ORLANDO, Fla., June 8, 2021 /PRNewswire/ -- 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.
Forward-Looking Statements
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.
Media Contact
Laura
Mansfield, APR
Tombras
lmansfield@tombras.com
865.599.9968
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SOURCE PureCycle Technologies
