Industrial Services of America, Inc. Announces Changes to the Board and
LOUISVILLE, Ky. -- May 7, 2013
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
ISA’s 2013 SEC filings are available for review at the Securities and Exchange
Commission web site at
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
Industrial Services of America, Inc.
Alan Schroering, 502-366-3452
Press spacebar to pause and continue. Press esc to stop.