MINNEAPOLIS, March 26 /PRNewswire-FirstCall/ -- Appliance Recycling Centers of America, Inc. (Nasdaq: ARCI) today announced that it has been awarded a contract by Progress Energy to provide refrigerator and freezer recycling services for the utility's residential electric customers in North and South Carolina. The program is scheduled to begin in early April.
Progress Energy will pay customers $50 for each qualifying refrigerator or freezer that they take out of service and recycle through the program. Customers may recycle a maximum of two qualifying units per calendar year. Removing older, less efficient refrigerators and freezers will help customers to save energy as well as provide environmental benefits through recycling of these appliances.
Edward R. (Jack) Cameron, ARCA's President and Chief Executive Officer, said: "We are extremely pleased to have the opportunity to provide turnkey appliance recycling services for Progress Energy customers in the Carolinas. This energy efficiency program will reduce residential electricity demand and help lower customers' energy bills. By capitalizing on ARCA's extensive experience in delivering high-volume refrigerator and freezer recycling services, Progress Energy will reduce energy consumption while lessening the negative impact of appliance disposal on the environment."
About ARCAARCA ( www.ARCAInc.com), one of the nation's largest recyclers of major household appliances for the energy conservation programs of electric utilities, currently provides services for 150 utility programs in the U.S. and Canada. Toxic chemicals and environmentally harmful materials such as ozone-depleting refrigerants, PCBs, mercury and oil are carefully recovered in the decommissioning process for destruction or disposal, preventing them from contaminating soil, air and water resources. The company is also the exclusive North American distributor for UNTHA Recycling Technology (URT), a materials recovery system for household refrigeration appliances. This press release contains statements that are forward-looking statements as defined within the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made, including the risks associated with general economic conditions, competition in the retail and recycling industries and regulatory risks. Other factors that could cause operating and financial results to differ are described in ARCA ' s periodic reports filed with the Securities and Exchange Commission. Other risks may be detailed from time to time in reports to be filed with the SEC. SOURCE Appliance Recycling Centers of America, Inc.