LONDON and COLUMBUS, Ohio, March 23, 2012 /PRNewswire/ -- E-Waste Systems, Inc. (OTCBB: EWSI) announced today that it has reached agreement with the stockholders of Tech Disposal, Inc. ("TDI") on the final earnout payment due in connection with EWSI's acquisition of Tech Disposal, Inc., ("TDI"), an electronic waste recycler and asset recovery specialist based in Columbus, Ohio, now named E-Waste Systems (Ohio), Inc. The agreement includes a finalization of the amount of earnout payment and an agreement to convert the shares of preferred stock issued at the closing into common stock and a termination of the consulting agreement executed at the closing.
"We are pleased to announce the completion of this transaction and look forward to proceeding with the expansion of our business in Ohio," Martin Nielson, Chairman and CEO, EWSI, states. "This agreement strengthens our balance sheet by exchanging liabilities for equity and simultaneously reduces our costs. We believe these steps are in the best interests of our shareholders."
EWSI's strategy is to acquire and partner with quality enterprises featuring innovative management teams dedicated to providing compliant, cost-effective and environmentally-responsible services for e-waste reverse logistics and recycling. In parallel, EWSI's goals include implementing thought-leading business development initiatives, and the promotion of Fair Trade E-waste solutions.
Terms of the agreement will be visible in full in the 8K to be filed with the SEC within 5 days.
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 related services in key jurisdictions globally. Blumberg Associates estimates the e-waste sector at a $55B industry annually, as legislation increasingly mandates that e-waste can no longer be landfilled. OEM's, retailers and users are increasingly responsible for end-of-life management of e-waste, while Corporate Social Responsibility demands highly compliant, professional solution providers. The collection and recovery industry is also highly fragmented and EWSI considers these elements as an attractive environment for its buy, build and upgrade strategy. Visit www.ewastesystems.com to learn more.
About E-Waste Systems (Ohio), Inc.
Originally founded in March 2010, EWSO provides end-of-life solutions for a wide range of electronics, initially focused on copiers. The company expanded to larger premises upon the close of the acquisition and remains committed to responsible e-waste recycling efforts according to both R2 standards and the Basel convention.
Herein, regarding EWSI's future results or actions, 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 other factors that could cause actual results to differ materially, including, but not limited to, future capital needs, changes, delays, or market acceptance.
Adam Handelsman, Managing Director. +1 212.838.3777
SOURCE E-Waste Systems, Inc.