ARCA Recycling, a Subsidiary of JanOne Inc., Sees Major Increase in Appliance Replacement Contracts, Estimated to Push Revenue of Replacement Programs to Nearly $20 Million, in Addition to Recycling Business
MINNEAPOLIS, Oct. 19, 2021 /PRNewswire/ -- ARCA Recycling, Inc., a wholly owned subsidiary of JanOne Inc. (NASDAQ: JAN), has seen major growth in its appliance replacement programs throughout the past 12 months, with the addition of new contracts signed this year that total more than $3 million. It is estimated that these new contracts could increase ARCA's revenue from the replacement programs to approximately $20 million in 2021. ARCA Recycling's appliance replacement programs remove older, inefficient refrigerators, freezers, air conditioners, clothes washers and other major appliances, and replace them with ENERGY STAR®-certified models. ARCA implements its appliance replacement programs in single- and multi-family residences. The replacement programs are offered primarily to serve income-qualified customers, disadvantaged communities, or at-risk seniors.
Since 2019, ARCA has significantly expanded its appliance replacement client base, launching replacement programs in New York, Pennsylvania, New Jersey, Ohio, Massachusetts, Indiana, Louisiana, Minnesota, New Hampshire, and New Mexico. ARCA Recycling currently operates over 40 replacement programs throughout the U.S. and Canada, with approximately 30,000 appliances replaced annually. Appliance replacement programs reduce the energy burden on income-eligible customers, save energy and reduce GHG-emissions due to the proper recycling of older appliances.
About ARCA Recycling ARCA Recycling is the largest implementer of appliance recycling and replacement programs in North America, with over 100 programs in operation. To learn more about ARCA Recycling's capabilities around appliance recycling or income-qualified appliance direct install replacement programs, please contact the company at [email protected].
About JanOne Inc. JanOne Inc. (Nasdaq: JAN) focuses on the development of treatments for diseases that cause severe pain. By alleviating pain at the source, JanOne Inc. aims to reduce the need for opioid prescriptions to treat disease associated pain that can lead to opioid abuse. JanOne Inc. is exploring solutions for non-addictive pain medications. Its lead candidate, JAN101, is for potentially treating peripheral artery disease ("PAD"), a condition that affects over 8.5 million Americans. JAN101 demonstrated positive results in a Phase 2a clinical trial and the Company is currently in preparations for Phase 2b trials. JanOne Inc. is dedicated to funding resources toward innovation, technology, and education for PAD, associated vascular conditions, and neuropathic pain. For more information, visit www.janone.com.
Forward-Looking and Cautionary Statements This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In accordance with the safe harbor provisions of this Act, statements contained herein that look forward in time that include everything other than historical information, including whether the FDA will approve the Company's upcoming Phase 2b submission. These forward-looking statements can be identified by terminology such as "will," "aims," "upcoming," "may," "expects," "expected," "potential," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. JanOne Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC") on Forms 10-K and 10-Q, Current Reports on Form 8-K, in its annual report to stockholders, in press releases, and other written materials and in oral statements made by its officers, directors or employees to third parties. There can be no assurance that such statements will prove to be accurate and there are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the company, including, but not limited to, plans and objectives of management for future operations or products, the market acceptance or future success of our products, and our future financial performance. The company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the company's Annual Report on Form 10-K for the fiscal year ended January 2, 2021 and other SEC filings (available at http://www.sec.gov). JanOne Inc. undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise.
Contact: Laura Berendts Director of Marketing ARCA Recycling, Inc. Tel: 952-930-9000 Email: [email protected]