SOURCE: USA Recycling Industries, Inc.

November 28, 2011 12:31 ET

USA Recycling Industries, Inc. Acquires Majority Stake in Pennsylvania Fuel Oil Delivery Service Provider

READING, PA--(Marketwire - Nov 28, 2011) - USA Recycling Industries, Inc. (PINKSHEETS: USRI), a Pennsylvania-based scrap metals recycler providing specialty recycling services to automotive service centers throughout North America, today announced that it has finalized an agreement to acquire fifty-one percent (51%) of the common stock in Energy, Inc, a Reading, Pennsylvania-based fuel oil delivery service provider. Energy, Inc, since 1962, sells and distributes fuel oil to businesses and private residences in the Commonwealth of Pennsylvania. Under the terms, "Energy, Inc transfers fifty-one percent (51%) of right, title and interests of its common stock to USA Recycling Industries, Inc. effective Saturday, November 26th." The agreement further names USA Recycling Industries Chairman & CEO Vincent J Smith to serve as CEO and Director of Energy, Inc also effective immediately. Ms. Arlene Weidner will remain as President of Energy, Inc under the new corporate structure.

USA Recycling Industries CEO Vincent J. Smith commented, "The finalized agreement with Energy, Inc allows the Company to immediately broaden its services to include the sale and distribution of fuel oil to its existing commercial customers while we expand the Company's customer base with a planned online marketing approach, offering fuel oil deliveries to customers via the convenience of the internet."

About USA Recycling Industries, Inc.

USA Recycling Industries, Inc., formerly known as Voyager Petroleum, Inc. (www.usarecyclingindustriesinc.com), is a publically 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 January 2011. Operating since 2007, Scrap USA has been focused on and successful in targeting the Automotive Service Centre Industry. It currently provides specialty recycling programs to more than 4,000 automotive service center 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 collection & processing the company is now comfortable with integrating other ancillary products such as used motor oil and other automotive related recyclables to its specialty services.

About Energy, Inc

Energy, Inc sells and distributes fuel oil to businesses and private residences in the Commonwealth of Pennsylvania and has operated its fuel oil delivery business including a pumping station and storage facility in the City of Reading since 1962.

Safe Harbor Forward-Looking Statements

To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, further milestones, plans, intentions, goals, future financial conditions, future collaboration agreements, the success of the Company's development, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made.

Contact Information

  • For Company Contact:

    Vincent J. Smith
    CEO
    USA Recycling Industries, Inc.
    Telephone: +1-877-464-5856
    Email: Email Contact