Cycle Systems Acquires Coiners' Scrap Iron & Metal

CYCLE SYSTEMS ACQUIRES
COINERS’ SCRAP IRON & METAL
Charlottesville facility will enhance supply of scrap metal for processing

ROANOKE, Va. (September 30, 2008) - Cycle Systems, one of the region’s largest recyclers, today announced it has acquired Coiners’ Scrap Iron & Metal, a scrap metal processor in Charlottesville. The facility will operate as Cycle Systems effective today.

The purchase will enable Cycle Systems to collect additional scrap metal to feed its metal shredding and shearing operations in Roanoke and Lynchburg while boosting production of processed scrap metal, which the company sells to steel mills and other customers in the region.

Terms of the deal were not disclosed. Coiners’ will transfer to the Cycle Systems brand, including 10 Coiners’ employees in Charlottesville. Coiners’ was founded in 1907 and incorporated in 1967.

“This acquisition provides an outstanding source of quality scrap metal for Cycle Systems, ensuring additional volume for our processing facilities at a time when the value of scrap metal remains relatively high,” said Jay Brenner, president of Cycle Systems. “We welcome an additional facility in Virginia to provide our customers with a convenient location to drop off scrap metal for an environmentally friendly way to turn scrap into high-quality steel.”

Brenner said Cycle Systems plans to grow in Charlottesville to meet expected demand.

Some of the metal collected in Charlottesville will be brought to Cycle Systems in Lynchburg, where a shredder that runs in part on renewable fuels such as biodiesel can crush old cars and refrigerators into fist-size pieces at a rate of 60 tons per hour.

ABOUT CYCLE SYSTEMS
Founded in 1916, Cycle Systems operates eight locations in central, Southside and southwestern Virginia: Charlottesville, Harrisonburg, Lynchburg, Martinsville, Pulaski, Roanoke, South Boston and Waynesboro.