SOURCE: Infinity Resources Holdings Corp

Infinity Resources Holdings Corp

May 29, 2013 09:30 ET

Infinity Resources and Quest Resource Management Comment on Discussions of Corporate Combination

SCOTTSDALE, AZ--(Marketwired - May 29, 2013) - Infinity Resources Holdings Corp. (OTCQB: IRHC) (OTCBB: IRHC) ("Infinity") and its wholly owned subsidiary, Earth911, Inc. ("Earth911"), previously announced its intentions to execute an Option Agreement with Quest Resources Group, LLC ("Quest"), to acquire from Quest the remaining 50 percent issued and outstanding membership interests of that company not already held by Earth911. The initial and extended option periods to complete the merger and acquisition of the remaining 50 percent under the announced terms expired on May 15, 2013.

While the merger was not completed during this period, the management teams and Boards of Directors of both organizations believe that a combination of the businesses can be in the best interest of many stakeholders, and they continue to seek a transaction structure that will achieve the combination of the two companies and result in an overall growth in shareholder value.

Brian Dick, Chief Executive Officer of Quest, said, "The economic and structural reasons to combine these organizations are many. We are working hard to deliver the best and most equitable structure for a transaction -- one that represents the true value of the separate entities and allows for the opportunity that a combination might allow."

Quest, a full service resource management consulting group, generated $131 million in revenues in 2012 providing mid-size to Fortune 100 corporate customers with comprehensive sustainability programs, innovative recycling solutions and environmental protection strategies. Quest's customers operate in a broad range of industries including automotive, retail, transportation, education, municipal, food service, hospitality, healthcare, architecture, and corporate/multi-family real estate industries.

Barry Monheit, Chief Executive Officer of Infinity, said, "We are committed to completing the process and moving forward with a truly integrated resource recycling and information platform -- capable of becoming the preeminent national platform for waste recycling at the community and regional levels."

About Quest Resource Management Group

Quest Resource Management Group provides complete commercial waste stream management for large and mid-sized corporations in a variety of industries. Headquartered in Frisco, Texas, Quest manages the recycling effort of over 12,500 customer locations throughout the United States and Canada. Quest was named one of Inc. Magazine's fastest growing private companies, ranking No. 928 on the sixth annual Inc. 5000 list in 2011. Revenue for 2012 was $131 million (http://www.questrmg.com).

About Infinity Resources Holdings Corp.
Infinity Resources Holdings Corp. is the parent company of Earth911 and Youchange. Earth911 currently owns a 50 percent ownership interest in Quest Resource Management Group. Collectively, Infinity's synergistic portfolio of sustainability companies covers the full spectrum of the recycling life cycle, providing innovative waste reduction and landfill diversion solutions for recycling and proper disposal of commercial and consumer waste streams (http://www.infinityresourcesholdingscorp.com).

Since 1991, Earth911 is a leading source for a growing, enthusiastic audience across the United States who seeks recycling and green living information daily. Earth911 gathers, distributes, and analyzes localized recycling information to assist manufacturers, organizations, and consumers with product end-of-life solutions (http://earth911inc.com). Youchange is a leader in electronics collection, e-waste tracking and re-commerce that allows consumers to donate used products and make a contribution to their favorite school or charity (www.youchange.com).

Forward-Looking Statements
This release contains forward-looking statements that relate to future events or performance, including, but not limited to, statements regarding long-term growth and management structure. These statements include the outlook for Quest over the upcoming years, its position to accelerate its business plan, the vision to build a strong recycling and sustainability firm, and its long-term business plan. These statements reflect Infinity's, Earth911's, and Quest's current expectations, and neither Infinity, Earth911, nor Quest undertakes to update or revise these forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied in this or other statements will not be realized. Furthermore, readers are cautioned that these statements involve risks and uncertainties, many of which are beyond Infinity's, Earth911's, and Quest's control, which could cause actual results to differ materially from the forward-looking statements. These risks and uncertainties include, but are not limited to, risks related to consummation of the transaction contemplated, the integration of Quest into Earth911, competition in the recycling services industry, and the impact of the current economic environment.

Contact Information

  • Contact:
    MEDIA CONTACT:
    Susan Krause
    Director of Communications
    Infinity Resources Holdings Corp.
    480.337.3020

    INVESTOR RELATIONS:
    Jeff Rassas
    480.463.4246