American Resources Corporation's American Metals Completes Business Combination With Nasdaq Listed AI Transportation Acquisition Corp

~ The proposed transaction represents a total equity value of USD 170 million for the combined company on a pro forma basis ~

~ American Metals LLC, a cutting-edge recycler of metals for the electrified economy, operates within the U.S. coal country surrounded by an abundance of copper, aluminum and metal reserves from former thermal coal mines ~

~ Leveraging its successful track record, American Metals LLC seeks to expand its preprocessing of both end of life magnets, lithium-ion batteries and ferrous metals to ensure a domestic supply chain for copper, aluminum, steel, plastic as well as rare earth and battery elements ~

New York, New York and Fishers, Indiana, July 01, 2024 (GLOBE NEWSWIRE) -- American Resources Corporation's (NASDAQ:AREC) ("American Resources") wholly-owned subsidiary, American Metals LLC ("American Metals"), and AI Transportation Acquisition Corp (NASDAQ:AITR), a publicly-listed special purpose acquisition company ("AITR"), today announced that American Metals and AITR have executed a definitive business combination agreement (the "Business Combination Agreement") for a proposed business combination (the "Business Combination") in a transaction valued at $170,000,000.