April 5, 2010 (FinancialWire) — Appliance Recycling Centers of America, Inc. (NASDAQ: ARCI) announced a private placement of 915,000 shares of its common stock.

The company has closed on the sale of 775,000 shares and expects to close on the sale of the remaining shares in the next few days. The common stock was priced at $2.00 per share. The net proceeds to the company from the sale of the 915,000 shares of common stock will be approximately $1.8 million. The issuance of the shares will bring the company's shares outstanding to approximately 5,493,000.

The proceeds from the private placement will be used to support the joint venture formed by the company in 2009 to establish and operate a regional processing center for the collection, processing and recycling of appliances in the northeastern United States.

ARCA (www.ARCAInc.com), one of the nation's largest recyclers of major household appliances for the energy conservation programs of electric utilities, currently provides services for 150 utility programs in the U.S. and Canada.

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