This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Heritage - Crystal Clean, Inc. to Explore Development of Re-refinery 2009-08-21 17:30 ET - News Release ELGIN, Ill., Aug. 21, 2009 (GLOBE NEWSWIRE) -- Heritage-Crystal Clean, Inc. (Nasdaq:HCCI) announced today that it has begun exploring entering the used lubricating oil re-refining business. Currently, the Company sells the used oil collected by its branches as fuel to electric utilities and asphalt plants. Entry into the used oil re-refining business would enable the Company to re-refine used oil into lubricating oil and capture the higher margins and profits associated with the higher value-added product. In connection with this initiative, the Company has hired Glenn Casbourne as Vice President of Engineering, and will spend up to $5 million on the initiative during the next year (which is expected to be capitalized).
Re-refining Risk Statement
HCCI's re-refining initiative is in the early stages of development. HCCI may decide to discontinue this initiative and HCCI could lose any investment that it makes in the development of a re-refinery. Even if HCCI completes the development of a re-refinery, HCCI may not achieve the results that it expects, which could cause HCCI's business and operating results to suffer.
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