READING, Pa., March 10, 2011 (GLOBE NEWSWIRE) -- USA Recycling Industries, Inc., f/k/a Voyager Petroleum Inc. (Pink Sheets:VYGO) (Frankfurt:DXD), a scrap metals recycler servicing the automotive service center chain store industry with commercial customers throughout North America, today announced it has executed a Letter of Intent to acquire a 51% interest in the scrap metal auto parts export business of Earth Metal Scrap USA, Inc, a New York Metropolitan Area based export firm with trading facilities in India and Dubai. Under the terms, "It is the intent of the Parties that Earth Metal Scrap USA shall sell and USA Recycling Industries shall purchase the ownership interests compromising 51% of the scrap metal auto parts export business." The Agreement details a closing date "no later than 14 days from the date of the Letter of Intent." USA Recycling Industries CEO, Vincent J. Smith, stated, "The Agreement with Earth Metal Scrap USA allows the Company to have significant access to end-users & considerable pricing advantages when negotiating within the international scrap metal trading markets." Earth Metal Scrap USA CEO, Kamal H. Patel, added, "This arrangement provides our international consumers with direct access to a large North American scrap metal auto parts supplier with a high-quality, on-going stream of foundry-grade materials."
About the Company
USA Recycling Industries, Inc., formerly known as Voyager Petroleum, Inc. (), is a publically traded mid-market scrap metal recycler servicing commercial and industrial customers throughout North America. The Company now participates in a $75 billion global scrap metals market through its acquisition of Scrap USA in December 2010. Operating since 2007, Scrap USA has been focussed on and successful in targeting the Automotive Service Centre Industry. It currently provides specialty recycling programs to more than 4,000 automotive service centre locations operated by some of the most recognizable names in that retail category. The Company's contracted automotive scrap metal suppliers are listed on the NASDAQ, New York Stock Exchange and others are owned by some of the world's largest hedge funds. Having developed a national footprint in its current market of scrap metal collection and processing the company is now comfortable with integrating other ancillary products such as used motor oil and other automotive related recyclables to its specialty services.
About Earth Metal Scrap USA, Inc
Earth Metal Scrap USA, Inc () is based in Glen Oak, New York. Operating as a privately-held firm since 1994, Earth Metal Scrap USA is an international trading company "providing quality materials to consumers in 19 countries through trading offices in North America, India and United Arab Emirates."
Safe Harbor Forward-Looking Statements
To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, future collaboration agreements, the success of the Company's development, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made.
CONTACT: Vincent J. Smith - CEO USA Recycling Industries, Inc. 877-464-5865