Industrial Services of America, Inc. Announces Closing of Sale of Assets
December 16 2019 - 7:38AM
Business Wire
Industrial Services of America, Inc. (NASDAQ: IDSA) (the
“Company” or “ISA”), today announced that it has closed on the sale
transaction (the “Transaction”) contemplated by its previously
announced definitive asset purchase agreement (the “Purchase
Agreement”) with River Metals Recycling LLC (“River Metals”), a
subsidiary of The David J. Joseph Company, pursuant to which River
Metals has acquired substantially all of the assets of the Company
and its wholly-owned subsidiaries and assumed certain liabilities
of the Company and its wholly-owned subsidiaries.
As previously announced, following completion of the
transaction, ISA intends to dissolve and to distribute a portion of
the sale proceeds to its shareholders. The initial distribution
amount, anticipated to occur within the next thirty days, will be
determined by ISA’s board of directors and will be subject to the
satisfaction of the liabilities of the Company and certain
assumptions. Additional monies may be distributed over time based
on cash available, after reflecting any reserve for future
contingent liabilities, operating costs and any other uses of
cash.
About ISA
Headquartered in Louisville, Kentucky, Industrial Services of
America, Inc., is a publicly traded company that, up until the
closing of the Transaction, bought, processed and marketed ferrous
and non-ferrous metals and other recyclable commodities.
Forward-Looking Statements
The statements in this press release that are not historical,
including without limitation statements regarding ISA’s beliefs,
expectations, prospects, strategic plans and statements regarding
the Plan of Dissolution approved by its shareholders on November
20, 2019 (the “Plan of Dissolution”) or any other future events,
constitute “forward-looking statements” within the meaning of
Section 21E of the Securities Exchange Act of 1934, as amended. All
statements other than statements of historical fact should be
considered “forward-looking statements” for these purposes. In some
cases, forward-looking statements can be identified by the use of
such terminology as “may,” “will,” “expects,” “plans,”
“anticipates,” “intends,” “believes,” “estimates,” “potential,” or
“continues,” or the negative thereof or other similar words.
Although ISA believes that the expectations reflected in its
forward-looking statements are reasonable, it can give no assurance
that such expectations or any of its forward-looking statements
will prove to be correct.
Examples of forward-looking statements include, but are not
limited to, those regarding the transactions contemplated by the
Purchase Agreement and the Plan of Dissolution, including any
distributions to shareholders. Forward-looking statements are
subject to inherent risks and uncertainties, and actual results and
developments may be materially different from those expressed or
implied by the forward-looking statements. Important factors, some
of which are outside ISA’s control, that could cause actual results
to differ from those expressed or implied by the forward-looking
statements and affect ISA’s ability to make shareholder
distributions include the amount ISA will be required to pay to
satisfy unknown or contingent liabilities in the future; the cost
of operating the business through the final liquidation; general
business and economic conditions; the possibility that the other
anticipated benefits from the sale of the business or the Plan of
Dissolution will not be realized; and other risks as set forth in
ISA’s filings from time to time with the SEC.
Further information on risks ISA faces is contained in its
filings with the SEC, including its Form 10-K for the fiscal year
ended December 31, 2018, and the definitive proxy statement on
Schedule 14A filed on October 21, 2019. Any forward-looking
statement made by ISA speaks only as of the date on which it is
made. Factors or events that could cause its actual results to
differ may emerge from time to time, and it is not possible to
predict all of them. ISA undertakes no obligation to publicly
update any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be
required by law.
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Industrial Services of America, Inc. Todd L. Phillips,
502-366-3452 Chief Executive Officer, President and Chief Financial
Officer
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