Boston, MA 06/18/2014 (wallstreetpr) – Industrial Services of America, Inc. (NASDAQ:IDSA) on June 16, 2014 announced that it would receive $3 million equity investment from Recycling Capital Partners, LLC along with the credit facility worth $17.8 million from Wells Fargo Bank, National Association. Recycling Capital Partners is primarily an investment company.
Equity Investment from Recycling Capital Partners offers strategic value to IDSA and benefits to itself
- The equity investment from Recycling Capital Partners offers crucial strategic value toIndustrial Services Of America, Inc. (NASDAQ:IDSA). The investment of RCP is inclusive of 857143 IDSA’s common stock shares at the par value $0.0033 per share and a rate of $3.50 per share.
- Apart from this, RCP will also get the 5-year warrant for purchasing further 857143 shares of common stock valued at $5.00 per share.
- As a part of this equity investment in IDSA, RCP at present, is also eligible to assign one of its members to the Board of the IDSA.
- RCP achieved the RCP registration rights in context with the common stock as well as right of first refusal rights in terms of additional equity investments.
President of IDSA calls it a “Game-Changing Moment”
The President of Industrial Services Of America, Inc. (NASDAQ:IDSA), Sean Garber said that the whole team was energised by experience as well as resources brought to the company by RCP. He added that it will enable the company to grow in strategy as well as other crucial initiatives. Sean Garber called it a “game changing moment in the history of IDSA.”
Principal Investor and Managing Member of RCP see stimulation in growth
The Principal Investor and Managing Member of RCP, Danny Rifkin said that the combination of new and dynamic leadership, new credit facility as well as equity investment will lead to stimulation in the growth ofIndustrial Services Of America, Inc. (NASDAQ:IDSA) as well as its performance. The investment, he said, asserts the view of the company that this industry has feasible long-term growth opportunities.
