READING, Pa., March 24, 2011 (GLOBE NEWSWIRE) -- USA Recycling Industries, Inc., (Pink Sheets:USRI) (Frankfurt:DXD), a scrap metal recycler servicing the automotive service center chain store industry with commercial customers throughout North America, today announced it has finalized a transaction acquiring a 51% controlling interest in the scrap metal auto parts export business of Earth Metal Scrap USA, Inc, a New York Metropolitan Area based export firm with trading facilities in India and Dubai. The conditions of the finalized definitive agreement include "a 51% ownership interest in all assets used in the operation including all export licenses authorizing the Company to ship from every major U.S. Port & all tractor trailers utilized for shipping & storage purposes to be designated as directed in USRI's nine (9) operating regions throughout the Continental United States." In addition, today's acquisition agreement further provides USRI is to receive "51% of all its right, title, interest in and to the business & assets of the EMSU operating division valued at $10,000,000 pursuant to the Agreement." USA Recycling Industries CEO Vincent J. Smith stated, "the acquisition of Earth Metal Scrap USA's auto parts export division adds significant value from a strategic standpoint by providing direct access to end-users, pricing advantages when negotiating within the international scrap metal trading markets and ultimately adding a substantial contribution to the Company's overall revenue results." Earth Metal Scrap USA CEO Kamal H. Patel added, "The finalized agreement ensures our international consumers will have direct access to an on-going stream of foundry-grade materials with one of North America's largest high-quality scrap metal auto parts suppliers."
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 focussed on and successful in targeting the Automotive Service Centre Industry. It currently provides specialty recycling programs to more than 4,000 automotive service centre 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 the company is now comfortable with integrating other ancillary products such as oils and other automotive related recyclables to its speciality services.
About Earth Metal Scrap USA, Inc:
Earth Metal Scrap USA, Inc (www.earthmetalusa.com) is based in Glen Oak, New York. Operating as a privately-held firm since 1994, Earth Metal Scrap USA is an international trading company "providing quality materials to consumers in 19 countries through trading offices in North America, India and United Arab Emirates."
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