SOURCE: Thrift Recycling Management, Inc.

Thrift Recycling Management, Inc.

April 13, 2011 14:04 ET

Thrift Recycling Management, Inc. Acquires Operating Assets of Used Bookseller Snow Lion, Inc.

Leading Recycled Media Distributor Actively Looking for Growth Opportunities in the Used Media Space

SEATTLE, WA--(Marketwire - Apr 13, 2011) - Thrift Recycling Management, Inc., the largest online seller of recycled media and consumer goods, today announced that it has acquired the operating assets of Denver, Colorado-based Snow Lion, Inc. The acquisition will allow Thrift Recycling to further solidify its position as the leader in the recycled media space, and demonstrates the company's proactive approach to growth.

Thrift Recycling is the leading distributor of used media online, and is a major partner with domestic and international online retailers including Amazon, eBay, Alibris, Barnes & Noble. Since they shipped their first book in 2004, Thrift Recycling has sold over 15 million books in every state and province in North America, and in 196 countries worldwide. In addition to easing the pressure on landfills by promoting re-use, TRM recycles about 24 million unusable books each year.

"At Thrift Recycling, it is our mission to promote the re-use and recycling of books, in order to advance literacy initiatives and general access to books, as well as to ease the mounting pressure on landfills," said Phil McMullin, CEO and Co-Founder of Thrift Recycling. "This acquisition allows Thrift Recycling to continue its rapid growth and expand its leadership position in the online used media space, while simultaneously helping us to achieve our goals around literacy and sustainability."

Snow Lion, Inc. is a division of Cycla, LLC, a recycling management company dedicated to facilitating the responsible disposal of recyclable materials quickly and efficiently. Like Thrift Recycling, the company works to keep used consumer products out of landfills by reselling the products at low cost, or donating them to charitable organizations. Snow Lion, Inc. focused its efforts primarily on the collection and sale of used books.

"This divestiture will allow Snow Lion and its sister company Cycla, LLC to focus on the nationwide opportunities that are available in the broader thrift recycling market," said Trish McCully, President of Snow Lion, Inc. and Cycla, LLC. "Thrift Recycling has the experience and expertise in the used media space to effectively distribute Snow Lion's assets in a manner consistent with Cycla's mission and goals."

Thrift Recycling was founded in 2004 after McMullin, a member of the management team at Savers, Inc., noticed that countless used books were being thrown into landfills, while many underprivileged individuals had no access to reading materials. TRM was created to take advantage of the resulting opportunities. The Company, which closed its last fiscal year at $27M in revenue, continues to attack the cycle of poverty by providing services to charities that distribute books to those in need. Charities contracting for TRM services include Reading Tree, a worldwide early childhood literacy advocate that has distributed 3.7 million free books to schools, school libraries and young children in the past three years.

In January 2011, Thrift Recycling announced that it secured an $8.5 million growth equity investment from Baltimore, MD-based QuestMark Partners. The acquisition of Snow Lion's assets is another step in company's long-term growth plan.

"We are actively looking for growth opportunities throughout North America," said McMullin. "Our ongoing successes, combined with QuestMark's investment, allow us to take advantage of opportunities like the acquisition of Snow Lion's operating assets. It is our goal to continue to grow Thrift Recycling in order to achieve our goals around literacy and sustainability."

About Thrift Recycling Management
Thrift Recycling Management, Inc. recycles material that would be sent to a landfill or otherwise be underutilized. Its primary focus is used books and related media. The Company's distribution channels include online platforms and wholesaling to other retailers. Thrift Recycling Management, Inc. was incorporated in 2004 and is based in Lakewood, Washington. It has locations throughout the US and Canada. Thrift Recycling Management, Inc., is a portfolio company of QuestMark Partners.

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