Isaac Capital Successfully Replaces Board of Directors and CEO at Appliance Recycling Centers of America, Inc.May 28, 2015
San Diego, CA (May 28, 2014) -- Isaac Capital Group LLC (ICG), an International private investment firm based in San Diego, California, and largest shareholder of Appliance Recycling Centers of America (NASDAQ: ARCI), with ownership of approximately 12 percent of the outstanding common stock of the company, today announced that it has nominated new members to the Company’s Board of Directors, replacing the majority of the old Board. In addition, ICG has confirmed the reinstatement of ARCA’s founder, Edward “Jack” Cameron, who served as CEO from 1976 to 2014 at the $130 Million per year, Minneapolis-based company.
Appliance Recycling Centers of America, Inc., sells and recycles new household appliances through a chain of company-owned retail stores under the ApplianceSmart name. The company operates in two segments, Recycling and Retail. Its stores offer new appliances and special-buy appliances. The company operates 18 ApplianceSmart stores in Minnesota, Ohio, Georgia, and Texas. It also provides turnkey appliance recycling and replacement services for electric utilities and other sponsors of energy efficiency programs.
“ARCA has spent four decades providing the public with energy efficient appliances and technology, while providing the means to cleanly and safely dispose of old ones,” said Jon Isaac, managing member of Isaac Capital Group LLC. “As technology continues to advance, it makes sense to us ensure that the company continues to be run by the man who founded it and has kept it profitable for nearly 40 years with the support of an experienced and qualified board that can help guide the company into its next 40 years.”
ARCA's three business components are uniquely positioned in the industry to work together to provide a full array of appliance-related services. ARCA Advanced Processing, LLC employs advanced technology to refine traditional appliance recycling techniques to achieve optimal revenue-generating and environmental benefits. ARCA is also the exclusive North American distributor for UNTHA Recycling Technology (URT), one of the world’s leading manufacturers of technologically advanced refrigerator recycling systems and recycling facilities for electrical household appliances and electronic scrap. ARCA's regional centers process appliances at end of life to remove environmentally damaging substances and produce material byproducts for recycling for utilities in the U.S. and Canada. Eighteen company-owned stores under the name ApplianceSmart, Inc.® sell new appliances directly to consumers and provide affordable ENERGY STAR® options for energy efficiency appliance replacement programs.
Isaac Capital Group (ICG) is a private investment firm based in San Diego, which makes highly selective, long-term investments in companies it deems to have strong management teams. Its investments are across a variety of industries and focus on creating value through growth and superior performance. The firm’s comprehensive approach to due diligence execution, research and market analysis, paired with its ability to identify unique opportunities, had allowed for expansive growth and development within its investment portfolio.
Isaac Capital Group is the largest shareholder in LiveDeal Inc. (NASDAQ:LIVE), a company with a geo-location based mobile marketing platform that enables restaurants to publish “real-time” and “instant offers” to nearby consumers, which has seen tremendous share appreciation since ICG became involved in 2011.