GreenShift Corporation (OTC Bulletin Board: GSHF) announced that it agreed to acquire a 30% stake in Air Cycle Corporation (“Air Cycle”), a privately-held lamp, ballast, battery and electronics waste recycling company. Under the terms of its agreement with Air Cycle, GreenShift will purchase 30% of Air Cycle’s outstanding stock and receive certain commercial rights in return for GreenShift’s investment of about $350,000 and its provision of strategic business development and other services. Lamp Recycling
Due to the new Federal EPA regulations on fluorescent and mercury vapor lamps, which went into effect on January 6th, 2000, most non-residential facilities are now required to properly dispose of their lamps. Landfills are increasingly intolerant of lamps from non-residential sources due to the amount of mercury found in each lamp. Lamps later found in landfills are subject to retroactive clean-up costs under EPA regulations. Recycling of the lamp components is the recommended method of disposal by the Environmental Protection Agency and helps to eliminate facility liability. Air Cycle offers lamp recycling products and services nationwide based on its Bulb Eater product line and its EasyPak(TM) recycling program.
Air Cycle’s EasyPak(TM) Recycling Program is offered as an alternative for customers who generate spent lamps, batteries, and/or ballasts and cannot meet Air Cycle’s quantity minimums for bulk pick-ups. Small shipments are instead shipped through pre-paid FedEx Ground transportation services. The program is simple, requires little paperwork, and is a practical option for facilities nationwide.
Air Cycle’s Bulb Eater product line crushes spent fluorescent lamps into small fragments and compacts them into 55-gallon containers. This greatly improves storage of the lamps, handling, safety/liability issues, and recycling costs. The units are complete with filtration systems to help ensure both OSHA and EPA compliance, even for facilities disposing of large quantities of lamps. Air Cycle’s Bulb Eater products have been mentioned on the front page of the Wall Street Journal and numerous other publications and in use today at many small and large companies, schools, hospitals, military bases, and government agencies.
Manufacturing and Distribution Rights
GreenShift’s agreements with Air Cycle also provide for right of first refusal manufacturing rights to Air Cycle’s Bulb Eater product line for INSEQ Corporation (OTC Bulletin Board: INSEQ), a GreenShift portfolio company, that are expected to be worth in excess $1.5 million per year. The agreements with Air Cycle also grant INSEQ the right to distribute Air Cycle products and services through INSEQ’s new online store in return for fixed transaction fees payable to INSEQ.
About Air Cycle Corporation
Air Cycle was founded in 1978 and is currently based in the Chicago metropolitan area. Air Cycle currently offers a wide range of recycling services throughout the United States.
About GreenShift Corporation
GreenShift Corporation is a publicly traded business development company (BDC) whose mission is to develop and support companies and technologies that facilitate the efficient use of natural resources and catalyze transformational environmental gains.
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