Vertex Energy, Inc. (NASDAQ:
), an environmental services company that recycles industrial waste streams and off-specification commercial chemical products, provides shareholders with an update on its corporate accomplishments, its progress and business development efforts, and highlights its business plan for 2013 and beyond. In addition, the Company speaks about its financial performance for the second quarter 2013.
Vertex Energy, Inc. has a rich corporate history although we have only been a publicly traded Company for the past four years. We are pleased with our progress to date, and we want to share with you our plans for business growth, new market development, and improvement of our financial performance. The steps we are taking now and in the months ahead will help to secure our market position as the leading, vertically integrated environmental services company. Our focus is on product recovery through recycling used motor oil and other off-spec commercial chemical co-products, recovery of steel through our oil filter recovery process, and further development of markets for crude and hydrocarbon products, all with the goal of ultimately enhancing value for our shareholders.
FOCUS ON KEY LINKS IN THE USED MOTOR OIL RECYCLING VALUE CHAIN
Vertex’s business is integrated into the used motor oil recycling industry's value chain, which is comprised of generators, collectors, aggregators, processors, and end users. We estimate the size of the U.S. used motor oil recycling industry is approximately $2.4 - $2.8 billion. Our Company addresses three key links in the recycling value chain and is structured into two divisions: Black Oil and Refining and Marketing.
Our Black Oil Division collects, aggregates, and sells used oil. In addition, we handle logistics and re-refining of used motor oil feedstock. The Black Oil Division uses our proprietary Thermal Chemical Extraction Process, or TCEP, to extract impurities from used motor oil. This patent-pending process technology uses thermal and chemical dynamics to upgrade used oil into higher value feedstock and diesel replacement fuel. We own and operate our TCEP plant at our Cedar Marine Terminal Facility in Baytown, TX, and the current annual capacity of this facility is approximately 30 million gallons.