MINNEAPOLIS, Aug. 6, 2012 /PRNewswire/ -- Appliance Recycling Centers of America, Inc. (NASDAQ: ARCI) today announced that its Ontario subsidiary, ARCA Canada Inc., has been awarded a multi-year contract by the Ontario Power Authority (OPA) to continue to recycle old, working refrigerators, freezers and window air conditioners. Since 2006, ARCA has recycled more than 320,000 energy-inefficient appliances for Ontario residents through OPA-sponsored programs.
Under terms of the agreement to provide services for the OPA's saveONenergy Fridge and Freezer Pickup initiative, ARCA will continue to collect eligible appliances from consumer residences and other qualifying locations and recycle them in an environmentally responsible manner, adhering to all best practices and governmental regulations. The OPA's appliance retirement initiative is scheduled to run through December 2014 and is delivered through a province-wide partnership between the OPA and 77 local electric distribution companies (LDCs).
Edward R. (Jack) Cameron, ARCA's president and chief executive officer, commented: "We sincerely thank the OPA for continuing to show confidence in ARCA's services and our advanced recycling technologies. The OPA's appliance retirement initiative helps to prevent the release of ozone-depleting and high-global-warming-potential refrigerants, as well as other environmentally damaging materials found in old appliances, while reducing residential electricity demand across Ontario. Appliance recycling programs like the OPA's are a proven means for achieving significant energy savings, which can reduce the need for additional electrical generation capacity. We are proud to contribute to the green employment movement in Ontario and to the OPA's and LDCs' energy saving and environmental efforts."
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. 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; 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; and 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.
This press release contains statements that are forward-looking statements as defined within the Private Securities Litigation Reform Act of 1995. 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.