Company (P&G), for restoring waste polypropylene (PP) into virgin-like resin. The proprietary process removes color, odor and other contaminants from recycled feedstock resulting in virgin-like polypropylene suitable for any PP market. To learn more, visit purecycletech.com.
Certain statements made in this release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995, including statements about the anticipated benefits of the business combination and the prospects of Roth CH and/or PCT and include statements for the period following the consummation of the business combination. When used in this press release, the words "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would" and other similar words and expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements are based on the current expectations of the management of Roth CH and PCT, as applicable, and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those discussed and identified in the public filings made or to be made with the SEC by Roth CH, including in the final prospectus relating to Roth CH's IPO, which was filed with the SEC on May 6 2020 under the heading "Risk Factors," the proxy statement and prospectus relating to the business combination, which was filed with the SEC on February 12, 2021 under the heading "Risk Factors," or made or to be made by the newly created publicly-listed holding company, to be renamed PureCycle Technologies, Inc. upon closing of the transaction, and the following: PCT's ability to meet, and to continue to meet, applicable regulatory requirements for the use of PCT's recycled polypropylene in food grade applications; PCT's ability to comply on an ongoing basis with the numerous regulatory requirements applicable to the recycled polypropylene and PCT's facilities; expectations regarding PCT's strategies and future financial performance, including its future business plans, expansion plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and PCT's ability to invest in growth initiatives; PCT's ability to scale and build the Ironton plant in a timely and cost-effective manner; the implementation, market acceptance and success of PCT's business model and growth strategy; the success or profitability of PCT's offtake arrangements; PCT's future capital requirements and sources and uses of cash; PCT's ability to obtain funding for its operations and future growth; developments and projections relating to PCT's competitors and industry; the outcome of any legal proceedings that may be instituted against Roth CH or PCT following announcement of the merger agreement and the transactions contemplated therein; the risk that the consummation of the business combination disrupts PCT's current plans; the ability to recognize the anticipated benefits of the business combination; unexpected costs related to the business combination; the amount of any redemptions by existing holders of Roth CH's common stock being greater than expected; limited liquidity and trading of Roth CH's securities; geopolitical risk and changes in applicable laws or regulations; the possibility that Roth CH and/or PCT may be adversely affected by other economic, business, and/or competitive factors; operational risk and the risk that the COVID-19 pandemic, and local, state, and federal responses to addressing the pandemic may have an adverse effect on PCT's business operations, as well as Roth CH's or PCT's financial condition and results of operations. Should one or more of these risks or uncertainties materialize or should any of the assumptions made by the management of Roth CH and PCT prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Neither Roth CH nor PCT undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Laura Mansfield, APR