FISHERS, IN / ACCESSWIRE / October 7, 2019 / American Resources Corporation (NASDAQ:AREC) (the "Company"), a supplier of raw materials to the rapidly growing global infrastructure marketplace is pleased to announce that the Company, in its first week of ownership, has already shipped its first unit train of PCI Carbon to the steel industry from its newly acquired Perry County Resources complex and its Davidson Branch Preparation Plant and rail load out located near the town of Hazard, in eastern Kentucky.
American Resources Corporation closed on the acquisition of assets of Perry County Resources on September 27, 2019. The Company purchased the assets from Cambrian Holding Company, Inc., which entered into chapter 11 bankruptcy protection on June 16, 2019, and was governed by the United States Bankruptcy Court for the Eastern District of Kentucky under Section 363 of the U.S. Bankruptcy Code.
As explained in its October 1, 2019 press release and October 2, 2019 conference call, American Resources is actively implementing a Strategic Plan of Action to increase operational efficiencies and lower costs at the Perry County Resources complex, while fulfilling existing customer contracts at the facility.
"We are really excited about the addition of Perry County Resources to our carbon platform, and the shipment of our first train from the complex signifies the official beginning of the integration process," stated Mark Jensen, Chairman and CEO of American Resources Corporation. "Additionally, as we have recently discussed, we are extremely proud of our team of hard working individuals that are embracing the restructuring efforts to unveil the potential at Perry County as we continue to execute our overall growth strategy."
American Resources Corporation continues to focus on its growth objective by efficiently leveraging its large number of core mining permits and through identifying strategic, supplemental acquisitions. The Company is committed to being one of the lowest cost operators in the Central Appalachian basin (CAPP) and throughout all its coal mining, processing, and transportation operations.
About American Resources Corporation
American Resources Corporation is a supplier of raw materials to the rapidly growing global infrastructure marketplace. The company's primary focus is on the extraction, processing, transportation and selling of metallurgical carbon and pulverized coal injection (PCI) to the steel industry. The company operations are based in the Central Appalachian basin of eastern Kentucky and southern West Virginia where premium quality metallurgical products are located.
The company's business model is based on running a streamlined and efficient operation to economically extract and deliver resources to meet its customers' demands. By running operations with low or no legacy costs, American Resources Corporation works to maximize margins for its investors while being able to scale its operations to meet the growth of the global infrastructure market.
Special Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties, and other important factors that could cause the Company's actual results, performance, or achievements or industry results to differ materially from any future results, performance, or achievements expressed or implied by these forward-looking statements. These statements are subject to a number of risks and uncertainties, many of which are beyond American Resources Corporation's control. The words "believes", "may", "will", "should", "would", "could", "continue", "seeks", "anticipates", "plans", "expects", "intends", "estimates", or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Any forward-looking statements included in this press release are made only as of the date of this release. The Company does not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances. The Company cannot assure you that the projected results or events will be achieved.
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SOURCE: American Resources Corporation