ORLANDO, Fla.– June 15, 2022 – Today, PureCycle Technologies, Inc. (Nasdaq: PCT) celebrated its second annual day of service, Pure Planet Day, in Florida and Ohio. Florida volunteers helped build a greenhouse for Millennia Gardens Elementary, an award-winning Title I school located in Orlando, while the Ohio crew collected solid and plastic waste scattered on the roads of Ironton in partnership with the Lawrence-Scioto Solid Waste Management District.
Tamsin Ettefagh, chief sustainability officer, PureCycle said, “Pure Planet Day is more than just about picking up waste on the side of the road or along a riverbed. From working with Millennia Gardens Elementary School in Orlando on environmental and educational projects to helping beautify the City of Ironton where our flagship facility is located, Pure Planet Day is about making change happen for the betterment of our environment and humanity. It’s about leaving the communities in which we live and work better than we found them.”
Michelle Carralero, principal, Millennia Gardens Elementary School, said, “We are thrilled to work with PureCycle, a neighbor in our community, to continue to advance our environment-focused programs here at Millennia Gardens. We are doing more than building a greenhouse. We are creating a sanctuary that is both beautiful and safe for our children to learn and play. We are building the next generation of eco-conscious adults and we are proud of the work we have done.”
As a part of Pure Planet Day, PureCycle has donated to Millennia Gardens Elementary through the Foundation for Orange County Public Schools to help further their eco efforts. In 2021, PureCycle celebrated its first Pure Planet Day in Ironton, Ohio, collecting solid and plastic waste along the Ohio riverbank and County Road 1A. All collected polypropylene plastic was later transformed into PureCycle’s ultra-pure recycled (UPR) resin.
PureCycle transforms polypropylene plastic waste into a versatile resource through a patented, unique purification process that removes colors, odors, and other impurities to create an ultra-pure recycled resin that is as good as new plastic. The company’s mission is to revolutionize plastic waste into a renewable resource and create an infinitely sustainable planet.
About PureCycle Technologies
PureCycle Technologies LLC., a subsidiary of PureCycle Technologies, Inc., holds a global license for the only patented solvent-driven purification recycling technology, developed by The Procter & Gamble Company (P&G), that is designed to transforms polypropylene plastic waste (designated as No. 5 plastic) into a continuously renewable resource. The unique purification process removes color, odor, and other impurities from No. 5 plastic waste resulting in an ultra-pure recycled (UPR) plastic can be recycled and reused over and over again, changing our relationship with plastic. www.purecycle.com
This press release contains forward-looking statements, including statements about the financial condition, results of operations, earnings outlook and prospects of PCT. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements are typically identified by words such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, 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 PCT and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of the Quarterly Report to be filed on Form 10-Q. 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 factors described in the section of PCT’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 entitled “Risk Factors,” those discussed and identified in public filings made with the U.S. Securities and Exchange Commission (the “SEC”) by PCT and the following:
- PCT’s ability to meet, and to continue to meet, applicable regulatory requirements for the use of PCT’s UPR resin in food grade applications (both in the United States and abroad);
- PCT’s ability to comply on an ongoing basis with the numerous regulatory requirements applicable to the UPR resin and PCT’s facilities (both in the United States and abroad);
- expectations and changes 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 facility in a timely and cost-effective manner;
- PCT’s ability to complete the necessary funding with respect to, and complete the construction of the Augusta facility, its first U.S. cluster facility located in Augusta, Georgia, in a timely and cost-effective manner;
- PCT’s ability to sort and process polypropylene plastic waste at its plastic waste prep (“Feed PreP”) facilities;
- PCT’s ability to maintain exclusivity under the Procter & Gamble Company license;
- the implementation, market acceptance and success of PCT’s business model and growth strategy;
- the success or profitability of PCT’s offtake arrangements;
- the ability to source feedstock with a high polypropylene content;
- 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 or regulatory proceedings to which PCT is, or may become a party, including the recently filed securities class action case;
- the ability to recognize the anticipated benefits of the previously announced business combination consummated on March 17, 2021;
- unexpected costs related to the business combination;
- geopolitical risk and changes in applicable laws or regulations;
- the possibility that PCT may be adversely affected by other economic, business, and/or competitive factors;
- changes in the prices and availability of labor (including labor shortages), transportation and materials, including significant inflation, and PCT’s ability to obtain them in a timely and cost-effective manner;
- the potential impact of climate change on PCT, including physical and transition risks, higher regulatory and compliance costs, reputational risks, and availability of capital on attractive terms;
- operational risk; and
- the risk that the COVID-19 pandemic, including any new and emerging variants and the efficacy and distribution of vaccines, and local, state, federal and international responses to addressing the pandemic may have an adverse effect on PCT’s business operations, as well as 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 PCT prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.
All subsequent written and oral forward-looking statements or other matters attributable to PCT or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this press release. Except to the extent required by applicable law or regulation, PCT undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.