Date: January 10, 2002
Source: News Room
Hi-Rise Recycling Systems, Inc. (OTCBB:HIRI) has sold its Architectural Specified Services Division, excluding the Canadian operations, to Wilkinson-Hi-Rise, LLC, a North Carolina limited liability company, for an aggregate purchase price equal to $15 million in cash plus the assumption by Wilkinson-Hi-Rise of specified liabilities of the Architectural Division. The company has retained its Solid Waste Division, which now constitutes substantially all of the company's business, and has maintained its main headquarters in Miami, Florida. The company used the $15 million proceeds received from the sale to decrease its existing debt obligation to its senior lender. More information: Hi-Rise Recycling Systems, (305) 597-0243.
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