Form 8-K APPLIANCE RECYCLING CENT For: Dec 18
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E-mailUNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 18, 2014
Appliance Recycling Centers of America, Inc.
(Exact name of registrant as specified in its charter)
Minnesota | 000-19621 | 41-1454591 |
(State or other jurisdiction | (Commission | (IRS Employer |
of incorporation) | File Number) | Identification No.) |
7400 Excelsior Blvd., Minneapolis, MN | 55426-4517 |
(Address of principal executive offices) | (Zip Code) |
Registrants telephone number, including area code: (952) 930-9000
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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ITEM 5.02 | Departure of Directors and Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(c)����On December 18, 2014, Jeffery P. Ostapeic was appointed Chief Financial Officer of Appliance Recycling Centers of America, Inc. ( ARCA ). ��From January 2011 to February 2014 Mr.�Ostapeic, age 46, was Audit Partner with Grant Thornton LLP, and from October 2007 to 2011 was Audit Partner with McGladrey & Pullen., LLP.
In addition to other employment benefits, Mr. Ostapeic is entitled to a base salary of $180,000 per year and an annual bonus as determined by the Companys board of directors. In addition, the Company granted Mr. Ostapeic an option to purchase 50,000 shares of common stock at an exercise price of $2.80 per share under the Companys 2011 Stock Compensation Plan. �The option vests with respect to one-third of the shares on the first, second and third anniversaries of his appointment.
There are no arrangements or understandings between Mr. Ostapeic and any other person pursuant to which he was elected as an officer of the Company. There are no transactions in which Mr. Ostapeic has an interest requiring disclosure under Item 404(a) of Regulation S-K.
A press release announcing Mr. Ostapeics appointment is furnished as Exhibit 99.1.
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ITEM 9.01����Financial Statements and Exhibits
(d) | Exhibits. |
Exhibit Number | Description of Document |
99.1 | Press Release dated December 19, 2014. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Appliance Recycling Centers of America, Inc. | |
Date: December 24, 2014 | /s/ Mark G. Eisenschenk |
Mark G. Eisenschenk Chief Executive Officer | |
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Exhibit 99.1
FOR IMMEDIATE RELEASE����
Appliance Recycling Centers of America
Announces New Chief Financial Officer
Minneapolis, MN-December 22, 2014-Appliance Recycling Centers of America, Inc. (NASDAQ: ARCI), a leading provider of appliance recycling and retailing services, today announced that Jeffery Ostapeic has been appointed the companys Chief Financial Officer. Mr. Ostapeic is a certified public accountant and served most recently as an audit partner with Grant Thornton LLP, an international accounting firm. He previously served with the Ernst & Young LLP and McGladrey & Pullen LLP public accounting firms.
Mr. Ostapeic brings 23 years of accounting and financial experience to ARCA, with particular expertise in SEC reporting, financial analysis and business development.
Jeffs solid and up-to-date background in accounting, financial reporting and other technical areas is well suited for ARCA. He has also managed numerous teams of individuals over his public accounting career, said Mark Eisenschenk, President and CEO. I have complete confidence that under Jeffs leadership, ARCA will continue to improve its operating efficiency and financial effectiveness.
About ARCA
ARCA's three business components are uniquely positioned in the industry to work together to provide a full array of appliance-related services. ARCA Advanced Processing, LLC employs advanced technology to refine traditional appliance recycling techniques to achieve optimal revenue-generating and environmental benefits. ARCA is also the exclusive North American distributor for UNTHA Recycling Technology (URT), one of the worlds leading manufacturers of technologically advanced refrigerator recycling systems and recycling facilities for electrical household appliances and electronic scrap. ARCA's regional centers process appliances at end of life to remove environmentally damaging substances and produce material byproducts for recycling for utilities in the U.S. and Canada. Eighteen company-owned stores under the name ApplianceSmart, Inc.� sell new appliances directly to consumers and provide affordable ENERGY STAR� options for energy efficiency appliance replacement programs.
This press release contains statements that are forward-looking statements as defined within the Private Securities Litigation Reform Act of 1995, including statements regarding ARCAs future success. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made, including the risks associated with general economic conditions, competition in the retail and recycling industries and regulatory risks. Other factors that could cause operating and financial results to differ are described in ARCAs periodic reports filed with the Securities and Exchange Commission. Other risks may be detailed from time to time in reports to be filed with the SEC.
FOR MORE INFORMATION, CONTACT:
MARK EISENSCHENK, CEO
����
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