Infinity Resources and Quest Resource Management Comment on Discussions of Corporate Combination
May 29 2013 - 9:30AM
Marketwired
Infinity Resources Holdings Corp. (OTCQB: IRHC) (OTCBB: IRHC)
("Infinity") and its wholly owned subsidiary, Earth911, Inc.
("Earth911"), previously announced its intentions to execute an
Option Agreement with Quest Resources Group, LLC ("Quest"), to
acquire from Quest the remaining 50 percent issued and outstanding
membership interests of that company not already held by Earth911.
The initial and extended option periods to complete the merger and
acquisition of the remaining 50 percent under the announced terms
expired on May 15, 2013.
While the merger was not completed during this period, the
management teams and Boards of Directors of both organizations
believe that a combination of the businesses can be in the best
interest of many stakeholders, and they continue to seek a
transaction structure that will achieve the combination of the two
companies and result in an overall growth in shareholder value.
Brian Dick, Chief Executive Officer of Quest, said, "The
economic and structural reasons to combine these organizations are
many. We are working hard to deliver the best and most equitable
structure for a transaction -- one that represents the true value
of the separate entities and allows for the opportunity that a
combination might allow."
Quest, a full service resource management consulting group,
generated $131 million in revenues in 2012 providing mid-size to
Fortune 100 corporate customers with comprehensive sustainability
programs, innovative recycling solutions and environmental
protection strategies. Quest's customers operate in a broad range
of industries including automotive, retail, transportation,
education, municipal, food service, hospitality, healthcare,
architecture, and corporate/multi-family real estate
industries.
Barry Monheit, Chief Executive Officer of Infinity, said, "We
are committed to completing the process and moving forward with a
truly integrated resource recycling and information platform --
capable of becoming the preeminent national platform for waste
recycling at the community and regional levels."
About Quest Resource Management Group
Quest Resource Management Group provides complete commercial
waste stream management for large and mid-sized corporations in a
variety of industries. Headquartered in Frisco, Texas, Quest
manages the recycling effort of over 12,500 customer locations
throughout the United States and Canada. Quest was named one of
Inc. Magazine's fastest growing private companies, ranking No. 928
on the sixth annual Inc. 5000 list in 2011. Revenue for 2012 was
$131 million (http://www.questrmg.com).
About Infinity Resources Holdings Corp.
Infinity Resources Holdings Corp. is the parent company of Earth911
and Youchange. Earth911 currently owns a 50 percent ownership
interest in Quest Resource Management Group. Collectively,
Infinity's synergistic portfolio of sustainability companies covers
the full spectrum of the recycling life cycle, providing innovative
waste reduction and landfill diversion solutions for recycling and
proper disposal of commercial and consumer waste streams
(http://www.infinityresourcesholdingscorp.com).
Since 1991, Earth911 is a leading source for a growing,
enthusiastic audience across the United States who seeks recycling
and green living information daily. Earth911 gathers, distributes,
and analyzes localized recycling information to assist
manufacturers, organizations, and consumers with product
end-of-life solutions (http://earth911inc.com). Youchange is a
leader in electronics collection, e-waste tracking and re-commerce
that allows consumers to donate used products and make a
contribution to their favorite school or charity
(www.youchange.com).
Forward-Looking Statements This release
contains forward-looking statements that relate to future events or
performance, including, but not limited to, statements regarding
long-term growth and management structure. These statements include
the outlook for Quest over the upcoming years, its position to
accelerate its business plan, the vision to build a strong
recycling and sustainability firm, and its long-term business plan.
These statements reflect Infinity's, Earth911's, and Quest's
current expectations, and neither Infinity, Earth911, nor Quest
undertakes to update or revise these forward-looking statements,
even if experience or future changes make it clear that any
projected results expressed or implied in this or other statements
will not be realized. Furthermore, readers are cautioned that these
statements involve risks and uncertainties, many of which are
beyond Infinity's, Earth911's, and Quest's control, which could
cause actual results to differ materially from the forward-looking
statements. These risks and uncertainties include, but are not
limited to, risks related to consummation of the transaction
contemplated, the integration of Quest into Earth911, competition
in the recycling services industry, and the impact of the current
economic environment.
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Contact: MEDIA CONTACT: Susan Krause Director of Communications
Infinity Resources Holdings Corp. 480.337.3020 INVESTOR RELATIONS:
Jeff Rassas 480.463.4246
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