ARCA Recycling, a Subsidiary of JanOne Inc., Awarded Recycling Contracts in Pennsylvania With Total Estimated Value of 20 Million Dollars for Work in the State to Continue Through 2026

Rhea-AI Summary

ARCA Recycling, a subsidiary of JanOne (NASDAQ: JAN), has secured multiple contracts to operate appliance recycling programs in Pennsylvania through 2026. The contracts are valued at approximately $20 million and aim to recycle over 30,000 refrigerators and freezers annually. ARCA currently operates three recycling centers in the state, located in Pittsburgh, Philadelphia, and Mechanicsburg. JanOne focuses on developing non-addictive pain treatments and is preparing for Phase 2b trials of its lead candidate, JAN101, for peripheral artery disease.

Positive

• Secured contracts valued at approximately $20 million.
• Plans to recycle over 30,000 refrigerators and freezers annually.
• Operates three recycling centers in Pennsylvania, enhancing operational capacity.

Negative

• None.

MINNEAPOLIS, Oct. 7, 2021 /PRNewswire/ -- ARCA Recycling, Inc., a wholly owned subsidiary of JanOne Inc. (NASDAQ: JAN), was recently awarded multiple contracts to operate appliance recycling programs in the state of Pennsylvania through 2026. ARCA Recycling works in partnership with several major electric utility companies in the state and ARCA aims to recycle over 30,000 refrigerators and freezers from the state annually. ARCA estimates the total value of contracts awarded in Pennsylvania to be approximately $20 million over the next five years.

Currently, ARCA Recycling operates three recycling centers in Pennsylvania, with facilities in Pittsburgh, Philadelphia and Mechanicsburg.

About ARCA Recycling
ARCA Recycling is the largest implementator of appliance recycling programs in North America, with over 90 utility programs in operation. To learn more about ARCA Recycling's appliance recycling capabilities, its income-qualified appliance replacement, and its direct install programs, please contact the company at sales@arcainc.com.

About JanOne Inc.
JanOne Inc. (Nasdaq: JAN) focuses on the development of treatments for diseases that cause severe pain. By alleviating pain at the source, JanOne Inc. aims to reduce the need for opioid prescriptions to treat disease associated pain that can lead to opioid abuse. JanOne Inc. is exploring solutions for non-addictive pain medications. Its lead candidate, JAN101, is for potentially treating peripheral artery disease ("PAD"), a condition that affects over 8.5 million Americans. JAN101 demonstrated positive results in a Phase 2a clinical trial and the Company is currently in preparations for Phase 2b trials. JanOne Inc. is dedicated to funding resources toward innovation, technology, and education for PAD, associated vascular conditions, and neuropathic pain. For more information, visit www.janone.com.

Forward-Looking and Cautionary Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. In accordance with the safe harbor provisions of this Act, statements contained herein that look forward in time that include everything other than historical information, including whether the FDA will approve the Company's upcoming Phase 2b submission. These forward-looking statements can be identified by terminology such as "will," "aims," "upcoming," "may," "expects," "expected," "potential," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. JanOne Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC") on Forms 10-K and 10-Q, Current Reports on Form 8-K, in its annual report to stockholders, in press releases, and other written materials and in oral statements made by its officers, directors or employees to third parties. There can be no assurance that such statements will prove to be accurate and there are a number of important factors that could cause actual results to differ materially from those expressed in any forward-looking statements made by the company, including, but not limited to, plans and objectives of management for future operations or products, the market acceptance or future success of our products, and our future financial performance. The company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the company's Annual Report on Form 10-K for the fiscal year ended January 2, 2021 and other SEC filings (available at http://www.sec.gov). JanOne Inc. undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise.

Contact:
Laura Berendts
Director of Marketing
ARCA Recycling, Inc.
Tel: 952-930-9000
Email: lberendts@arcainc.com

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SOURCE ARCA Recycling, Inc.

FAQ

What is the value of the contracts won by ARCA Recycling in Pennsylvania?

The contracts are valued at approximately $20 million over the next five years.

How many appliances will ARCA Recycling recycle annually in Pennsylvania?

ARCA aims to recycle over 30,000 refrigerators and freezers annually.

In which cities does ARCA Recycling operate recycling centers?

ARCA Recycling operates in Pittsburgh, Philadelphia, and Mechanicsburg.

What is JanOne's focus in its development efforts?

JanOne focuses on developing treatments for diseases that cause severe pain.

What clinical trial phase is JanOne preparing for with JAN101?

JanOne is preparing for Phase 2b trials with its lead candidate, JAN101.