READING, Pa., March 10, 2011 (GLOBE NEWSWIRE) -- USA Recycling Industries, Inc., f/k/a Voyager Petroleum Inc. (Pink Sheets:VYGO) (Frankfurt:DXD), a scrap metals recycler servicing the automotive service center chain store industry with commercial customers throughout North America, today announced it has executed a Letter of Intent to acquire a 51% interest in the scrap metal auto parts export business of Earth Metal Scrap USA, Inc, a New York Metropolitan Area based export firm with trading facilities in India and Dubai. Under the terms, "It is the intent of the Parties that Earth Metal Scrap USA shall sell and USA Recycling Industries shall purchase the ownership interests compromising 51% of the scrap metal auto parts export business." The Agreement details a closing date "no later than 14 days from the date of the Letter of Intent." USA Recycling Industries CEO, Vincent J. Smith, stated, "The Agreement with Earth Metal Scrap USA allows the Company to have significant access to end-users & considerable pricing advantages when negotiating within the international scrap metal trading markets." Earth Metal Scrap USA CEO, Kamal H. Patel, added, "This arrangement provides our international consumers with direct access to a large North American scrap metal auto parts supplier with a high-quality, on-going stream of foundry-grade materials."
USA Recycling Industries, Inc., F/k/a Voyager Petroleum Signs LOI To Acquire 51% Of Scrap Metal Auto Parts Export Business
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