LOUISVILLE, Ky.--(BUSINESS WIRE)--Industrial Services of America, Inc. (NASDAQ: IDSA), (the “Company” or “ISA”), a company that buys, processes and markets ferrous and non-ferrous metals and other recyclable commodities, offers waste management programs and equipment to commercial customers and sells used auto parts, today announced the issuance of shares of common stock to Algar, Inc. (“Algar”) in partial satisfaction of unpaid bonus compensation due Algar.
Pursuant to the Management Services Agreement of December 2013 between Algar and the Company, Algar provides the Company with day-to-day senior executive level operating management supervisory services. On August 5, 2015, the Company entered into a Stock Purchase Agreement with Algar, whereby the Company issued 50,670 shares of its common stock to Algar for aggregate consideration equal to $188,999. The consideration was payable in the form of a reduction of fifty percent of the Company's $378,000 accrued but unpaid bonus compensation due to Algar pursuant to the Management Services Agreement, leaving a remainder of $189,001 in the accrued but unpaid bonus compensation.
“The Company is pleased with Algar’s continued strong commitment to the success of ISA as further demonstrated through this conversion of a portion of its accrued bonus into equity,” noted ISA Chairman and Interim CEO Orson Oliver.
ISA’s 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 that buys, processes and markets ferrous and non-ferrous metals and other recyclable commodities, offers waste management programs and equipment to commercial customers and sells used auto parts. 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.