ARCA Recycling, a wholly owned subsidiary of Appliance Recycling Centers of America, Inc. (ARCI), recently opened its new Syracuse, N.Y., recycling center, which will process appliances collected through new programs with several of ARCA's area utility partners.
ARCI also announced it is changing its name and broadening its business perspectives to include developing new and highly innovative solutions for ending the opioid epidemic. From digital technologies, to educational advocacy, to revolutionary painkilling drugs that address a multibillion-dollar-a-year market, the company intends to champion new initiatives to combat the opioid crisis, which claims tens of thousands of lives each year.
The company's new name will be JanOne Inc., a name strategically chosen to express the start of a "new day" in the fight against the opioid epidemic. January 1 is the first day of a New Year—a day of optimism, resolution and hope. JanOne affirms the company's new strategic commitment to fresh thinking and innovative means to assist in ending the worst drug crisis in U.S. history.
ARCA's Syracuse facility will recycle approximately 18,000 refrigerators and freezers annually, keeping more than 1,300 tons of material out of landfills and reducing emissions of ozone-depleting substances found in refrigerants and foam insulation.
During a grand opening tour in July, attendees observed demonstrations of ARCA’s U.S. Environmental Protection Agency Responsible Appliance Disposal (RAD) compliant appliance recycling processes designed to guarantee that all appliances are fully de-manufactured, stripped of hazardous materials and disposed of in a safe and an environmentally responsible manner.
"We are excited to work with ARCA on our new upstate New York refrigerator and freezer recycling program," said Tom Baron, National Grid’s Energy Efficiency senior program manager, in a statement. "It's an easy way for our customers to safely and responsibly dispose of an outdated, inefficient appliance, save energy and reduce electricity costs and earn some money, too. It's good for our customers' wallets, and it's good for the environment by keeping the old clunkers out of landfills.”
Along with ARCI's new focus and name will come a new Nasdaq ticker symbol (NASDAQ:JAN), a new CUSIP number and a new web address—JanOne.com. The company expects the name, symbol, CUSIP and web changes to become effective within the next 10 days. The company said it will continue to operate its legacy businesses—ARCA and GeoTraq—under their current brand names.
"Opioid addiction and death by overdose represent one of the gravest health and policy issues of our time," said CEO Tony Isaac in a statement. "We decided to broaden our vision to find actionable solutions to the epidemic, as we continue to diversify our strategic initiatives. This broadening is intended to create new sources of value and growth for our family of companies and for JanOne as a whole. The global market for painkillers, for example, has reached billions of dollars, representing an opportunity for safe, alternatives to opioids, while relieving pain and saving lives."
The new JanOne is guided by the principle that the right combination of technology, education and innovative pharmaceuticals can produce a breakthrough in the fight against the overuse and misuse of opioids.
"Renaming the company and creating a broadened business perspective is expected to add stockholder value and offer new business partnerships and unique opportunities for continued growth," added Isaac. "We intend for JanOne to evolve with new partners and initiatives, as well as to expand into a network of healthcare experts focused on this deadly epidemic."
Under the JanOne umbrella of companies, ARCA will continue to operate its appliance recycling business, and GeoTraq will continue to develop and expand its asset tracking and remote monitoring business that employs Mobile Internet of Things modules with global connectivity.