Appliance Recycling Centers of America Appoints Randy L. Pearce to Board of Directors
MINNEAPOLIS, Aug. 14, 2012 /PRNewswire/ -- Appliance Recycling Centers of America, Inc. (NASDAQ: ARCI) today announced that on August 2, 2012, the company appointed Randy L. Pearce to a newly created position on the company's board of directors, expanding the board to six directors. In June 2012 Pearce retired as President of Regis Corporation, the global leader in the hair care industry. During his 27-year tenure at Regis Corporation, Pearce also served as Chief Financial Officer from 1998 to 2011 and as Executive Vice President and Chief Administrative Officer from 1999 to 2011.
In addition to being an independent member of ARCA's board of directors, Pearce, an active CPA, will chair the audit committee and serve on the nominating and corporate governance committee. He holds a Bachelor of Arts degree in Accounting from the University of Northern Iowa and is a graduate of the University of Minnesota's Carlson School Executive Management program.
Pearce will initially serve until the next election of directors, which will be held at the company's annual meeting of shareholders in May 2013. Pearce joins current directors Duane S. Carlson, Stanley Goldberg, Steven Lowenthal, Dean R. Pickerell and Edward R. (Jack) Cameron, ARCA's president and CEO.
Cameron commented, "The addition of Randy Pearce to ARCA's board of directors will further diversify the wide range of talents and experience of our current directors. Randy's high level of financial expertise and proven business leadership skills will be a tremendous asset as we press ahead with our short-term and long-term goals for ARCA's sustainable growth."
ARCA's (NASDAQ: ARCI) three business components are uniquely positioned in the industry to work together to provide a full array of appliance-related services. ARCA Advanced Processing, LLC employs advanced technology to refine traditional appliance recycling techniques to achieve optimal revenue-generating and environmental benefits. ARCA is also the exclusive North American distributor for UNTHA Recycling Technology (URT), one of the world's leading manufacturers of technologically advanced refrigerator recycling systems and recycling facilities for electrical household appliances and electronic scrap. ARCA's regional centers process appliances at end of life to remove environmentally damaging substances and produce material byproducts for recycling for over 200 utilities in the U.S. and Canada. Twenty-one Company-owned stores under the name ApplianceSmart, Inc.® sell new appliances directly to consumers and provide affordable ENERGY STAR® options for energy efficiency appliance replacement programs.
This press release contains statements that are forward-looking statements as defined within the Private Securities Litigation Reform Act of 1995, including statements regarding ARCA's future success. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made, including the risks associated with general economic conditions, competition in the retail and recycling industries and regulatory risks. Other factors that could cause operating and financial results to differ are described in ARCA's periodic reports filed with the Securities and Exchange Commission. Other risks may be detailed from time to time in reports to be filed with the SEC.
SOURCE Appliance Recycling Centers of America, Inc.