Heritage-Crystal Clean, Inc. Announces Site Selection For Its Proposed Used Oil Re-refining Facility
ELGIN, Ill., July 12, 2010 (GLOBE NEWSWIRE) -- Heritage-Crystal Clean, Inc. (Nasdaq:HCCI), a leading provider of parts cleaning and hazardous and non-hazardous waste services to small and mid-sized customers, is pleased to announce that it has selected Indianapolis, Indiana as the location for its used oil re-refining facility. As previously announced, the Company plans to construct a used oil re-refinery to convert used oil into re-refined lubricating base oil. The Company plans to build the re-refinery on recently acquired property that is located on West 10th Street, in the Town of Speedway, a division of Indianapolis, Indiana.
"Indiana is well located with good infrastructure and supports the recycling of used oil. The state of Indiana, the city of Indianapolis, as well the town of Speedway have embraced the project and committed support for the new facility through various incentives," said CEO Joe Chalhoub.
Safe Harbor StatementAll references to the "Company," "we," "our," and "us" refer to Heritage-Crystal Clean, Inc., and its subsidiary, Heritage-Crystal Clean, LLC. This release contains forward-looking statements that are based upon current management expectations. Generally, the words "aim," "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "project," "should," "will be," "will continue," "will likely result," "would" and similar expressions identify forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements or industry results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. These risks, uncertainties and other important factors include, among others: our ability to complete our used oil re-refinery as anticipated; the selection of the used oil re-refinery; the used oil re-refinery does not perform as anticipated; we are unable to generate sufficient funds to build and support our used oil re-refinery; our ability to comply with the extensive environmental, health and safety and employment laws and regulations that our Company is subject to; changes in environmental laws that affect our business model; competition; claims relating to our handling of hazardous substances; the limited demand for our used solvent; our dependency on key employees; our ability to effectively manage our extended network of branch locations; warranty expense and liability claims; personal injury litigation; dependency of suppliers; economic conditions including the recent recession and financial crisis, and downturns in the business cycles of automotive repair shops, industrial manufacturing business and small businesses in general; increased solvent, fuel and energy costs and volatility in the price of crude oil; the control of The Heritage Group over our Company; and the risks identified in our Annual Report on Form 10-K filed with the SEC on March 5, 2010. Given these uncertainties, you are cautioned not to place undue reliance on these forward-looking statements. We assume no obligation to update or revise them or provide reasons why actual results may differ. The information in this release should be read in light of such risks and in conjunction with the consolidated financial statements and the notes thereto included elsewhere in this release.
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