MINNEAPOLIS, Feb. 1, 2016 /PRNewswire/ -- Across the United States, turmoil in the industry serving utilities with appliance recycling programs is providing opportunities for Appliance Recycling Centers of America, Inc. (NASDAQ: ARCI). By engaging in new business in response to numerous inquiries from potential, current and former utility customers, the company is committed to further solidifying its leadership position with environmental and energy efficiency programs that offer utility ratepayers incentives to recycle old appliances.
The company announced in December that it was receiving a significant increase in inquiries after a court-appointed receiver was named for competitor JACO Environmental, Inc. According to reports published in trade publications, JACO ceased operations in November owing over $15 million to its bank and approximately $4 million in unpaid rebates to utility customers across the country.
"We can offer our utility customers stability and experience as an industry pioneer," said Edward R. (Jack) Cameron, ARCA's President and Chief Executive Officer. "In the past two months, we've been assisting utilities across the country with frustrated ratepayers by picking up and recycling appliances and helping to reissue rebate checks. We have been signing new purchase orders and contracts of varying lengths with utilities in many states." Added Cameron, "I am extremely proud of the responsiveness of our team. We are making the investments necessary to scale up quickly to handle any and all aspects of these important programs."
ARCA started supporting utility-based recycling programs in 1989 and has continued developing innovative software systems with customized reporting capabilities, an integrated, customizable and scalable call center platform utilizing leading-edge technology as well as patented equipment to streamline the appliance recycling process on a large scale. The company provides utilities across the United States and Canada with superior customer service and turnkey program management.
This week, Cameron and other ARCA Recycling personnel are attending the Association of Energy Services Professionals (AESP) National Conference & Expo in Phoenix Arizona, an opportunity to network with industry professionals and examine trends in energy efficiency, energy management and distributed renewable resources.
ARCA's three business components are uniquely positioned in the industry to work together to provide a full array of appliance-related services (www.ARCAInc.com). ARCA Advanced Processing, LLC employs advanced technology to refine traditional appliance recycling techniques to achieve optimal revenue-generating and environmental benefits (www.ARCAap.com). ARCA Recycling'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 (www.ARCARecyclinginc.com, www.ARCACanada.ca). 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.
SOURCE Appliance Recycling Centers of America