ARCA Recycling, Inc., a wholly owned subsidiary of Appliance Recycling
Centers of America, Inc. (NASDAQ:ARCI), recently signed contracts to
manage turnkey appliance recycling programs for multiple utilities in
five states: Delaware, Georgia, New Mexico, Maryland and Virginia.
These contracts vary in length and will take effect during the second
quarter of 2016, beginning in early April. Some contracts resulted from
ARCA Recycling’s work assisting utilities impacted by the suspension of
programs managed by a former competitor. In many cases, ARCA Recycling
was awarded long-term contracts after helping bridge the short-term
service gap.
“We’re pleased to help utilities and their customers who were
inconvenienced by disruptions to their programs,” said Edward R. (Jack)
Cameron, ARCA Recycling’s President. “Since late last year we have been
experiencing strong momentum and interest from utilities.”
As announced earlier this month, ARCA Recycling has been negotiating
utility contracts that reflect the recycling industry’s changing
landscape, notably the sharp decline in scrap metal prices the past two
years.
Cameron concluded, “These new contract wins in five states, combined
with our pricing adjustments, give us optimism for financial
improvements in fiscal 2016.”
ARCA is a recognized leader in appliance recycling programs, supported
by regional processing centers across the U.S. and utilizing
state-of-the-art technology that removes environmentally damaging
substances and produces byproducts for recycling.
About ARCA
ARCA's three business components are
uniquely positioned in the industry to work together to provide a full
array of appliance-related services. ARCA Advanced Processing, LLC
employs advanced technology to refine traditional appliance recycling
techniques to achieve optimal revenue-generating and environmental
benefits. ARCA (www.ARCAInc.com)
is also the exclusive North American distributor for UNTHA Recycling
Technology (URT), one of the world's leading manufacturers of
technologically advanced refrigerator recycling systems and recycling
facilities for electrical household appliances and electronic scrap.
ARCA's regional centers process appliances at end of life to remove
environmentally damaging substances and produce material byproducts for
recycling for utilities in the U.S. and Canada. Eighteen company-owned
stores under the name ApplianceSmart, Inc.® (www.ApplianceSmart.com)
sell new appliances directly to consumers and provide affordable ENERGY
STAR® options for energy efficiency appliance
replacement programs.
This press release contains statements that are forward-looking
statements as defined within the Private Securities Litigation Reform
Act of 1995, including statements regarding ARCA's future success. These
forward-looking statements are subject to risks and uncertainties that
could cause actual results to differ materially from the statements
made, including the risks associated with general economic conditions,
competition in the retail and recycling industries and regulatory risks.
Other factors that could cause operating and financial results to differ
are described in ARCA's periodic reports filed with the Securities and
Exchange Commission. Other risks may be detailed from time to time in
reports to be filed with the SEC.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160323006510/en/
Copyright Business Wire 2016