Appliance Recycling Centers of America, Inc. (NASDAQ: ARCI) is engaged within the recycling and replacement of major household appliances and utilities. Shares of the recycling company are surging 74.86%, through early trading on Monday, August 26, 2019. Over the past three months, Appliance Recycling Centers of America has seen average daily volume of 29,210 shares. However, volume of 1.98 million shares or dollar volume of $12.12 million, has already exchanged hands through early trading on Monday.
Shares of Appliance Recycling Centers of America are surging on Monday, after the company officially opened a new recycling center in Syracuse, NY in July 2019. The center will focus on recycling appliances that are collected through partnerships and programs with local utilities. Management estimates that the new facilities will be able to recycle approximately 18,000 refrigerators and freezers each year. Here is the full press release detailing of the grand opening:
Appliance Recycling Centers of America, Inc. Press Release:
MINNEAPOLIS, Aug. 26, 2019 /PRNewswire/ — ARCA Recycling, Inc., a wholly owned subsidiary of Appliance Recycling Centers of America, Inc. (ARCI), held a grand opening tour Wednesday, July 24, 2019 at their new Syracuse, NY recycling center. The center will process appliances collected through new programs with several of ARCA’s local utility partners.
We anticipate that the Syracuse facility will recycle approximately 18,000 refrigerator and freezers annually, keeping over 1,300 tons of material out of landfills and reducing emissions of ozone-depleting substances found in refrigerants and foam insulation.
Those attending the tour observed demonstrations of ARCA Recycling’s EPA Responsible Appliance Disposal (RAD) compliant appliance recycling processes designed to guarantee that all appliances are fully de-manufactured, stripped of hazardous materials, and disposed of in a safe and an environmentally responsible manner.
“We are excited to work with ARCA on our new upstate New York Refrigerator and Freezer Recycling Program,” said Tom Baron, National Grid, Energy Efficiency Sr. Program Manager. “It’s an easy way for our customers to safely and responsibly dispose of an outdated, inefficient appliance, save energy and reduce electricity costs, and earn some money too. It’s good for our customers’ wallets and it’s good for the environment by keeping the old clunkers out of landfills.”
ARCA Recycling is the largest implementer of appliance recycling programs in North America with over 90 utility programs in operation. To learn more about ARCA Recycling’s energy efficiency program capabilities around appliance recycling; income qualified appliance replacement; and direct install programs, please contact us at sales@arcainc.com.
About ARCA Recycling
ARCA Recycling is in the business of recycling major household appliances in North America by providing turnkey appliance recycling and replacement services for utilities and other sponsors of energy efficiency programs.
About ARCA
ARCA and subsidiaries are in the business of recycling major household appliances in North America by providing turnkey appliance recycling and replacement services for utilities and other sponsors of energy efficiency programs. In addition, through GeoTraq, ARCA is engaged in the development, design and ultimately, ARCA expects, the sale of Mobile IoT modules.
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 with respect to the number of appliances that the company anticipates will be recycled on an annual basis. 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 (the “SEC”). Other risks may be detailed from time to time in reports to be filed with the SEC.
