USA Recycling Industries, Inc. Signs Letter of Intent to Form Joint Venture With World's First to Market Used Motor Oil On-Li...
October 31 2011 - 8:00AM
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 signed a Letter of Intent to
form a "proposed joint venture or other business arrangement" with
privately-held, Arkansas-based, Recycle Markets, LLC, which owns
and operates the world's first-to-market used motor oil on-line
trading platform (www.usedoilmarket.com).
Per the Agreement, Recycle Markets, would "provide a conduit for
USA Recycling Industries to reach used motor oil sellers" across
the globe -- through its used motor oil on-line trading platform,
and that "the parties intend to negotiate in mutual good faith
towards a definitive agreement" in the future.
USA Recycling Industries CEO Vincent J. Smith commented, "This
pending Agreement with Recycle Markets will enable us to have
significant access to generators of used motor oil and other
recyclable waste streams operating small to medium sized auto
service center locations throughout the world, as well as provide
us with a key first-to-market advantage. Moreover, in facilitating
our ability to reach used motor oil vendors throughout the global
market, we are confident that this Agreement will also enhance our
supply chain substantially."
Recycle Markets CEO Cathleen Stoker added, "This proposed
arrangement will afford our used motor oil on-line trading platform
users with a competitive pricing advantage as a result of USA
Recycling Industries end-user-consumer relationships. We are really
looking forward to working with the Company, as we believe that
this partnership will be extremely beneficial for both our
businesses."
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 Recycler Markets, LLC
Recycle Markets, LLC is an on-line exchange company based in
Mount Ida, Arkansas, that designs, builds and launches on-line
products based on the unique needs of its customers. It's on-line
trading platform, www.usedoilmarket.com, brings together buyers and
sellers of used motor oil into a fair exchange marketplace. For
more information, contact info@recyclemarkets.com
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
Investor Contact: Kevin Fickle President NUWA Group, LLC Telephone:
+1-925-330-8315 Email: Email Contact
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