SARASOTA, Fla., Oct. 12, 2010 (GLOBE NEWSWIRE) -- Resource Exchange of America Corporation (OTCBB:RXAC), a Florida-based recycling company, is pleased to announce a Letter of Intent with National Energy & Waste Commission LLC (NEAWC).
"We're extremely pleased at the outcome of the negotiations," says Dana Pekas, CEO of REAC. "The proposed agreement will provide a steady supply of materials from a particular power plant over the next five years, should NEAWC be successful in their endeavours, enabling us to continue expanding our business."
NEAWC has agreed to supply REAC with a minimum of 100 tons of pre-sorted metals per day. The agreement is expected to commence in 2012, upon completion of a new power plant planned by NEAWC. Construction is expected to begin January 1, 2011 the latest.
Chase Barfield, President of NEAWC made the following comment: "We are pleased to be associated with REAC in the recycling market. With this Letter of Intent, we believe we have a great outlook for the future."
"We look forward to work together with NEAWC on this project, and to be able to move into the waste-to-energy industry," Dana Pekas concludes.
About Resource Exchange of America Corporation
Resource Exchange of America Corporation is working to become a recycling powerhouse by rolling up companies within asset recovery, processing and brokering of ferrous and nonferrous scrap metal. With its access to deep-water ports, the company will be able to sell the scrap metal to clients domestically as well as abroad. Resource Exchange of America Corporation will bring together the best companies within the recycling industry and elevate them to excellence, drawing on the strengths of the individual companies while combining forces to achieve synergies and be able to tackle the biggest jobs.
The Resource Exchange of America logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8018
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