LOUISVILLE, Ky.--(BUSINESS WIRE)--
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
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.”
Headquartered in Louisville, Kentucky, Industrial Services of America,
Inc., is a publicly traded company whose core business is buying,
processing and marketing scrap metals and recyclable materials for
domestic users and export markets. Additionally, ISA offers commercial,
industrial and business customers a variety of programs and equipment to
manage waste. More information about ISA is available at www.isa-inc.com.
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
Industrial Services of America, Inc.
Alan Schroering, 502-214-3710
President of Finance and Interim Chief Financial Officer
Source: Industrial Services of America, Inc.