E-Waste Systems, Inc. Provides Corporate Update
LONDON, Aug. 28, 2012 /PRNewswire/ -- E-Waste System, Inc. (OTCQB: EWSI, the "Company"), an electronic waste recycling and reverse logistics services firm, is pleased to provide this update to its shareholders and the investment community. This release includes information about the Company's capitalization program, announcement of new corporate branding efforts, exposure to important new business development initiatives, and an update about the outstanding letters of intent for acquisitions.
Martin Nielsen, CEO of E-Waste Systems stated: "We are at a new and important stage in the execution of our strategy as we begin our capital-raising efforts to allow us to turn our existing letters of intent into closed acquisitions and commence building a global, diversified and integrated e-waste company. We would like to take this occasion to update our shareholders and the investment community about our planned growth initiatives for the remainder of 2012 and 2013."
The Company engaged Oracle Capital LLC ("Oracle"), a registered broker-dealer, as Placement Agent to assist in its acquisition strategy and to begin a capital formation program. That engagement agreement was ultimately finalized on August 17, 2012. The capital raising efforts will now commence in September as management will be conducting a bi-coastal road show with the goal of launching the process of closing its acquisitions during the fourth quarter of 2012.
New Corporate Branding and Web Presence
The Company has engaged two professional firms to create a new corporate brand designed to reflect the aspirations of the company and to enhance both the capitalization effort and the promotion of the Company's position in the marketplace. Included will be a new website with an interactive Investor Relations section, enhanced commercial pages, and support for state of the art search engine optimization. The website will provide visitors with a well-defined description of the business and our objectives in creating a sustainable and growing firm that seeks to capture an important segment of the e-waste industry. The expanded Investor Relations section will contain corporate presentations, management backgrounds, SEC filings, industry articles, on-line and traditional media coverage, news releases, social networking portals and mailing list sign-ups. We intend to provide as much information and background on the Company as possible so that shareholders and the financial community can become as excited about the future as we are.
New Business Development Initiatives
The Company has recently agreed to terms to move its Ohio operations to a facility more suitable to support its growth objectives, including; expansion options up to 100,000 square feet, access to up to 14 docks for shipping and receiving and significantly lower rental charges. Final documentation and the move of the Company are both expected to be completed on or before September 1, 2012.
In parallel, a new division of the Company has been launched as a key step in the execution of the fair-trade e-waste program. Under this program, end-of life electronics sourced in either the US or Mexico will be able to be processed via a highly compliant partner network of facilities with access to up to 500,000 square feet of space located primarily in Texas, California and northern Mexico.
In addition, the Company is pursuing additional teaming agreements with select partners. These agreements stipulate the standards of delivery, set pricing and revenue terms, and allow for co-marketing of capabilities and service locations, and they will be used to build capabilities and expertise as well as to expand geographies in order to generate revenue in advance of, and as a complement to, the acquisitions currently under negotiation.
In the fourth quarter of 2011 the Company completed the acquisition of Tech Disposal, Inc., an electronic waste recycler and asset recovery specialist based in Columbus, Ohio and is now completely restructuring that operation. The Company subsequently announced letters of intent to acquire four end-of-life electronics companies; with operations located in the Southwest, Southeast, Central and Western regions of the US and expects to announce another in the Northeast US. The closings of these planned acquisitions are dependent on the Oracle-led capital-raising efforts, with the necessary due diligence and deal documentation pending the funding of these transactions.
The e-waste industry is the fastest growing waste stream in the world and is fertile ground for an experienced, proven management group to bring forth initiatives to consolidate and create an efficient, responsible, sustainable and profitable global e-waste corporation.
Mr. Nielson offered these views about the E-Waste Systems, Inc. team, "I believe we have the executives and board members to create, build and grow an industry leader. The board and our whole team recognize the significant opportunity in front of us and are committed to the challenge to make it happen. The building experience our executive team possesses as a result of the literally hundreds of prior multinational acquisitions, coupled with our planned organic growth will be used to differentiate ourselves. The process of integrating and synergistically growing our targeted acquisitions and our value-based partnerships is what we are focused on during this current growth and expansion period. In the future, it is certainly one of our stated initiatives to move our trading platform to a larger exchange allowing for exposure to a broader base of individual and institutional investors as well as possible equity research coverage."
For the complete list and biographies of E-Wastes Systems, Inc.'s accomplished and professional executive team and board members, please visit: www.ewastesystems.com/team.php.
E-Waste Systems, Inc. Industry Expansion Opportunity
Electronic waste, or e-waste, refers to electronic products that are discarded by consumers such as televisions, computer/peripherals, audio/stereo equipment, VCRs, DVDs, video cameras, telephones, cellular phones and other wireless devices, fax/copy machines and video game consoles.
The e-waste and reverse logistics market has become a $100 billion annual business. This does not include much of the resale of still usable but unwanted electronic goods that are flooding the marketplace as new updates in software and hardware are released and provide a further deluge of electronic devices into the world. According to the EPA, in the US alone, it is estimated that 4 million tons of e-waste gets dumped into landfills every year and in other countries, such as China, the numbers are much higher. Furthermore, as environmental legislation and policies begin to enforce more stringent requirements for the disposal of these items, size of this market is forecasted by industry financial researchers, analysts and practitioners to grow almost exponentially over the next 5+ years. The benefits of e-waste recycling are many and include the conservation of natural resources, the creation of new jobs, the prevention of soil contamination by toxic chemicals and the reduction of energy requirements. For more information, visit the EPA's eCycling FAQ's, www.epa.gov/epawaste/conserve/materials/ecycling/faq.htm
About E-Waste Systems, Inc.
Headquartered in London, where e-waste regulations are the most stringent in the world, E-Waste Systems, Inc. has been established to create a market- leading, integrated business in the emerging waste electrical and electronics equipment ("WEEE") industry, targeting businesses facing regulatory or other mandates for handling e-waste. E-Waste Systems, Inc. plans to do so by acquiring a select number of high-quality companies with strong management teams that have a shared commitment to helping customers achieve cost effective and environmentally responsible compliance with e-waste recycling and disposal requirements. E-Waste Systems, Inc. will leverage and extend its acquisitions' established customer relationships by expanding the services offered to customers, applying best practices in professional management, and by investing in state-of-the-art recycling technology – creating a truly global service provider in the e-waste sector. Additional information is available on the Company's website, www.ewastesystems.com.
E-Waste Systems, Inc.
Safe Harbor Statement: Certain statements and information included in this release may constitute "forward-looking statements" as defined in the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied in such statements. Additional discussion of factors that could cause actual results to differ materially from management's projections, estimates and expectations is contained in the Company's SEC filings. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by federal securities laws.
SOURCE E-Waste Systems, Inc.