LAS VEGAS, Aug. 29, 2019 /PRNewswire/ -- Appliance
Recycling Centers of America, Inc. (NASDAQ: ARCI) announced today
that it is experiencing significant increases in business in its
recycling exchange program. The higher volume of orders comes from
facilities in multiple regions in which the company operates its
recycling centers. The company is expecting one of its best fiscal
years in recycling. The increase in orders is expected to boost
sales at its recycling division and the company on a consolidated
basis.
Tony Isaac, ARCA CEO, said, "We
are delighted at this welcome pick-up in orders at many of our
facilities across the United
States. It demonstrates, once again, that utility companies
trust ARCA to provide reliable, efficient, turnkey recycling
services."
As a result of this increase in business, on August 28, 2019, the company entered into a
$2,500,000 line of credit with a
related party. As of the date of this press release, $1,000,000 has been drawn and received by the
company's recycling division. The line of credit is a
debt-only facility and does not include the issuance of any shares
of the company's common stock, warrants, or other derivative
securities. The company expects to file a Current Report on
Form 8-K with further details regarding this
arrangement.
About ARCA
ARCA and subsidiaries are in the business of recycling major
household appliances in North America by providing
turnkey appliance recycling and replacement services for utilities
and other sponsors of energy efficiency programs. In addition,
through GeoTraq, ARCA is engaged in the development, design and
ultimately, ARCA expects, the sale of Mobile IoT modules.
Forward Looking Statements
This press release contains statements that are forward-looking
statements as defined within the Private Securities Litigation
Reform Act of 1995, including statements with respect to the
company's financial results of its recycling business for the
current fiscal year, the increase in sales, and the company's
ability to consummate new financing arrangements with third-party
lenders. 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 the
general economic conditions, competition in the retain 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 (the "SEC"). Other risks may be detailed from time to
time in reports to be filed with the SEC.
Contact:
Laura Berendts
Director of Marketing
ARCA Recycling, Inc.
Tel: 952-930-9000
Email: lberendts@arcainc.com
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SOURCE Appliance Recycling Centers of America, Inc.