Silver Recycling to Cease Operations

The board of directors of the Silver Recycling Co. Inc., Vancouver, Canada, has decided to cease all business operations immediately because of financial problems.

According to a news release, the company’s inability to meet its financial commitments for the purchase of Pyropure Inc. and Sun Valley Film Wash Inc. resulted in a write-off of almost all of the company’s assets as of Dec. 31, 2008. In addition, operating losses for the nine-month period ending March 31, 2009, were in excess of $522,000.

The breaking of the proposed acquisition left Silver Recycling with no assets. As a consequence, the company’s new management team, which took over in January 2009, has been unable to secure sufficient funding to implement its revised business plan and to continue operations.

Concurrent with issue of this press release, the Silver Recycling Co. has filed on Sedar its unaudited consolidated interim financial statements for the six-month period ended Dec. 31, 2009, and the nine-month period ended March 31, 2009. Hereafter, the company will discontinue further public disclosures and regulatory filings.

Lenard Grenier and Sidney Stern have resigned as directors of the company effective Aug. 19, 2009. In addition Stern has resigned as interim president, also effective this date.