Infinity Resources Completes Acquisition of Quest Resource Management Group, LLC
July 17 2013 - 6:00AM
Marketwired
Infinity Resources Holdings Corp. (OTCQB: IRHC) (OTCBB: IRHC) today
announced that it has acquired the remaining 50 percent of Quest
Resource Management Group, LLC (Quest) not already owned by
Infinity's wholly owned subsidiary Earth911, Inc. Earth911 has
owned 50 percent of Quest since 2009 and had previously announced
its intentions to acquire the remaining 50 percent of Quest.
Consideration for the purchase of the remaining membership
interests of Quest consisted of promissory notes for $22 million
and 22 million shares of Infinity common stock.
Brian Dick, Chief Executive Officer of Quest, has been appointed
as President and Chief Executive Officer and as a director of
Infinity. He stated that combining the underlying organizations
will help Infinity achieve overall growth in stockholder value,
benefiting from a simplified operating and financial structure and
significant commercial synergies. In addition, Jeff Forte,
co-founder of Quest, will become a consultant to Infinity and was
also appointed as a director of Infinity.
Dick said, "The revenue ramp and sales pipeline at Quest are
strong indications that we are just beginning to tap a vast market
opportunity. The additional scale and expertise across a broader
segment of recycling and resource management spectrum will allow us
to accelerate the capture of the opportunity, creating innovative
ways to reach new commercial and community markets."
Quest, a full service resource management consulting group,
generated approximately $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, who has been Infinity's President and Chief
Executive Officer, will remain on Infinity's Board of Directors
along with the other current members. He commented, "The Quest
organization and model have proven to be capable of rapid growth
and cash generation. The combination of Quest with the additional
marketing reach of Earth911 should generate additional
opportunities for growth and open new markets for the combined
organization. In addition, the integration of management and
facilities presents the opportunity for cost synergies and greater
profitability."
About Quest Resource Management Group, LLC
Quest Resource Management Group, LLC 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 14,000 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.
(http://www.questrmg.com).
About Infinity Resources Holdings Corp.
Infinity Resources Holdings Corp. is the parent company of
Earth911, Inc. and Youchange, Inc. Earth911 is the parent company
of Quest Resource Management Group, LLC. Collectively, Infinity's
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).
Safe Harbor Statement Certain statements
contained in this press release may be deemed to be forward-looking
statements under federal securities laws, and we intend that such
forward-looking statements be subject to the safe harbor created
thereby. Such forward-looking statements include statements
regarding the company's assessment that combining the underlying
organizations will help Infinity to achieve overall growth in
stockholder value, benefitting from a simplified operating and
financial structure and significant commercial synergies; the
company's belief that the revenue ramp and sales pipeline at Quest
are strong indications that that the company is just beginning to
tap a vast market opportunity; the company's view that the
additional scale and expertise across a broader segment of
recycling and resource management spectrum will allow the company
to accelerate the capture of the opportunity, creating innovative
ways to reach new commercial and community markets; the company's
belief that the Quest organization and model have proven to be
capable of rapid growth and cash generation; and the company's
assessment that the combination should generate additional
opportunities for growth, open new markets, and present
opportunities for cost synergies and greater profitability. We
caution that these statements are qualified by important factors,
many of which are beyond our control, which could cause actual
results to differ materially from those reflected by such
forward-looking statements. Such factors include risks related to
the integration of Quest into Earth911, competition in the
recycling services industry, demand for our services, our ability
to expand our markets, the impact of the current economic
environment, and other risks detailed from time to time in our
reports filed with the SEC, including our Form 10-K Report for the
transition period ended December 31, 2012.
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