Appliance Recycling Centers of America Appoints Stanley Goldberg and Steven Lowenthal to Board of Directors
Two Positions Created as Board Expands from Five to Seven Directors
MINNEAPOLIS, Aug. 5, 2011 /PR Newswire/ -- Appliance Recycling Centers of America, Inc. (NASDAQ: ARCI) today announced that the company has appointed Stanley Goldberg and Steven Lowenthal to newly created positions on ARCA's board of directors, expanding the board from five to seven directors. Goldberg currently serves as CEO of Vanguard Graphics International while Lowenthal is Co-CEO and shareholder of SPECTRUM Commercial Services Company.
Goldberg and Lowenthal will initially serve until the next election of directors, which will be held at the company's annual meeting of shareholders in May 2012. They join current directors Duane S. Carlson, Glynnis A. Jones, Dean R. Pickerell, Morgan J. Wolf and Edward R. (Jack) Cameron, ARCA's president and CEO, to compose the seven-member board. In addition to being independent members of the board of directors, Goldberg will serve on the compensation and benefits committee and Lowenthal will serve on the audit committee.
Edward R. (Jack) Cameron, president and CEO, commented, 'ARCA's board of directors has been an integral force in guiding the strategic vision of the company's retail and recycling operations over the years. The appointments of Mr. Goldberg and Mr. Lowenthal deepen the financial expertise and business experience of our already strong team of directors, and we look forward to the perspectives they will bring to ARCA's long-term focus and direction.'
ARCA (www.ARCAInc.com), one of the nation's largest recyclers of major household appliances for the energy conservation programs of electric utilities, currently provides services for more than 175 utilities in the U.S. and Canada. Toxic chemicals and environmentally harmful materials such as ozone-depleting refrigerants, PCBs, mercury and oil are carefully recovered in the decommissioning process for destruction or disposal, preventing them from contaminating soil, air and water resources. The Company is also the exclusive North American distributor for UNTHA Recycling Technology (URT), one of the world's leading manufacturers of technologically advanced refrigerator recycling systems and recycling facilities for electrical household appliances and electronic scrap. Through its ApplianceSmart operation (www.ApplianceSmart.com), ARCA also is one of the nation's leading retailers of special-buy household appliances, primarily those manufactured by General Electric, Electrolux and Whirlpool. These special-buy appliances, which include close-outs, factory overruns and discontinued models, typically are not integrated into the manufacturer's normal distribution channel. ApplianceSmart sells these new appliances at a discount to full retail, offers a 100% money-back guarantee and provides warranties on parts and labor. As of August 2011, ApplianceSmart was operating 19 stores: six in the Minneapolis/St. Paul market; one in the Rochester, Minn., market; four in the Columbus, Ohio, market; six in the Atlanta market; and two in San Antonio, Texas.
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, Inc.