MINNEAPOLIS, Aug. 22, 2017 /PRNewswire/ -- Appliance Recycling
Centers of America, Inc. (Nasdaq: ARCI) ("ARCA" or the "company"),
a leading provider of utility appliance recycling programs,
announces today that it intends to diversify and reposition its
current business model.
Having nearly completed a turnaround of its existing operations
and successfully sold its joint venture interest in AAP, management
commenced discussions with its Board of Directors to reposition the
company's current business model. As part of this effort, the
company will seek to acquire targets in high margin, high growth
industries such as the technology sector. Management believes this
repositioning will lead to an increase in shareholder value and
will attract institutional shareholders to the company's stock.
"We believe we can achieve more for shareholders by navigating
into new territories," said Tony
Isaac, CEO of ARCA. "As a result, we are exploring the
many opportunities for our company which presently exist in high
growth sectors and we look forward to sharing our progress with
shareholders as these explorations come to fruition."
About ARCA
ARCA's two business components are uniquely positioned in the
industry to work together to provide a full array of
appliance-related services. 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.®
sell new appliances directly to consumers and provide affordable
ENERGY STAR® options for energy efficiency appliance replacement
programs.
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 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 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. Other risks may be detailed from time to time in
reports to be filed with the SEC.
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SOURCE Appliance Recycling Centers of America