USA Recycling Industries, Inc. Signs LOI to Acquire 51% of Scrap Tire-Rubber & Used Battery Export Business
13 April 2011 - 3:30PM
USA Recycling Industries, Inc., fka Voyager Petroleum, Inc. (Pink
Sheets:USRI) (Frankfurt:DXD), a scrap metals recycler servicing the
automotive service center chain store industry with commercial
customers throughout North America, today announced it has executed
a Letter of Intent to acquire a 51% interest in the scrap
tire-rubber & used auto battery export business of
Continental Waste Management, LLC, a North Carolina based waste
recycling & export company with a trading network worldwide.
Under the terms, "it is the intent of the Parties that Continental
Waste Management shall sell and USA Recycling Industries shall
purchase the ownership interests compromising 51% of the scrap
tire-rubber & used auto battery export business". The
Agreement details a closing date "no later than 20 days from the
date of the Letter of Intent". USA Recycling Industries CEO
Vincent J. Smith stated, "The Agreement with Continental Waste
Management allows the Company to have significant access to
end-users & considerable pricing advantages when negotiating
within the international scrap tire-rubber & used auto battery
trading markets". Continental Waste Management CEO Ujas Patel
added, "This arrangement provides our international consumers with
direct access to a large supply of recycled scrap tire-rubber &
used auto batteries from one of the nation's leading recycling
innovators".
About the Company
USA Recycling Industries, Inc., formerly known as Voyager
Petroleum, Inc. (www.usarecyclingindustriesinc.com), is
a publicly 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
December 2010. 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 Continental Waste Management, LLC
Continental Waste Management, LLC based in Morrisville, North
Carolina is a recycling and manufacturing company dedicated to
converting waste plastic materials into commercially viable
products, utilizing environmentally friendly recycling and
manufacturing methods. The waste recycling company operates
with several divisions including recycling, manufacturing and trade
export with a worldwide network of consumers.
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.
CONTACT: Vincent J. Smith - CEO
USA Recycling Industries, Inc.
877-464-5856
Email: VSmith@usarecyclingindustriesinc.com
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