AERN News AER Energy Inks LOI to Broker Recycled "
Post# of 144481
AERN News AER Energy Inks LOI to Broker Recycled "Oil Filter" UMO
2012-03-28 09:15 ET - News Release
SCOTTSDALE, AZ -- (Marketwire) -- 03/28/12
AER Energy Resources, Inc. (PINKSHEETS: AERN) announced today it has successfully signed a Letter of Intent to further expand its used motor oil (UMO) brokerage services to include oil from recycled oil filter disposal services presently provided by USA Recycling Industries, Inc. (PINKSHEETS: USRI). USA Recycling is an owner, operator and licensor of specialty recycling service centers, a recyclable waste collector and disposal service provider to commercial customers throughout North America.
The agreement provides for AER Energy Resources to broker UMO recycled from used oil filters through an environmentally efficient collection & disposal process provided by USA Recycling within the automotive service center market place.
Mr. Stanley F. Wilson, President and CEO of AER Energy Resources, Inc., commented, "The contract anticipates the addition of tens of thousands of new customer locations throughout the continental United States including, but not limited to, existing UMO collection locations at General Motors, Ford, Chrysler, Toyota and Volkswagen dealerships as well as brand name nationwide auto rental car companies. This new oil filter recycling business also includes numerous customers throughout the manufacturing, mining and other industrial sectors," Wilson said.
USA Recycling Industries CEO Vincent J. Smith stated, "The Agreement with AER Energy Resources allows our automotive service center customers with an ecologically friendly process to dispose of many types of oil filters, keeping landfills free of debris, while providing extracted commodities to end-user-consumers at profitable levels."
AER Energy expects to add up to $2,000,000 in additional annual revenues as a result of this new oil filter brokerage agreement.