LONDON, June 13, 2012 /PRNewswire/ -- E-Waste Systems, (OTCBB: EWSI), announced today that Larry Magor has been elected chairman of the board of directors effective immediately.
Martin Nielson, CEO of EWSI states, "I asked Larry to consider this role and am thrilled he has accepted it. With our recent hiring of Oracle Capital as lead investment advisors and Larry in this role, we have dramatically added experience to our team that will be a great help in executing our strategy and uplisting our stock. His NYSE and multinational CEO experiences are extremely valuable to us and we think this is a great fit."
Mr. Magor joined the EWSI board in July of last year and has chaired the independent audit and compensation committees since then. Previously, he was CEO of Biwater, a multinational water and waste treatment company based in the UK and was chairman of Netherlands based Cascal leading up to and after its flotation on the New York Stock Exchange. A Chartered Management accountant, Mr. Magor previously held senior finance roles with Courtaulds.
EWSI's management has stated it plans to re-list the company's shares on an exchange as soon as it qualifies and the election of Mr. Magor to the chairman's role, plus the planned election of another non-executive board member are both expected to enhance that effort. NASDAQ's recently announced BX Ventures exchange, for example, requires a majority of independent directors and an independent audit committee.
Larry Magor stated, "I appreciate the support of Martin and the rest of the board in appointing me to the role of Chairman and I look forward to helping guide EWSI to its goal. EWSI is in 'the right place at the right time' and with the recent appointment of Oracle Capital and the impending acquisitions we are confident of a successful execution of our strategy."
About E-Waste Systems, Inc.:
Headquartered in London, where e-waste regulations are the most stringent in the world, EWSI aims to be a leading provider of e-waste services in key jurisdictions globally. Blumberg Associates estimates the e-waste sector at $55B annually, and legislation increasingly mandates that e-waste can no longer be landfilled. OEM's, and retailers are increasingly responsible for end-of-life management of e-waste, while CSR demands highly compliant, professional solution providers. The e-waste industry is highly fragmented and EWSI considers these elements as an attractive environment for its acquisition strategy. www.ewastesystems.com
EWSI's future results or actions using the words "anticipate," "believe," "estimate," "may," "intend," "expect," etc. are 'forward-looking statements' within the Private Securities Litigation Reform Act of 1995, the Securities Act of 1933 and the Securities Exchange Act of 1934 and are subject to risks, uncertainties, and factors that could cause actual results to differ materially, including, but not limited to, future capital needs, changes, delays, or market acceptance.
Martin Nielson, CEO
SOURCE E-Waste Systems