ARCA Recycling, a Subsidiary of JanOne Inc., Opens Recycling Center in Michigan to Support New Multi-Year Contracts Totaling Millions in Revenue

Rhea-AI Summary

ARCA Recycling, a subsidiary of JanOne (NASDAQ: JAN), has launched a new recycling facility in Grand Rapids, Michigan. This expansion is driven by recent contracts with major Michigan electric utilities for appliance recycling, aiming to process 70,000 appliances by the end of 2022, generating $2 to $3 million in revenue. All operations comply with EPA guidelines. As the largest appliance recycling program implementer in North America, ARCA Recycling is actively pursuing additional contracts in the region.

Positive

• Opening of a new recycling facility in Grand Rapids, Michigan.
• Awarded multiple contracts for appliance recycling services with Michigan utilities.
• Forecast to recycle 70,000 appliances, potentially generating $2 to $3 million in revenue.

Negative

• None.

MINNEAPOLIS, Oct. 12, 2021 /PRNewswire/ -- ARCA Recycling, Inc., a wholly owned subsidiary of JanOne Inc. (NASDAQ: JAN), recently opened a new recycling facility in Grand Rapids, Michigan to support its growth in the state. ARCA was recently awarded multiple contracts to provide appliance recycling services for major Michigan electric utilities through the end of 2022; ARCA is pursuing other major contracts in the region to drive volume through the new facility. ARCA forecasts that it will recycle 70,000 appliances over the next two years through this facility, resulting in between $2 to 3 million in revenue for the company.

All appliances from the utility-sponsored appliance recycling program are processed by ARCA 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 programs in North America, with over 90 utility-sponsored programs in operation. To learn more about ARCA Recycling's capabilities around appliance recycling, income-qualified appliance replacement, and direct install programs, please contact the company's business development team 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 recent development has JanOne announced regarding ARCA Recycling?

JanOne announced the opening of a new recycling facility by its subsidiary, ARCA Recycling, in Grand Rapids, Michigan.

What revenue is ARCA Recycling expecting from its new facility?

ARCA Recycling forecasts $2 to $3 million in revenue from recycling 70,000 appliances over the next two years.

What contracts has ARCA Recycling secured in Michigan?

ARCA Recycling has secured multiple contracts with major Michigan electric utilities for appliance recycling services through the end of 2022.

How does ARCA Recycling ensure compliance in its operations?

All appliance recycling operations by ARCA are processed in compliance with the U.S. EPA's Responsible Appliance Disposal (RAD) program guidelines.

What is the significance of the new facility for JanOne's stock (JAN)?

The new facility and contracts could significantly boost JanOne's revenue and strengthen its market position, impacting investor confidence positively.