USA Recycling Industries, Inc. (USRI)

[inter722]

AMM.com and metalbulletin.com posted this yesterday

The Deal is on.


Auto parts recycler merging with oil refiner
By Michael Marley Published: Dec 22 2010 11:5311AM
PHILADELPHIA --

Pennsylvania scrap processor Scrap USA LLC, which gathers scrap from auto repair shops, is set to merge with oil processor and distributor Voyager Petroleum Inc.

Hinsdale, Ill.-based Voyager, which has signed a letter of intent to merge with the Reading, Pa.-based scrap processor, has been looking for a catalyst to add significant value to its already existing oil reclamation and distribution assets, according to Sebastien C. DuFort, Voyager's chief executive officer.

The merger will be accomplished through an exchange of Voyager's shares with the stock of privately held Scrap USA, he said, adding that it represents an "excellent opportunity to expand the (two) companies' recycling services throughout North America and increasing shareholder value."

The letter of intent contemplates a definitive agreement on or before Dec. 31, the company said.

There is tremendous opportunity in the integration and further execution of the business plans of Scrap USA and Voyager, Vincent J. Smith, chief executive officer of Scrap USA, said.