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IRONTON, OH / ACCESSWIRE / September 16, 2024 /PureCycle Technologies, Inc. (Nasdaq:PCT), today, announced that the Company's flagship facility in Ironton, Ohio processed more than one million pounds of feedstock over a consecutive seven-day span.
PureCycle CEO Dustin Olson said, "We have now hit all three of the near-term goals that we discussed during our second quarter investor update in early August. Our teams have worked hard to get to this point and I'm excited for the opportunity to build on these results to continue the momentum at Ironton."
The Company intends to provide further updates to the market during the next investor update.
###
PureCycle Contact Christian Brueycbruey@purecycle.com +1 (352) 745-6120
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 transform 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 that can be recycled and reused multiple times, changing our relationship with plastic. www.purecycle.com
Forward-Looking Statements
This press release contains forward-looking statements, including statements about the continued execution of PureCycle's business plan, the expected timing of commercial sales, the commercialization of Ironton operations, the expected increase in production of the Ironton operations, the planned compounding operations, the sourcing of materials, and the planned future updates. 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 generally relate to future events or PureCycle's future financial or operating performance and may refer to projections and forecasts. Forward-looking statements are often identified by future or conditional 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 (or the negative versions of such words or 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 PureCycle's management and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of this press release. 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 entitled "Risk Factors" in each of PureCycle's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and PureCycle's Quarterly Reports on Form 10-Q, those discussed and identified in other public filings made with the Securities and Exchange Commission by PureCycle and the following: PCT's ability to obtain funding for its operations and future growth and to continue as a going concern; PCT's ability to meet, and to continue to meet, applicable regulatory requirements for the use of PCT's ultra-pure recycled ("UPR") resin in food grade applications (including in the United States, Europe, Asia and other future international locations); PCT's ability to comply on an ongoing basis with the numerous regulatory requirements applicable to the UPR resin and PCT's facilities (including in the United States, Europe, Asia and other future international locations); 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; the ability of PCT's first commercial-scale recycling facility in Lawrence County, Ohio (the "Ironton Facility") to be appropriately certified by Leidos, following certain performance and other tests, and commence full-scale commercial operations in a timely and cost-effective manner or at all; PCT's ability to meet, and to continue to meet, the requirements imposed upon it and its subsidiaries by the funding for its operations, including the funding for the Ironton Facility; PCT's ability to minimize or eliminate the many hazards and operational risks at its manufacturing facilities that can result in potential injury to individuals, disrupt its business (including interruptions or disruptions in operations at its facilities), and subject PCT to liability and increased costs; PCT's ability to complete the necessary funding with respect to, and complete the construction of, (i) its first U.S. multi-line facility, located in Augusta, Georgia; (ii) its first commercial-scale European plant located in Antwerp, Belgium and (iii) its first commercial-scale Asian plant located in Ulsan, South Korea, in a timely and cost-effective manner; PCT's ability to procure, sort and process polypropylene plastic waste at its planned plastic waste 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 at a reasonable cost; PCT's future capital requirements and sources and uses of cash; 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 securities class action and putative class action cases; 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, including interest rates, availability of capital, economic cycles, and other macro-economic impacts; turnover in employees and increases in employee-related costs; changes in the prices and availability of labor (including labor shortages), transportation and materials, including inflation, supply chain conditions and its related impact on energy and raw materials, and PCT's ability to obtain them in a timely and cost-effective manner; any business disruptions due to political or economic instability, pandemics, armed hostilities (including the ongoing conflict between Russia and Ukraine and the conflict in the Middle East); 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; and operational risk.
SOURCE: PureCycle Technologies
View the original press release on accesswire.comU.S. stocks traded mixed toward the end of trading, with the Nasdaq Composite gaining more than 200 points on Wednesday.
The Dow traded down 0.25% to 40,634.47 while the NASDAQ rose 1.43% to 17,269.59. The S&P 500 also rose, gaining, 0.40% to 5,517.65.
Check This Out: Wall Street’s Most Accurate Analysts Give Their Take On 3 Materials Stocks Delivering High-Dividend Yields
Leading and Lagging Sectors
Information technology shares rose by 1.4% on Wednesday.
In trading on Wednesday, consumer staples shares dipped by 1.3%.
Top Headline
The EIA said crude oil inventories in the U.S. increased by 0.833 million barrels during the week ended Sept. 6, compared to market estimates of a 1 million rise.
Equities Trading UP
Equities Trading DOWN
Commodities
In commodity news, oil traded up 3.2% to $67.87 while gold traded up 0.4% at $2,545.10.
