LOUISVILLE, KY (June 17, 2014) -- Industrial Services of America, Inc. (NASDAQ: IDSA), a company that buys, processes and markets ferrous and non-ferrous metals and other recyclable commodities, and offers waste management programs and equipment to commercial customers, today announced the appointment of three new members to its Board of Directors: William B. Yarmuth, Vincent J. Tyra and Sean Garber.
Mr. Yarmuth is Chairman and CEO of Almost Family, Inc., a Louisville, Kentucky-based provider of home health services. Almost Family provides a range of Medicare-certified home health nursing services to patients in need of recuperative and other care. It also provides personal care, medication management, meal preparation, caregiver respite, and homemaking services for patients. Mr. Yarmuth has been a director of Almost Family since 1991, when Almost Family acquired National Health Industries, where Mr. Yarmuth was Chairman, President and Chief Executive Officer. Mr. Yarmuth has been instrumental in growing Almost Family to the $400 million revenue company that it is today.
Vincent J. Tyra is President of ISCO Industries, a global, customized piping solutions provider based in Louisville, Kentucky. Prior to his position at ISCO, Mr. Tyra was a Managing Partner at Southfield Capital, a private investment firm based in Greenwich, Connecticut. Mr. Tyra continues to be an Operating Partner with Southfield Capital, serves on the firm’s investment committee and is a board member of various Southfield Capital portfolio companies. Prior to Southfield Capital, Mr. Tyra was CEO of Broder Bros. Co., a wholesale distributor of imprintable activewear, where he grew the company’s revenue from $315 million to $1 billon over a six-year period. Prior to joining Broder, Mr. Tyra served as President of Retail and Activewear at Fruit of the Loom, where he helped orchestrate the successful reorganization and turnaround of a $2 billion retail consumer packaged goods company. Previous to Fruit of the Loom, Mr. Tyra was a principal investor and Executive Vice President of TSM, a Louisville, Kentucky based wholesale distributor of activewear.
Sean Garber is President of Algar, Inc., a company specializing in the sale of new and used auto parts, as well as in automobile and metal recycling. Pursuant to the previously announced Management Services Agreement between Algar and Industrial Services of America, Algar provides the Company with day-to-day senior executive level operating management supervisory services and Mr. Garber serves as President of Industrial Services of America. Prior to joining Algar in 2005, Mr. Garber owned Riverside Mortgage, Inc., a residential mortgage brokerage company, which he sold in 2006. Before Riverside Mortgage, Inc., Mr. Garber owned and operated CMJ Ventures, LLC, a trademarked and licensed apparel business.
The Company also announced the resignation from its Board of Directors of Alan Gildenberg, a member of the Board since 2012.
Pursuant to the Management Services Agreement, Algar had the right to nominate two new directors any time following the effective date of the Management Services Agreement. Algar nominated Mr. Yarmuth and Mr. Tyra for appointment to the Board of Directors. The Board nominated Mr. Garber. In connection with these nominations, the Board of Directors increased the number of directors which constitute the entire Board of Directors from five to seven and affirmatively determined that Messrs. Yarmuth and Tyra satisfy the criteria to be independent directors as set forth in Nasdaq Listing Rule 5605.
Orson Oliver, Chairman of the Board of ISA, stated, “We are pleased to welcome the three new directors to ISA. This group brings a complement of skills and experience to the Company, not to mention a wealth of fresh ideas. We believe we have assembled a team with the right combination of industry knowledge and experience to guide ISA’s strategy and future growth. We also thank Alan Gildenberg for his faithful service to the Company and its shareholders.”
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.
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; our ability to successfully integrate the operations of acquired businesses, if any, and achieve expected synergies and operating efficiencies from the acquisition, in each case within expected time-frames or at all; 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.
Key words: recycling, scrap, ferrous, non-ferrous materials, waste management, international markets, global markets.