Merger aims to boost recycling capabilities, enhance the supply chain with critical metals, and drive growth in the electrified economy.

Marking a pivotal step toward enhancing the electrified economy, American Resources Corp.'s subsidiary, American Metals LLC, has inked a definitive business combination agreement with AI Transportation Acquisition Corp.

American Metals has evolved into a dynamic arm of American Resources Corp., a multifaceted company now spearheading sectors from recycling to technology.

American Resources has notably expanded through initiatives like ReElement Technologies, which specializes in recycling, and American Carbon, which pushes boundaries in metallurgical carbon production.

As part of this diverse enterprise, American Metals is a cutting-edge recycler of essential materials like copper and aluminum from old mines, transforming waste into valuable resources for renewable energy technologies.

Under the agreement, American Metals will merge with AI Transportation Acquisition (AITR) to form Electrified Materials Corp.

"This is an exciting moment for American Metals as well as the American Resources shareholders. Our American Metals subsidiary 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," said American Resources CEO Mark Jensen.

This transformative move leverages American Metals' expertise in metal recycling and AI Transportation's strategic investment acumen, aiming to enhance the supply chain for critical metals necessary for the electrified economy.

"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," said Jensen. "We're excited to continue to foster this business combination with the AITR team to generate attractive value for our shareholders."

A special purpose acquisition company (SPAC), AI Transportation Acquisition Corp. is headquartered in New York and focuses on identifying promising opportunities within the logistics and new energy vehicle sectors.

The company leverages its strategic position to capitalize on emerging innovations that could redefine transportation logistics and technology on a global scale, targeting transformative business combinations to maximize shareholder value.

"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," said AITR CEO Yongjin Chen. "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."

AITR's merger with American Metals leverages the SPAC's focus on transportation and new energy sectors, aiming to capitalize on American Metals' expertise in recycling critical metals. This strategic move is designed to expand AITR's portfolio into the recycling and electrified economy markets, enhancing growth and shareholder value.

"We have strong confidence in American Metals' management team and business model," said Chen. "We look forward to a successful closing of the business combination."

Throughout this merger, AITR plans to commit to fostering American Metals' growth and reinforcing its position in the rapidly expanding markets for used steel and rare-earth metals.

The planned listing of the merged entity in the U.S. is positioned to provide a robust capital platform and attract significant investor interest globally, further propelling the growth strategy of American Metals.

As American Metals and AI Transportation Acquisition move toward finalizing their merger, the new entity, Electrified Materials, is poised to make significant strides in the electrified economy.

This strategic alliance is expected to not only strengthen the domestic supply chain for critical metals but also position the newly formed company as a leader in sustainable materials innovation.