Hi-Rise Recycling Systems Selling Division

Hi-Rise Recycling Systems, Inc. has sold its Architectural Specified Services Division, excluding the Canadian operations, to Wilkinson-Hi-Rise, LLC, a North Carolina limited liability company, for $15 million in cash plus the assumption by Wilkinson-Hi-Rise of specified liabilities of the Architectural Division. The transaction consisted of the sale of substantially all of the assets of Wilkinson Company, IDC Systems, Acme Chute Company and Kohlman Engineering, all wholly owned subsidiaries of Hi-Rise.

The Architectural Division is engaged primarily in the business of manufacturing, installing and servicing sheet metal fabrication products, including rubbish, linen and laundry chutes, and recycling systems, including the Company's Hi-Rise System, for the multi-story residential and commercial building market.