American Metals LLC and AI Transportation Acquisition Corp Execute Business Combination

July 1, 2024

DENVER, Colo., Jul 01, 2024 (247marketnews.com)- American Metals LLC, a wholly-owned subsidiary of American Resources Corporation (NASDAQ:AREC) and AI Transportation Acquisition Corp (Nasdaq:AITR), a publicly-listed special purpose acquisition company, stated that they executed a definitive business combination agreement in a transaction valued at $170,000,000, with the combined company listed on the Nasdaq Market under the ticker symbol “EMCO.”

American Resources Corporation’s Chairman and CEO, Mark Jensen, stated, “This is an exciting moment for American Metals. Our American Metals division is uniquely positioned to expand its business in the recycling marketplace through direct engagements as well as joint venture partnerships such as with ReElement Technologies Corporation. The company has been working with additional partners on cutting edge technologies to reduce labor costs and maximize margins for shareholders in the recycling process. This business combination provides American Metals an exciting growth platform to further capitalize its business to expand its footprint and use of technology and automation in the recycling business of rare earth magnets, battery materials, copper, aluminum and ferrous metals, while also leveraging its partnership with ReElement to aggregate and process a variety recycled feedstocks. We’re excited to continue to foster this business combination with the AITR team to generate attractive value for our shareholders.”

AITR’s Chairman and CEO, Yongjin Chen, commented, “We’re thrilled to partner with the American Metals team to capitalize on their proven track record and support the expansion of their operations to meet the demand for critical metals. Moreover, a significant amount of energy greenhouse gas emission reductions is possible from the scaleup of renewable technologies, many of which rely on critical metals. We have strong confidence in American Metals’ management team and business model. We look forward to a successful closing of the Business Combination.”

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