Last $0.67 USD
Change Today +0.02 / 3.08%
Volume 14.6K
GLYE On Other Exchanges
As of 8:10 PM 09/19/14 All times are local (Market data is delayed by at least 15 minutes).

glyeco inc (GLYE) Key Developments

GlyEco Announces Board Resignations

On August 22, 2014, Everett Alexander and Joseph A. Ioia tendered their resignations as directors of GlyEco, Inc., effective immediately. Both Mr. Alexander and Mr. Ioia remain committed to the company and intend to remain shareholders. Mr. Alexander will be assuming a consulting role with the company going forward with a particular focus on developing strategic partnerships internationally, while Mr. Ioia will continue to provide support related to the company's expansion at its New Jersey Processing Center and wherever else his expertise or services may be needed.

GlyEco, Inc. Appoints Dwight Mamanteo as Lead Director

GlyEco, Inc. has appointed portfolio manager and independent Board of Directors member Dwight Mamanteo as its Lead Director, effective immediately. Mamanteo joined the Company's board on January 15, 2014 and is currently Chairman of the Governance and Nominating Committee and a member of the Audit Committee and Compensation Committee. As Lead Director, Mamanteo will work closely with the Company's chairman, John Lorenz, and his responsibilities will include approving board meeting agendas and schedules, calling special meetings or executive sessions of the board, and calling and presiding at executive sessions or meetings of the independent directors. In addition, Mamanteo will serve as a liaison between the Company's independent directors and chairman, working with committee chairs to ensure coordinated coverage of board responsibilities and facilitating communication between the board and senior management. Since 2004, Mamanteo has served as a Portfolio Manager at Wynnefield Capital, Inc.

GlyEco, Inc. Announces Earning Results for the Second Quarter Ended June 30, 2014

GlyEco, Inc. announced earning results for the second quarter ended June 30, 2014. For the quarter, revenue increased 13% to $1.6 million, compared to $1.4 million for the year-ago period. The increase in revenue was due to increased production capabilities at six processing centers and penetration into new markets. The company realized a profit margin of (1%), compared to 20% for the year-ago period. The decrease in gross profit was primarily due to continued operating costs, investment in infrastructure and low production volumes as the NJ Processing Center transitions to producing high volumes of T1(TM) material from multiple types of waste glycols. Net equipment assets increased 43% to $7.9 million (after depreciation) for the quarter ended June 30, 2014, compared to net equipment assets of approximately $5.5 million for the year ended December 31, 2013.

GlyEco, Inc., Q2 2014 Earnings Call, Aug 19, 2014

GlyEco, Inc., Q2 2014 Earnings Call, Aug 19, 2014

Glyeco, Inc. Approves Amended and Restated Bylaws

The Board of Directors of GlyEco, Inc. approved and adopted Amended and Restated Bylaws. The Amended and Restated Bylaws: provide that directors shall be elected by a plurality of the votes of shares present in person or represented by proxy at each stockholders' meeting and entitled to vote on the election of directors; clarify the process for fixing a record date to determine which stockholders are entitled to notice of or to vote at any meeting of stockholders or adjournment thereof or in order to make a determination for any other purpose; clarify that any shares belonging to the company will not be voted directly or indirectly at any stockholders' meeting and shall not be counted in determining the total number of outstanding shares at any given time; articulate the process by which the Board may create one or more committees and define the scope of assigned responsibilities each committee may have; and clarify the processes by which the Bylaws may be amended by the Board or the company's stockholders.


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