ORLANDO, Florida., June 1, 2022 /PRNewswire/ — Today, PureCycle Technologies, Inc. (NASDAQ: PCT) announced the appointment of a new member to its Board of Directors, Daniel M. Coombs. Mr. Coombs previously worked for LyondellBasell Industries NV, one of the world’s largest plastics, chemicals and refining companies, and brings over 40 years of petrochemicals, plastics and refining experience to the board. administration of PureCycle. Mr. Coombs qualifies as an “independent” director under NASDAQ independence standards.
mike oworthChairman of the Board and CEO of PureCycle, said: “Dan’s deep industry and business experience is exceptional. We are honored to add Dan to our growing group of experts on our Board of Directors. His experience will serve PureCycle well as we working towards our goal of completing our first commercial installation in Ironton, Ohio by the end of the year.”
Dan Combesformer executive vice president of LyondellBasell, said: “I am delighted to join the PureCycle Board of Directors and look forward to working collaboratively during this transformative time. I look forward to being part of this innovative team that has the opportunity to disrupt the plastics industry. recycled and changing the game when it comes to plastic waste.”
Mr. Coombs recently served as January 2017 through July 2020 as Executive Vice President of Global Manufacturing, Projects and Refining for LyondellBasell Industries NV. Mr. Coombs previously served as Executive Vice President for LyondellBasell’s Global Business Lines: Olefins and Polyolefins from January 2016 at January 2017intermediates and derivatives of May 2015 at January 2016and the technology of May 2015 at September 2019.
Mr. Coombs spent 37 years with Chevron Phillips Chemical Company and Phillips Petroleum, serving as senior vice president of global manufacturing for December 2013 at May 2015specialties, aromatics and styrenics from January 2012 at November 2013, and Deputy General Manager, Qatar Chemical Company. Mr. Coombs received his Bachelor of Science in Chemical Engineering from the Ohio State Universitya Master of Science from University of Tulsa and a master’s degree in business administration from Texas A&M University. Mr. Coombs is a Trustee of the American Institute of Chemical Engineers Foundation and Chairman of the Corporate Council. Additionally, Mr. Coombs is a licensed professional engineer.
About PureCycle Technologies
PureCycle Technologies LLC, a subsidiary of PureCycle Technologies, Inc., holds a worldwide license to market the only patented solvent-based purification recycling technology, developed by The Procter & Gamble Company (P&G), for the remediation of polypropylene waste (PP) in ultra-pure resin. The proprietary process removes color, odor and other contaminants from recycled raw materials, resulting in ultra-pure polypropylene suitable for all PP markets. To learn more, visit purecycle.com
This press release contains forward-looking statements, including statements about PCT’s financial condition, results of operations, earnings outlook and outlook. In addition, any statement that refers to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, is a forward-looking statement. Forward-looking statements are generally identified by words such as “plan”, “believe”, “expect”, “anticipate”, “intend”, “outlook”, “estimate”, “expect”, “project”, “continue”, “could”, “may”, “could”, “possible”, “potential”, “anticipate”, “should”, “should” and other similar words and expressions, but the absence of such words does not mean that a statement is not forward-looking.
Forward-looking statements are based on the current expectations of PCT’s management 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 anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the 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 with the United States Securities and Exchange Commission (the “SEC”) by PCT and the following:
- PCT’s ability to meet and continue to meet applicable regulatory requirements for the use of PCT’s UPR resin in food grade applications (both in United States and abroad);
- PCT’s ability to continuously comply with the many regulatory requirements applicable to UPR resin and PCT facilities (both in United States and abroad);
- expectations and changes regarding PCT’s future strategies and 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 evolve and build the Ironton timely and cost-effective installation;
- PCT’s ability to obtain the necessary financing and complete the construction of the August installation, its first cluster installation in the United States located in Augusta, Georgiain a timely and cost-effective manner;
- PCT’s ability to sort and process polypropylene plastic waste at its plastic waste preparation (“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 purchase agreements;
- the possibility of sourcing raw materials with a high polypropylene content;
- PCT’s future capital requirements and sources and uses of liquidity;
- PCT’s ability to obtain financing for its operations and future growth;
- developments and projections regarding PCT’s competitors and industry;
- the outcome of any legal or regulatory proceeding to which PCT is or may become a party, including the recently filed securities class action lawsuit;
- the ability to recognize the expected benefits of the previously announced business combination completed on March 17, 2021;
- unanticipated costs related to the business combination;
- geopolitical risk and changes in applicable laws or regulations;
- the possibility that PCT will be adversely affected by other economic, business and/or competitive factors;
- changes in prices and availability of labor (including labor shortages), transportation and materials, including material inflation, and PCT’s ability to obtain them by 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 the availability of capital on attractive terms;
- operational risk; and
- the risk that the COVID-19 pandemic, including all new and emerging variants and the effectiveness and distribution of vaccines, and local, state, federal and international responses to deal with the pandemic, may adversely affect on PCT’s business activities, as well as on PCT’s business financial condition and results of operations.
Should one or more of these risks or uncertainties materialize, or should any of the assumptions made by PCT’s management prove incorrect, actual results may differ materially from those projected in such forward-looking statements.
All subsequent written and oral forward-looking statements or other matters attributable to PCT or anyone acting on its 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 unforeseen events. .
SOURCE PureCycle Technologies