SARASOTA, Fla., Sept. 2, 2010 (GLOBE NEWSWIRE) -- Resource Exchange of America Corporation (OTCBB:RXAC), a Florida-based recycling company, has reported a rise in scrap offers from Asian markets during the second half of August.
In recent weeks, ferrous scrap offers into Southeast Asia hit $400 per tonne cfr, whilst offers to China reached a high of $410 during the same week. The rise has been attributed to the tightening of supply and an increase in confidence from overseas suppliers, who are rejecting low bids from buyers. Asian mills are currently restocking for high-season production due to begin next month -- a period during which prices are expected to rise even further.
"Recent demand for overseas exports certainly means great news for both RXAC and our investors. As the markets continue to recover from the global recession, this is an area in which we expect to see substantial growth," commented Dana Pekas, CEO of RXAC. "The news also confirms our long-term goal of expansion into Asian markets -- a market we surely will give our keenest attention over the next couple of months."
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.
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This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements; projected events in this press release may not occur due to unforeseen circumstances, various factors, and other risks identified in the company's annual report on Form 10-K and other filings made by the company.
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