USA Recycling Industries, Inc. Acquires Majority Stake in Pennsylvania Fuel Oil Delivery Service Provider
29 November 2011 - 4:31AM
Marketwired
USA Recycling Industries, Inc. (PINKSHEETS: USRI), a
Pennsylvania-based scrap metals recycler providing specialty
recycling services to automotive service centers throughout North
America, today announced that it has finalized an agreement to
acquire fifty-one percent (51%) of the common stock in Energy, Inc,
a Reading, Pennsylvania-based fuel oil delivery service provider.
Energy, Inc, since 1962, sells and distributes fuel oil to
businesses and private residences in the Commonwealth of
Pennsylvania. Under the terms, "Energy, Inc transfers fifty-one
percent (51%) of right, title and interests of its common stock to
USA Recycling Industries, Inc. effective Saturday, November 26th."
The agreement further names USA Recycling Industries Chairman &
CEO Vincent J Smith to serve as CEO and Director of Energy, Inc
also effective immediately. Ms. Arlene Weidner will remain as
President of Energy, Inc under the new corporate structure.
USA Recycling Industries CEO Vincent J. Smith commented, "The
finalized agreement with Energy, Inc allows the Company to
immediately broaden its services to include the sale and
distribution of fuel oil to its existing commercial customers while
we expand the Company's customer base with a planned online
marketing approach, offering fuel oil deliveries to customers via
the convenience of the internet."
About USA Recycling Industries, Inc.
USA Recycling Industries, Inc., formerly known as Voyager
Petroleum, Inc. (www.usarecyclingindustriesinc.com), is a
publically traded mid-market scrap metal recycler servicing
commercial & industrial customers throughout North America. The
Company now participates in a $75 billion global scrap metals
market through its acquisition of Scrap USA in January 2011.
Operating since 2007, Scrap USA has been focused on and successful
in targeting the Automotive Service Centre Industry. It currently
provides specialty recycling programs to more than 4,000 automotive
service center locations operated by some of the most recognizable
names in that retail category. The Company's contracted automotive
scrap metal suppliers are listed on the NASDAQ, New York Stock
Exchange and others are owned by some of the world's largest hedge
funds. Having developed a national footprint in its current market
of scrap metal collection & processing the company is now
comfortable with integrating other ancillary products such as used
motor oil and other automotive related recyclables to its specialty
services.
About Energy, Inc
Energy, Inc sells and distributes fuel oil to businesses and
private residences in the Commonwealth of Pennsylvania and has
operated its fuel oil delivery business including a pumping station
and storage facility in the City of Reading since 1962.
Safe Harbor Forward-Looking Statements
To the extent that statements in this press release are not
strictly historical, including statements as to revenue
projections, business strategy, outlook, objectives, further
milestones, plans, intentions, goals, future financial conditions,
future collaboration agreements, the success of the Company's
development, events conditioned on stockholder or other approval,
or otherwise as to future events, such statements are
forward-looking, and are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
The forward-looking statements contained in this release are
subject to certain risks and uncertainties that could cause actual
results to differ materially from the statements made.
For Company Contact: Vincent J. Smith CEO USA Recycling
Industries, Inc. Telephone: +1-877-464-5856 Email: Email
Contact
USA Recycling Industries (CE) (USOTC:USRI)
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