Recycling Asset Holdings, Inc., Formerly Known As Industrial Services of America, Inc., Announces Initial Liquidating Distrib...
December 30 2019 - 4:30PM
Business Wire
Recycling Asset Holdings, Inc, formerly known as Industrial
Services of America, Inc., (NASDAQ: IDSA) (the “Company”), today
declared an initial liquidating distribution of $1.02 per share
payable on January 14, 2020 to shareholders of record as of January
13, 2020 (the “Final Record Date”). The Company formally changed
its name to Recycling Asset Holdings, Inc. as of December 27,
2019.
On December 16, 2019, the Company announced that it had 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”), 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, the Company has begun dissolution. Today’s announced
declaration is the initial liquidating distribution amount as
determined by the Company’s board of directors. 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. The Company intends to
communicate future distribution amounts, if any, to shareholders as
more information related to future contingencies, operating costs
and other uses of cash becomes available.
The Company will close its transfer books on the Final Record
Date. After the Final Record Date, the Company will generally not
record any further transfers of our common stock. In connection
with the payment of the liquidating distribution, shareholders will
be required to surrender certificates, if any, representing their
shares of common stock in order to receive distributions.
Shareholders should not forward their stock certificates before
receiving instructions to do so.
About Recycling Asset Holdings, Inc.
Headquartered in Louisville, Kentucky, Recycling Asset Holdings,
Inc., formerly known as Industrial Services of America, Inc., 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 the Company’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 the Company 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 the Company’s control, that could cause actual
results to differ from those expressed or implied by the
forward-looking statements and affect the Company’s ability to make
shareholder distributions include the amount the Company 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 the Company’s filings from time to time
with the SEC.
Further information on risks the Company 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 the Company 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. The Company 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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version on businesswire.com: https://www.businesswire.com/news/home/20191230005324/en/
Todd Phillips tphillips@raholdingsinc.com
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