Silver traded up 1.2% to $28.970 on Wednesday, while copper rose 1.1% to $4.1440.
Euro zone
European shares closed mixed today. The eurozone's STOXX 600 rose 0.01%, Germany's DAX gained 0.35% and France's CAC 40 fell 0.14%. Spain's IBEX 35 Index rose 0.67%, while London's FTSE 100 fell 0.15%.
The UK’s trade deficit widened to £7.51 billion in July from £5.32 billion in the previous month, while industrial production fell 0.8% month-over-month in July. The UK's economy stalled during the month of July compared to market estimates of a 0.2% increase.
Asia Pacific Markets
Asian markets closed lower on Wednesday, with Japan's Nikkei 225 falling 1.49%, Hong Kong's Hang Seng Index falling 0.73%, China's Shanghai Composite Index dipping 0.82% and India's BSE Sensex falling 0.49%.
The Reuters Tankan sentiment index for manufacturers in Japan declined to a reading of +4 in September compared to August's reading of +10. China’s vehicle sales dipped by 5.0% year-over-year to 2.45 million units for the month of August.
Economics
Now Read This:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
U.S. stocks traded mostly lower midway through trading, with the S&P 500 falling around 0.5% on Wednesday.
The Dow traded down 0.94% to 40,352.38 while the NASDAQ rose 0.17% to 17,054.94. The S&P 500 also fell, dropping, 0.52% to 5,466.77.
Check This Out: Wall Street’s Most Accurate Analysts Give Their Take On 3 Materials Stocks Delivering High-Dividend Yields
Leading and Lagging Sectors
Information technology shares fell by just 0.3% on Wednesday.
In trading on Wednesday, financials shares dipped by 2.4%.
Top Headline
U.S. annual inflation rate eased for a fifth straight month to 2.5% in August from 2.9% in the previous month, and down from market estimates of 2.6%.
Equities Trading UP
Equities Trading DOWN
Commodities
In commodity news, oil traded up 2.5% to $67.37 while gold traded down 0.4% at $2,533.20.
Silver traded down 0.1% to $28.585 on Wednesday, while copper rose 0.6% to $4.1235.
Euro zone
European shares were mixed today. The eurozone's STOXX 600 rose 0.01%, Germany's DAX gained 0.57% and France's CAC 40 fell 0.21%. Spain's IBEX 35 Index rose 0.62%, while London's FTSE 100 fell 0.20%.
The UK’s trade deficit widened to £7.51 billion in July from £5.32 billion in the previous month, while industrial production fell 0.8% month-over-month in July. The UK's economy stalled during the month of July compared to market estimates of a 0.2% increase.
Asia Pacific Markets
Asian markets closed lower on Wednesday, with Japan's Nikkei 225 falling 1.49%, Hong Kong's Hang Seng Index falling 0.73%, China's Shanghai Composite Index dipping 0.82% and India's BSE Sensex falling 0.49%.
The Reuters Tankan sentiment index for manufacturers in Japan declined to a reading of +4 in September compared to August's reading of +10. China’s vehicle sales dipped by 5.0% year-over-year to 2.45 million units for the month of August.
Economics
Now Read This:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
U.S. stocks were lower, with the Dow Jones index falling over 1% on Wednesday.
Shares of Petco Health and Wellness Company, Inc. rose sharply during Wednesday's session following quarterly results.
Petco reported quarterly losses of nine cents per share, which missed the analyst consensus estimate of losses of two cents per share. Quarterly sales of $1.52 billion met the analyst consensus estimate and represented a 1.99% increase over the same period last year.
Petco Health and Wellness shares surged 8.4% to $3.3299 on Wednesday.
Here are some other big stocks recording gains in today's session.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Sept 11 (Reuters) - Purecycle Technologies Inc PCT.O:
PURECYCLE TECHNOLOGIES INC - ANNOUNCES FINANCING TRANSACTION AND IRONTON PRODUCTION UPDATE
PURECYCLE TECHNOLOGIES - IRONTON FACILITY REACHES FEED RATE OF 10,000 POUNDS PER HOUR; PROCESSES OVER 200,000 POUNDS IN ONE DAY
PURECYCLE TECHNOLOGIES - ENTERED INTO SERIES OF TRANSACTIONS WITH SYLEBRA CAPITAL MANAGEMENT, SAMLYN CAPITAL TO RAISE GROSS PROCEEDS OF $90 MILLION
PURECYCLE TECHNOLOGIES INC - TRANSACTIONS INCLUDE EXTENSION OF SYLEBRA CAPITAL'S $200 MILLION LINE OF CREDIT TO MARCH 31, 2026
Further company coverage: PCT.O
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