E-Waste Systems, Inc. Signs Letter of Intent for Acquisition of Logistics Solutions Company
LONDON, July 18, 2012 /PRNewswire/ -- E-Waste Systems, Inc. (OTCQB: EWSI), an electronic waste recycling and reverse logistics services firm, announced today that it has signed a non-binding letter of intent ("LOI") to acquire a multi-vendor reverse logistics solutions company headquartered in the Southwestern US. This LOI represents the fourth targeted acquisition by E-Waste Systems as part of its strategy to become a leading provider of e-waste services internationally.
The target's scope of work includes asset management, professional services and technical solutions including reverse logistics resolution, development and implementation of software and operational processes, inventory control, commodity audit programs, and process integration, as well as engineering expertise, refurbishment and remanufacturing capabiities.
"This particular opportunity is an excellent complement to the planned build-out of our e-waste recycling infrastructure initiatives. Our focus is on building a growing and profitable company with the objective of becoming a significant international player in the electronic waste recycling and end-of-life management industry. This acquisition could become an excellent component in the implementation of our strategy," stated Martin Nielson, CEO of E-Waste Systems.
This LOI requires that the names of the company and the specific terms of the transaction be kept confidential to protect customers, suppliers, and employees, but details will be announced as soon as the definitive agreement has been executed.
Closing is contingent upon, among other things, due diligence and definitive agreements and completion of two years of PCAOB qualified audits, all of which are expected to be commissioned soon.
Electronic waste, or "e-waste", refers to electronic products that are at or near their end of life, such as telecoms, servers, televisions, computer/peripherals, AV equipment, DVDs, medical equipment, telephones, mobile devices, fax/copy machines and gaming equipment.
According to the EPA, various reports in the United States have stated that electronic waste is growing significantly faster than any other waste stream, with a majority of the waste coming from large businesses and institutions. With the continuing introduction of new and enhanced electronic components, hundreds of millions of obsolete hardware devices will be entering the waste stream over the next 3-5 years. For more information, visit the EPA's eCycling FAQ's page, 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 ewaste. 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 multinational service provider. Additional information is available at www.ewastesystems.com.
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E-Waste Systems, Inc.
Safe Harbor Statement: Certain statements and information included in this release 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.
Contact: Martin Nielson +1-650-283-2907
SOURCE E-Waste Systems, Inc.