Upside Development Inc. entered into a lease/purchase agreement to purchase the scrap tire operations of Coletta Properties for the land and applicable licenses and permits, and Jack Coletta Inc. for the operating equipment.
Jack Coletta is the only licensed tire recycling facility in the New York City area. It has been in business for more than 57 years.
Under the new arrangement the plant will collect tires and sell tire derived fuel, as well as grinding feedstock. The company also is looking at installing equipment that will allow the facility to produce crumb rubber.
Upside Development, Inc. has been in business since 1993. UPSD is a development stage company focused on the scrap tire industry. The company’s objective is to make strategic acquisitions of scrap tire companies to produce both TDF and crumb rubber.
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