Leading Independent Proxy Advisory Firms ISS and Glass Lewis Recommend Heritage-Crystal
Clean
Shareholders Vote FOR the All-Cash Transaction with J.F. Lehman &
Company
Crystal Cleans Board of Directors Unanimously Recommends Shareholders Vote FOR Each of
the Proposals at the Upcoming Special Meeting
HOFFMAN ESTATES, Ill. October 3, 2023 Heritage-Crystal Clean, Inc. (Nasdaq: HCCI) (Crystal Clean or the Company)
today announced that leading independent proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis & Co. (Glass Lewis) recommend that Crystal Clean shareholders vote FOR Crystal
Cleans proposed combination with J.F. Lehman & Company (JFLCO) at the Companys upcoming Special Meeting of Shareholders (the Special Meeting) scheduled for October 10, 2023.
Brian Recatto, President and CEO of Crystal Clean, said, We are pleased that ISS and Glass Lewis recognize the benefits of Crystal Cleans
transaction with JFLCO, and support our recommendation that all shareholders vote FOR the proposal to adopt and approve the merger agreement. We are confident this transaction is in the best interests of Crystal Clean and its
shareholders, and will strengthen our ability to serve our customers, and employees as the partner of choice nationwide for premier environmentally-sustainable solutions. We strongly urge all Crystal Clean shareholders to follow the recommendation
of the Crystal Clean Board of Directors by voting FOR all transaction-related proposals today.
As previously announced, Crystal Clean
and JFLCO have entered into a definitive merger agreement under which JFLCO agreed to acquire Crystal Clean for $45.50 per share in an all-cash transaction. Crystal Clean and JFLCO expect the transaction to
close in the fourth quarter of 2023, subject to the receipt of regulatory approvals, approval by Crystal Clean shareholders, and satisfaction of other customary conditions. Upon completion of the transaction, Crystal Clean will become a privately
held company and shares of Crystal Clean common stock will no longer be listed on the Nasdaq Stock Exchange or trade in any other public market.
If
Crystal Clean shareholders have any questions or need assistance in voting their shares, they should contact Crystal Cleans proxy solicitor, MacKenzie Partners, Inc., at (800) 322-2885 (toll-free) or
(212) 929-5500 (collect), or email at proxy@mackenziepartners.com.
About Heritage-Crystal Clean, Inc.
Heritage-Crystal Clean, Inc. provides parts cleaning, used oil re-refining, hazardous and non-hazardous waste disposal, emergency and spill response, and industrial and field services to vehicle maintenance businesses, manufacturers and other industrial businesses, as well as utilities and governmental
entities. Our service programs include parts cleaning, regulated containerized and bulk waste management, used oil collection and re-refining, wastewater vacuum, emergency and spill response, industrial and
field services, waste antifreeze collection, recycling and product sales. These services help our customers manage their used chemicals and liquid and solid wastes, while also helping to minimize their regulatory burdens. Through our used oil re-refining program, during fiscal 2022, we recycled approximately 66 million gallons of used oil into high quality lubricating base oil, and we are a supplier to firms that produce and market finished
lubricants. Through our antifreeze program during fiscal 2022 we recycled approximately 4.5 million gallons of spent antifreeze which was used to produce a full line of virgin-