SOURCE: USA Recycling Industries, Inc.

October 31, 2011 09:00 ET

USA Recycling Industries, Inc. Signs Letter of Intent to Form Joint Venture With World's First to Market Used Motor Oil On-Line Trading Platform

READING, PA--(Marketwire - Oct 31, 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 signed a Letter of Intent to form a "proposed joint venture or other business arrangement" with privately-held, Arkansas-based, Recycle Markets, LLC, which owns and operates the world's first-to-market used motor oil on-line trading platform (www.usedoilmarket.com).

Per the Agreement, Recycle Markets, would "provide a conduit for USA Recycling Industries to reach used motor oil sellers" across the globe -- through its used motor oil on-line trading platform, and that "the parties intend to negotiate in mutual good faith towards a definitive agreement" in the future.

USA Recycling Industries CEO Vincent J. Smith commented, "This pending Agreement with Recycle Markets will enable us to have significant access to generators of used motor oil and other recyclable waste streams operating small to medium sized auto service center locations throughout the world, as well as provide us with a key first-to-market advantage. Moreover, in facilitating our ability to reach used motor oil vendors throughout the global market, we are confident that this Agreement will also enhance our supply chain substantially."

Recycle Markets CEO Cathleen Stoker added, "This proposed arrangement will afford our used motor oil on-line trading platform users with a competitive pricing advantage as a result of USA Recycling Industries end-user-consumer relationships. We are really looking forward to working with the Company, as we believe that this partnership will be extremely beneficial for both our businesses."

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 Recycler Markets, LLC

Recycle Markets, LLC is an on-line exchange company based in Mount Ida, Arkansas, that designs, builds and launches on-line products based on the unique needs of its customers. It's on-line trading platform, www.usedoilmarket.com, brings together buyers and sellers of used motor oil into a fair exchange marketplace. For more information, contact info@recyclemarkets.com

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

    Investor Contact:

    Kevin Fickle
    President
    NUWA Group, LLC
    Telephone: +1-925-330-8315
    Email: Email Contact