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Industrial Services of America Inc Announces Share Purchase

Monday, 4 Nov 2013 05:32pm EST 

Industrial Services of America Inc announced that Harry Kletter, the Company' s shareholder, has purchased 125,000 shares of the Company' s common stock from an affiliate of Blue Equity, LLC (Blue Equity). On July 22, 2013, Blue Equity terminated the Management Services Agreement (MSA) between the Company and Blue Equity following the Company`s annual meeting of shareholders in July at which the shareholders failed to ratify the Company`s issuance of options to purchase 1,500,000 shares to Blue Equity. In connection with its termination of the Management Services Agreement, Blue Equity stated it was exercising its right to require the Company to repurchase the 125,000 shares that Blue Equity`s affiliate had previously purchased from the Company at a price of $4.00 per share in connection with the MSA. On November 1, 2013, Mr. Kletter purchased from Blue Equity`s affiliate the 125,000 shares at a price of $4.00 per share, raising his beneficial ownership in the Company to 27.7%. In connection with this transaction, Blue Equity and the Company have released each other from any further obligations with respect to the repurchase requirement. 

Company Quote

0.04 +0.88%
26 Dec 2014