Jack, here is the latest:
HILTON HEAD, S.C., Oct. 5 /PRNewswire/ -- Guidera Communications today
announced a clarification of its earlier release concerning Recycling
Industries, Inc. (Nasdaq: RECY). The acquisitions as discussed in the
release all have been previously announced by RECY. These acquisitions
are subject to the completion of due diligence, the negotiation of
definitive agreements and financing, each of which, along with their
financial impact on RECY, have been affected by the recent significant
declines in the markets for scrap metal.
The financial information disclosed in that press release is based upon
information as of RECY's third fiscal quarter ended June 30, 1998.
Financial reports and other information for RECY's fourth fiscal
quarter and year ended September 30, 1998 have not been completed.
The recent declines in the United States and world steel markets have
reduced the demand and price for scrap metals. Current statistical
information concerning the market share of steel produced by electric
arc furnaces is not available.
SOURCE Recycling Industries, Inc.
-0- 10/05/98 /CONTACT: Corporate: Alexander
V. Lagerborg, Recycling Industries, Inc., 800-830-1011 or Brokers and
Analysts: Dewayne Lockhart, Guidera Communications, 843-815-3399/
(RECY)
CO: Guidera Communications; Recycling Industries, Inc. ST: South
Carolina IN: ENV MNG SU: TNM |
