MINNEAPOLIS, May 23, 2011 /PRNewswire/ -- Appliance Recycling Centers of America, Inc. (NASDAQ: ARCI) today reported that the company has renewed the lease for its ApplianceSmart Factory Outlet in the Columbus Square Shopping Center in northeastern Columbus, Ohio. The lease on the 31,500-square-foot store, which is located at 5700 Columbus Square at the intersection of East Dublin Granville Road and Cleveland Avenue, has been extended through April 2016.
Edward R. (Jack) Cameron, President and Chief Executive Officer, commented, "When we opened our ApplianceSmart Factory Outlet in the Columbus Square Shopping Center in December 2000, we were confident that we had selected a solid location to provide the high level of in-store traffic needed to support our growth strategy in the Columbus market. Our confidence proved to be well placed and now, more than ten years later, we are pleased to renew this lease for another five years."
Cameron continued, "With four ApplianceSmart Factory Outlets in the greater Columbus area and nineteen stores nationwide, we are providing an attractive option for value-conscious consumers. ApplianceSmart's selection of special-buy major household appliances—including close-outs, factory overruns and discontinued models—as well as the latest in appliance innovation from major manufacturers gives our customers the wide range of choices they need to suit their homes and satisfy their budgets."
ARCA (www.ARCAInc.com), one of the nation's largest recyclers of major household appliances for the energy conservation programs of electric utilities, currently provides services for 175 utilities in the U.S. and Canada. Toxic chemicals and environmentally harmful materials such as ozone-depleting refrigerants, PCBs, mercury and oil are carefully recovered in the decommissioning process for destruction or disposal, preventing them from contaminating soil, air and water resources. The Company 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. Through its ApplianceSmart operation (www.ApplianceSmart.com), ARCA also is one of the nation's leading retailers of special-buy household appliances, primarily those manufactured by General Electric, Electrolux and Whirlpool. These special-buy appliances, which include close-outs, factory overruns and discontinued models, typically are not integrated into the manufacturer's normal distribution channel. ApplianceSmart sells these new appliances at a discount to full retail, offers a 100% money-back guarantee and provides warranties on parts and labor. As of May 2011, ApplianceSmart was operating 19 factory outlets: six in the Minneapolis/St. Paul market; one in the Rochester, Minn., market; four in the Columbus, Ohio, market; six in the Atlanta market; and two in San Antonio, Texas.
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.