PureCycle Announces Key Leadership Changes and New Chief Executive Officer

Dustin Olson will be the second CEO of the company

ORLANDO, Florida., June 30, 2022 /PRNewswire/ — Today, PureCycle Technologies, Inc. (NASDAQ: PCT) announced three key leadership changes taking effect August 5, 2022which are expected to propel the company’s transition into a leading global manufacturing and technology company.

(PRNewsfoto/PureCycle Technologies)

mike oworthChairman of the Board and CEO of PureCycle, will step down to return to Innventure, a company he helped found. Dustin Olsonthe current Chief Operating Officer and Chief Manufacturing Officer of PureCycle, is promoted to CEO and joins the Board of Directors effective 5 August2022. Olson has been with PureCycle since 2021, leading manufacturing and operations. Dan Combescurrent member of PureCycle’s Board of Directors, will be appointed, upon Mike’s departure, to the newly created role of Executive Chairman of the Board.

mike oworth said: “I am an entrepreneur at heart and I am thrilled to see the progress PureCycle has made over the past seven years. Growing PureCycle from an early concept to a publicly traded company has been an honor. We have succeeded in adding deep operational experience to our board and leadership team to drive the execution of our business plan. Dustin has proven to be efficient, enthusiastic and has an unparalleled work ethic. Dustin will lead this team and this company into the next phase and will be the pride of past and present PureCycle teams.

Dustin Olson has over 20 years of experience in plastics, petrochemicals and refining in United States, Europe, and China. Prior to joining PureCycle, he led several LyondellBasell commercial and operational businesses, driving substantial volume and profitability growth.

Dustin Olson said: “I am humbled and humbled by this appointment as the next CEO of PureCycle. I am delighted to have the opportunity to lead PureCycle during this important time. We have a strong and dedicated team in place to help our efforts to evolve our technology and address the planet’s plastic waste crisis.”

Jeff FilerBoard member and Chairman of the Nominating and Corporate Governance Committee, said, “Dustin brings unique talents, energy, deep industry experience with business and manufacturing processes, and a compelling vision that employees and customers can rally around. We believe Dustin is the right person to lead PureCycle to project completion and full business operations.”

Dan Combes, former executive vice president of LyondellBasell and current board member of PureCycle, has deep industry and business experience with large new technology startups, and a strong background with supercritical fluids. It will provide invaluable insights to Dustin’s teams throughout start-up and initial operations.

Dan Combesboard member of PureCycle, said, “It is an honor to be named Executive Chairman of PureCycle. Thanks to Mike’s entrepreneurial spirit and passion for innovation and technology, PureCycle has paved the way for long-term success. Dustin’s continued dedication to PureCycle’s mission and commitment to excellence make him the ideal leader for our company. We look forward to continuing to work with him in this new role and know that he will help us in our efforts to reach critical milestones.

Contact PureCycle
Anna Farra
[email protected]
954.647.7059

About PureCycle Technologies
PureCycle Technologies LLC., a subsidiary of PureCycle Technologies, Inc., holds a worldwide license to the only patented solvent-based purification recycling technology, developed by The Procter & Gamble Company (P&G), which is designed to transform waste polypropylene plastics (designated as #5 plastic) into a permanently renewable resource. The unique purification process is designed to remove color, odor and other impurities from #5 plastic waste, resulting in ultra-pure recycled plastic (UPR) that can be recycled and reused over and over again, changing our relationship with plastic. www.purecycle.com

Forward-looking statements
This press release contains forward-looking statements, including statements about PCT’s outlook. In addition, all statements that characterize future events or circumstances, including underlying assumptions, are forward-looking statements. Forward-looking statements are generally identified by words such as “plan”, “believe”, “expect”, “anticipate”, “intend”, “outlook”, “estimate”, “expect”, “project”, “continue”, “might”, “may”, “might”, “possible”, “potential”, “plans”, “should”, “would” and other similar words and expressions, but the absence of such words does not mean that a statement is not forward-looking.

Forward-looking statements are based on the current expectations of PCT’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 anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the factors described in the section of PCT’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021 entitled “Risk Factors”, those discussed and identified in public filings with the United States Securities and Exchange Commission (the “SEC”) by PCT and the following:

  • PCT’s ability to meet and continue to meet applicable regulatory requirements for the use of PCT’s UPR resin in food grade applications (both in United States and abroad);

  • PCT’s ability to continuously comply with the many regulatory requirements applicable to UPR resin and PCT facilities (both in United States and abroad);

  • expectations and changes regarding PCT’s future strategies and 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;

  • PCT’s ability to scale and build the Ironton facility quickly and cost effectively;

  • PCT’s ability to obtain the necessary financing and complete the construction of the August installation, its first cluster installation in the United States located in Augusta, Georgiain a timely and cost-effective manner;

  • PCT’s ability to sort and process polypropylene plastic waste at its plastic waste preparation (“Feed 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 purchase agreements;

  • the possibility of sourcing raw materials with a high polypropylene content;

  • PCT’s future capital requirements and sources and uses of liquidity;

  • PCT’s ability to obtain financing for its operations and future growth;

  • developments and projections regarding PCT’s competitors and industry;

  • the outcome of any legal or regulatory proceeding to which PCT is or may become a party, including the recently filed securities class action lawsuit;

  • the ability to recognize the expected benefits of the previously announced business combination completed on March 17, 2021;

  • unanticipated costs related to the business combination;

  • geopolitical risk and changes in applicable laws or regulations;

  • the possibility that PCT will be adversely affected by other economic, business and/or competitive factors;

  • changes in prices and availability of labor (including labor shortages), transportation and materials, including material inflation, and PCT’s ability to obtain them by in a timely and cost-effective manner;

  • the potential impact of climate change on PCT, including physical and transition risks, higher regulatory and compliance costs, reputational risks and the availability of capital on attractive terms;

  • operational risk; and

  • the risk that the COVID-19 pandemic, including all new and emerging variants and the effectiveness and distribution of vaccines, and local, state, federal and international responses to deal with the pandemic, may adversely affect on PCT’s business activities, as well as on PCT’s business financial condition and results of operations.

Should one or more of these risks or uncertainties materialize, or should any of the assumptions made by PCT’s management prove incorrect, actual results may differ materially from those projected in such forward-looking statements.

All subsequent written and oral forward-looking statements or other matters attributable to PCT or anyone acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this press release. Except to the extent required by applicable law or regulation, PCT undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unforeseen events. .

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SOURCE PureCycle Technologies

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