PureCycle Technologies Appoints Lawrence Somma as Chief Financial Officer

ORLANDO, Fla., Nov. 4, 2021 /PRNewswire/ — PureCycle Systems, Inc. (Nasdaq: PCT) introduced currently that Lawrence “Larry” Somma has joined the impressive plastics recycling organization as the future Main Fiscal Officer (CFO). Somma will guide PureCycle’s fiscal system as the Enterprise seeks to changeover to a earnings-generating progress business.

Somma comes to PureCycle with virtually a few a long time of working experience in the company finance sector at environment-course publicly traded companies in just the plastics, production, hospitality, and buyer items industries. Most not long ago, Somma used 8 a long time at LyondellBasell Industries N.V., exactly where he served as vice president of finance approach and transformation for two a long time and vice president, corporate treasurer for six a long time.

Mike Otworth, CEO, PureCycle, claimed, “I’m thrilled to welcome Larry to PureCycle. He has the deep monetary practical experience and sector know-how to lead our monetary crew and funds technique throughout the upcoming section of our development. Larry will bring a important viewpoint to PureCycle as we proceed to productively execute our vision and goals relative to scaling the company globally. With our Ironton, Ohio facility slated for expected completion in the fourth quarter of 2022 and our Augusta facility in its beginning phases of improvement, Larry’s practical experience will be vital in helping us fuel even more expansion.”

As a fiscal leader, Somma’s experiences incorporate building world wide finance methods, boosting task and company capital, overseeing treasury operations and liquidity administration, top business risk administration (ERM), and managing financial danger, including overseas exchange, commodity, and curiosity level. In his latest purpose as a corporate treasurer, he accomplished 6 financial debt issuances (USD and EUR) totaling $6 billion. Somma has also experienced an expatriate assignment primary a procurement team, managed investor relations action, and was a main staff member for an initial community offering (IPO), a corporate spin-off and a leveraged buyout (LBO).

Somma holds an M.B.A in Finance from the College of Buffalo (1992), as effectively as a M.E. in Engineering Management (1989) and B.S. in Mechanical Engineering (1988) from Cornell University.

Larry Somma stated, “PureCycle is getting meaningful action to assist conclusion the plastic squander crisis and I am very pleased to be joining this team. PureCycle has knowledgeable meaningful enlargement and accomplishment presently and I’m unbelievably thrilled to deploy my fiscal experience, small business contacts, and standpoint to assist PureCycle scale and carry this revolutionary idea and know-how to market.”

Somma will triumph Michael Dee, who served as the Company’s CFO since the November 2020 announcement of the merger with ROCH Acquisition I. Dee spearheaded the elevating of shut to $750 million for PureCycle’s enlargement and aided make certain the completion of the merger into a publicly listed enterprise. Dee will ensure a seamless changeover and think an advisory job for the upcoming 60 days.

Michael Dee, CFO, PureCycle, stated, “In a 40-calendar year fiscal profession, PureCycle is one particular of the most interesting companies I have labored with. To have been element of this sort of an remarkable team who will fix a important part of our global plastic air pollution crisis has been both of those gratifying and thrilling.”

Otworth extra, “I might like to thank Michael Dee for his huge perform more than the earlier year listed here at PureCycle. He has played an instrumental job in advancing our company to exactly where we are currently. His yrs of practical experience and expertise of financial institutions assisted PureCycle achieve a thriving merger into a public company and protected a great deal required funds to construct our flagship facility.”

Somma is expected to begin as PureCycle’s new CFO on Monday, Nov. 15, 2021.

Speak to:
Anna Farrar
[email protected]
954.647.7059

About PureCycle Systems
PureCycle Technologies LLC, a subsidiary of PureCycle Technologies, Inc., holds a world license to commercialize the only patented solvent-centered purification recycling engineering, created by The Procter & Gamble Corporation, for restoring waste polypropylene (PP) into extremely-pure resin. The proprietary process eliminates coloration, odor and other contaminants from recycled feedstock ensuing in extremely-pure polypropylene ideal for any PP sector. To master extra, visit purecycle.com.

Ahead-Wanting Statements
This push launch incorporates ahead-wanting statements, like statements about the fiscal problem and potential customers of PCT. In addition, any statements that refer to projections, forecasts or other characterizations of future activities or circumstances, which include any underlying assumptions, are forward-seeking statements. Forward-hunting statements are ordinarily recognized by terms this kind of as “system,” “imagine,” “hope,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “task,” “keep on,” “could,” “might,” “could,” “achievable,” “opportunity,” “predict,” “should,” “would” and other equivalent terms and expressions, but the absence of these text does not signify that a assertion is not ahead-looking.

The ahead-looking statements are centered on the present anticipations of the management of PCT and are inherently topic to uncertainties and improvements in circumstances and their possible effects and discuss only as of the date of such assertion. There can be no assurance that potential developments will be those that have been predicted. These ahead-looking statements require a number of challenges, uncertainties or other assumptions that may possibly bring about actual benefits or functionality to be materially distinctive from those expressed or implied by these ahead-wanting statements. These threats and uncertainties include, but are not constrained to, people things explained in “Threat Aspects,” these reviewed and recognized in public filings created with the Securities and Trade Fee (the “SEC”) by PCT and the pursuing: PCT’s capability to fulfill, and to proceed to meet, relevant regulatory necessities for the use of PCT’s UPRP in foodstuff quality programs (both in the United States and overseas) PCT’s means to comply on an ongoing basis with the various regulatory specifications applicable to the UPRP and PCT’s facilities (both in the United States and abroad) anticipations and modifications with regards to PCT’s techniques and potential monetary general performance, together with its foreseeable future enterprise plans, expansion plans or targets, possible general performance and prospects and opponents, revenues, merchandise and solutions, pricing, running fees, industry trends, liquidity, income flows and makes use of of income, money expenditures, and PCT’s skill to devote in growth initiatives PCT’s means to scale and construct its very first plant in Ironton, Ohio a well timed and expense-successful fashion PCT’s skill to scale and create its first cluster facility in Augusta, Ga in a timely and price tag-productive fashion PCT’s skill to maintain exclusivity underneath the P&G license (as explained down below) the implementation, industry acceptance and accomplishment of PCT’s company design and development strategy the achievement or profitability of PCT’s offtake arrangements the means to resource feedstock with a large polypropylene content PCT’s upcoming funds demands and sources and makes use of of income PCT’s means to get funding for its operations and future progress developments and projections relating to PCT’s opponents and industry the consequence of any lawful proceedings to which PCT is, or could turn into a social gathering, such as just lately submitted securities class motion situations geopolitical danger and variations in relevant laws or laws the likelihood that PCT might be adversely affected by other economic, business enterprise, and/or aggressive things operational possibility and danger that the COVID-19 pandemic, and regional, state, and federal responses to addressing the pandemic may possibly have an adverse outcome PCT’s enterprise operations, as effectively as PCT’s monetary ailment and effects of operations.

Should really one particular or far more of these threats or uncertainties materialize or need to any of the assumptions produced by the management of PCT verify incorrect, genuine effects may possibly differ in product respects from those people projected in these ahead-seeking statements.

All subsequent composed and oral ahead-seeking statements or other matters attributable to PCT or any individual performing on their behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this press launch. Except to the extent needed by relevant legislation or regulation, PCT undertakes no obligation to update these forward-hunting statements to reflect occasions or instances soon after the date of this press release or to reflect the prevalence of unanticipated situations.

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