ARCA Recycling, a Subsidiary of JanOne Inc., Awarded Recycling Contract in Virginia and North Carolina With Total Estimated Value of $1.6 Million for Work through 2023

Rhea-AI Summary

ARCA Recycling, a subsidiary of JanOne (NASDAQ: JAN), secured a $1.6 million contract for appliance recycling services in Virginia and North Carolina. This program aims to retire low-efficiency refrigerators and freezers and will continue until 2023. ARCA will recycle the collected appliances at its Northeastern U.S. centers, adhering to EPA guidelines. As the largest implementer of appliance recycling initiatives in North America, ARCA operates over 100 programs.

Positive

• Contract awarded for $1.6 million for appliance recycling services.
• Program aimed at retiring low-efficiency refrigerators and freezers will run through 2023.
• Adherence to EPA guidelines enhances environmental credibility.

Negative

• None.

MINNEAPOLIS, Dec. 16, 2021 /PRNewswire/ -- ARCA Recycling, Inc., a wholly owned subsidiary of JanOne Inc. (NASDAQ: JAN), was recently awarded a contract to provide appliance recycling services to customers of a major electric utility in Virginia and North Carolina. The program encourages the early retirement of low-efficiency refrigerators and freezers and will run through 2023. ARCA estimates the total value of the contract awarded to be approximately $1.6 million.

Appliances collected through the program will be recycled at one of ARCA Recycling's regional recycling centers in the Northeastern United States. The appliances will be processed in compliance with the U.S. Environmental Protection Agency's Responsible Appliance Disposal (RAD) Program guidelines.

About ARCA Recycling
ARCA Recycling is the largest implementer of appliance recycling and replacement programs in North America, with over 100 programs in operation. To learn more about ARCA Recycling's capabilities around appliance recycling or income-qualified appliance direct install replacement 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, involve risks and uncertainties that may affect the company's actual results. 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 contract value for JanOne's subsidiary ARCA Recycling?

ARCA Recycling was awarded a $1.6 million contract.

What is the purpose of the recycling program by ARCA Recycling?

The program aims to encourage the retirement of low-efficiency refrigerators and freezers.

How long will the ARCA Recycling program last?

The program will run through 2023.

Which states are involved in the ARCA Recycling contract?

The contract covers Virginia and North Carolina.

What guidelines is ARCA Recycling following for appliance recycling?

ARCA Recycling is processing appliances in compliance with EPA's Responsible Appliance Disposal (RAD) Program guidelines.