Appliance Recycling Centers of America Announces Resignation of Chief Financial Officer Linda A. Koenig
June 19 2006 - 4:59PM
PR Newswire (US)
CFO Duties Assumed by Controller Patrick J. Winters MINNEAPOLIS,
June 19 /PRNewswire-FirstCall/ -- Appliance Recycling Centers of
America, Inc. (NASDAQ:ARCI) today announced that Linda A. Koenig,
chief financial officer, has resigned to accept a position with
another company. To ensure a smooth management transition for
Controller Patrick J. Winters, who will assume her duties, Koenig
will continue at ARCA through mid-July. Winters, a certified public
accountant, will retain his current title of controller. Winters,
34, has been with ARCA since 1998 and has served as controller
since 2003. Prior to that, he held the positions of accounting
manager and general accounting supervisor. Koenig said: "The
decision to leave ARCA was extremely difficult, and I am grateful
for the professional opportunities the company has afforded me. I
believe ARCA is on an increasingly solid footing, and Pat Winters
is well-qualified to help ARCA attain its next level of development
and achievement." Edward R. (Jack) Cameron, president and chief
executive officer, commented: "Linda has been a terrific asset to
ARCA and has made innumerable contributions to our progress over
the years. We will miss her expertise, wise counsel and friendship,
and we wish her the very best in her new position at another
company." About ARCA Through its ApplianceSmart (
http://www.appliancesmart.com/ ) operation, ARCA is one of the
nation's leading retailers of special-buy household appliances,
primarily those manufactured by Maytag, GE, Frigidaire and
Whirlpool. These special-buy appliances, which include close-outs,
factory overruns and scratch-and-dent units, typically are not
integrated into the manufacturer's normal distribution channel.
ApplianceSmart sells these virtually new appliances at a discount
to full retail, offers a 100% money-back guarantee and provides
warranties on parts and labor. As of June 2006, ApplianceSmart is
operating 13 factory outlets: five in the Minneapolis/St. Paul
market; three in the Columbus, Ohio, market; two in the Atlanta
market; two in San Antonio, Texas and one in Los Angeles. ARCA is
also one of the nation's largest recyclers of major household
appliances for the energy conservation programs of electric
utilities. Statements about ARCA's outlook are forward-looking and
involve risks and uncertainties, including but not limited to: the
strength of recycling programs, the growth of appliance retail
sales, the speed at which individual retail stores reach
profitability, and other factors discussed in the Company's filings
with the Securities and Exchange Commission. Visit our web sites at
http://www.arcainc.com/ and http://www.appliancesmart.com/ .
DATASOURCE: Appliance Recycling Centers of America, Inc. CONTACT:
Edward R. (Jack) Cameron, CEO, Appliance Recycling Centers of
America, Inc., +1-952-930-9000, or Richard G. Cinquina, Equity
Market Partners, +1-904-261-2210 Web site: http://www.arcainc.com/
http://www.appliancesmart.com/
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