SOURCE: Resource Exchange of America Corporation

Resource Exchange of America Corporation

April 06, 2010 09:27 ET

Resource Exchange of America Provides Corporate Update

SARASOTA, FL--(Marketwire - April 6, 2010) - Resource Exchange of America Corporation (OTCBB: RXAC), a Florida-based recycling company, is pleased to announce this corporate update.

On February 9, 2010, Dana J. Pekas was appointed CEO and President; David Finkelstein was appointed CFO, Treasurer and Secretary; and Clarence M. McCulley was appointed as COO. All were also appointed to serve on the Company's Board of Directors.

On February 22, 2010, the Company acquired UTP Holdings LLC, a U.S. based recycling company that specializes in exporting ferrous and non-ferrous metals from North America and the Caribbean.

"With UTP's strong leadership and extensive knowledge of the recycling industry, they have managed to build a successful international commodities business," says David N. Finkelstein, CFO of RXAC. "This acquisition lays the groundwork for what we will accomplish by aggregating all aspects of the recycling business, from scrap acquisition through to processing and eventual sales of the end product."

The U.S. scrap metal market is approximately $30 billion. With UTP's proximity to international market access paths, the acquisition of UTP establishes RXAC as a force in a global and dynamic marketplace. The goal of Resource Exchange of America Corporation is to rationalize a fragmented global recycling system and to provide a dependable and consistent solution for their global clientele.

As part of the foregoing transactions, the Company also changed its name from Mobieyes, Inc. to Resource Exchange of America Corporation. In connection with this name change, the Company applied for and subsequently received a new symbol, RXAC, from FINRA on March 18, 2010, which became effective as of March 19, 2010.

About UTP Holdings LLC

UTP Holdings LLC is a U.S. based recycling company with global distribution. The company specializes in exporting ferrous and nonferrous scrap from their North American and Caribbean supplier locations.

About Resource Exchange of America Corporation

Resource Exchange of America Corporation is working to become a recycling powerhouse by rolling up companies within asset recovery, processing and brokering of ferrous and non-ferrous scrap metal. The company will identify and bring together the best companies within the recycling industry and elevate them to excellence, drawing on the strengths of the individual companies while combining forces to achieve synergy and obtain the ability to tackle the biggest jobs. With its access to deep-water ports, the company will be able to sell the scrap metal to clients domestically as well as abroad at premium prices.

Resource Exchange of American Corporation leverages local representation in Europe, India, the Caribbean and the U.S. to build relationships with business partners and governments to secure a solid supply line of recyclable products. The key to the success of Resource Exchange of America Corp. is the ability to purchase inventories and process the products, superior client service, communication and support.

Forward-Looking Statements
This press release contains "forward‐looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward‐looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward‐looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward‐looking statements, including the risks that actual results may differ materially from those projected in the forward‐looking statements; projected events in this press release may not occur due to unforeseen circumstances, various factors, and other risks identified in a company's annual report on Form 10‐K and other filings made by such company.

For more information about Resource Exchange of America Corporation, visit www.resource-exchange.com or contact Stanley Wunderlich at (800) 625-2236 ext. 7770 or info@cfsg1.com.

Contact Information

  • Contact:
    Stanley Wunderlich
    Consulting for Strategic Growth 1
    Tel: 1-800-625-2236
    Fax: 1-646-205-7771
    Email: Email Contact