Appliance Recycling In 10-Q Says Co. Has Hired Investment Bank To Pursue Strategic Alternatives And Possible Sale Of Recycling Business

As part of the Company’s overall strategy to diversify and focus on technology, and provide shareholder value, the Company hired an investment banker to pursue strategic alternatives and possible sale of its’ Recycling business. The investment banker worked with outside potential buyers and has thus far produced four legitimate offers ranging in price from the mid-$20 million range to the mid $40 million range for the Company to consider. The Company signed a non-binding exclusive letter of intent with one potential buyer which conducted a due diligence process and decided not to proceed with a firm and binding offer for consideration.