TAMPA, Fla., Feb. 16, 2011 — Creative Recycling Systems, Inc. (CRS) announced today that it has entered into a joint venture to form GreenRock Rare Earth Recovery Corporation. GreenRock will recover and recycle the rare earth elements found in consumer electronics, magnets, phosphors and industrial batteries. Essential to the manufacturing of everyday technology, rare earth elements are difficult to mine and are almost entirely produced in China. Industry experts calculate that 95% of rare earth metals, rare earth ore and rare earth oxides are mined in China. Demand for rare earth elements will soon exceed production, causing a global shortage in the supply of these vital elements.
Using Creative Recycling's state-of-the-art processing and separation technology, along with their extensive collection network, GreenRock will capture rare earth elements from components found in obsolete and end-of-life electronics. CRS' experience and expertise in the recycling and material separation of consumer electronics is central to the recent joint venture. By the end of 2011, CRS will have four industry-leading processing facilities with the capacity to process 500 million pounds of electronics annually.
"The dwindling supply of rare earth elements is an issue of the utmost importance," commented Jon Yob, CEO and President of Creative Recycling. "We are uniquely positioned to capture and facilitate the recycling of these finite elements in a truly closed loop process."
About GreenRock Rare Earth Recovery Corporation
GreenRock's mission is to facilitate corporate partnerships and joint ventures between stakeholders that add value in the recovery and recycling of rare earth elements. The mining of rare earth elements is not only costly, but damaging to the environment. Used today in a vast spectrum of products and technologies, these 17 finite elements that make up the rare earths are also being used to create greener and more sustainable technologies for the future.
Media Contact:
Brian Diesselhorst
(813) 451-2519
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