Industrial Services of America, Inc. Announces Changes to the Board and Management
LOUISVILLE, Ky.--(BUSINESS WIRE)-- Industrial Services of America, Inc. (NASDAQ: IDSA), a company that buys, processes and markets ferrous and non-ferrous metals and other recyclable commodities for domestic users and export markets and offers programs and equipment to help businesses manage waste, today announced changes to the corporate governance structure and management of the Company.
The Board of Directors announced that effective immediately, it has reduced the number of members from seven to five, with Harry Kletter, Brian Donaghy and David Russell tendering their resignations at the Company's quarterly board meeting today. The Board appointed Jonathan S. Blue, Chairman and Chief Executive Officer of Blue Equity LLC, to fill the vacancy created by Mr. Kletter on the Board. In addition, Harry Kletter also retired from his position as Chief Executive Officer, and the Board appointed Mr. Blue to replace him in that capacity.
Although Mr. Kletter had previously announced his intention to retire as a Board member and as Chief Executive Officer at the Company's annual meeting later this year, both Mr. Kletter and the Board acknowledged their satisfaction to date with the performance of Blue Equity pursuant to the management agreement that was announced on April 1, 2013. As a result, Mr. Kletter and the Board determined there was no reason to delay the change in corporate governance and management structure.
"We are happy to be transitioning ISA to the capable hands of Jonathan Blue at this important time in the Company's evolution," commented Mr. Kletter. "As a result of the recent management agreement with Blue Equity, the Company is facing many exciting opportunities and we are confident that Jonathan and the rest of the ISA team will capitalize on these in the months and years ahead."
Following the changes to ISA's board, the Company's remaining directors are Orson Oliver, Chairman, Jonathan Blue, Albert Cozzi, Alan Gildenberg and Francesca Scarito.
ISA's 2013 SEC filings are available for review at the Securities and Exchange Commission web site at http://www.sec.gov/edgar/searchedgar/companysearch.html.
Headquartered in Louisville, Kentucky, Industrial Services of America, Inc., is a publicly traded company whose core business is buying, processing and marketing scrap metals and recyclable materials for domestic users and export markets. Additionally, ISA offers commercial, industrial and business customers a variety of programs and equipment to manage waste. More information about ISA is available at www.isa-inc.com.
This news release contains forward-looking statements that involve risks and uncertainties that could cause actual results to differ from predicted results. Specific risks include fluctuations in the price of recycled materials, varying demand for waste managing systems, equipment and services, competitive pressures in waste managing systems and equipment, competitive pressures in the waste managing business, and loss of customers. Further information on factors that could affect ISA's results is detailed in ISA's filings with the Securities and Exchange Commission. ISA undertakes no obligation to publicly release the results of any revisions to the forward-looking statements.
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