Business
American Resources Corporation Ships First Train from Perry County Resources
FISHERS, IN / ACCESSWIRE / October 7, 2019 / American Resources Corporation (NASDAQ:AREC) (the "Company"), a supplier of raw materials to the rapidly growing
About this update from American Resources Corporation
[{"type":"text","content":"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 CorporationAmerican 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 a...