APPLIANCE RECYCLING CENTERS OF AMERICA, INC. ANNOUNCES OFFERING OF COMMON STOCK
APPLIANCE RECYCLING CENTERS OF AMERICA, INC.
ANNOUNCES OFFERING OF COMMON STOCK
MINNEAPOLIS, Nov. 7 /PRNewswire/ -- Appliance Recycling Centers of America, Inc. (NASDAQ: ARCI), announced today the public offering of 675,000 shares of its common stock. The shares are being sold through Craig-Hallum, Inc. Of the 675,000 shares, 75,000 shares are being sold by a selling shareholder. The shares are being sold at $4.50 per share, with the net proceeds to the company of approximately $2.3 million being used to finance the expansion of the company's business and to provide additional working capital. Upon conclusion of the offering the company will have 3,222,668 shares of common stock outstanding.
Appliance Recycling Centers of America, Inc. provides comprehensive appliance recycling services to appliance retail businesses, refuse haulers, landfill operators, local governments and utility companies. The focus of the company's business is the large-scale collection and processing of major household appliances in an environmentally sound manner.
The company's common stock will trade on the NASDAQ system under the symbol "ARCI."
/CONTACT: Kent S. McCoy, vice president, or Edward R. Cameron, president and chairman, both of Appliance Recycling Centers of America, Inc., 612-331-1000/
(ARCI) CO: Appliance Recycling Centers of America, Inc. ST: Minnesota IN: SU: OFR AL-JS -- MN016 -- 2425 11/07/91 17:20 EST