LOS ALTOS, Calif., Sept. 19, 2012 /PRNewswire/ -- Los Altos, CA -- E-Waste Systems, Inc. (OTCQB: EWSI, the "Company") is pleased to announce that it has joined the Los Angeles CleanTech Incubator ("LACI") as it continues its focus on creating a market-leading, integrated business in the emerging waste electrical and electronics equipment ("WEEE") industry.
The LACI is a non-profit organization funded by the Community Redevelopment Agency of Los Angeles and the Los Angeles Department of Water and Power to accelerate development of cleantech start-ups. In partnership with the city's exceptional educational and research organizations – UCLA, USC, Caltech and Jet Propulsion Laboratory – LACI helps accelerate the commercialization of their clean technologies in addition to accelerating new products developed by independent entrepreneurs.
Fred Walti, LACI Executive Director stated, "Our facility provides young, dynamic companies with the diverse resources they need to execute their business plan. We are pleased to have E-Waste Systems as a member of the LA CleanTech Incubator and look forward to assisting them with their growth".
"We are honored and excited to join the LACI community. Our membership will streamline interaction with our investment banker Oracle Capital, which also has space at LACI, as we ramp up our capital raising efforts", stated Martin Nielson, CEO of E-Waste Systems, Inc. "In addition, our relationship with LACI provides an important entre to business development opportunities in the extremely target-rich regions of Los Angeles and Southern California", added Nielson.
According to the Los Angeles Economic Development Corporation, LA County has an economic output of $500 billion and is the largest manufacturing center in the nation based on employment, including key segments in steel fabrication, aerospace products and parts, medical equipment, and computer and peripheral manufacturing. In addition, the LA/Long Beach port complex is the largest in the nation, handling a third of the nation's container traffic.
Understandably, given the population and economic activity, Los Angeles generates a significant amount of waste. Studies have shown that the city of Los Angeles alone generates nearly 10 million tons of solid waste annually yet its diversion rate (the percentage of waste materials diverted from traditional disposal such as landfilling or incineration to be recycled, composted, or re-used) of 65% is surpassed only by San Francisco and San Diego among the nation's largest cities.
E-waste represents only a small fraction of the municipal waste stream but it is the fastest growing segment. The Company estimates that the city of Los Angeles generates at least 30,000 tons of e-waste every year. Much of this is subject to regulation under California's Electronic Waste Recycling Act of 2003, the first law of its kind in the nation.
"When we look at these waste generation data alongside the manufacturing capabilities of the LA region, we see significant potential for closing the e-waste loop—that is, ultimately reclaiming materials from old electrical and electronic devices and reusing them in the manufacture of new products", commented Nielson.
To further bolster its presence and transaction initiatives in the Los Angeles and Southern California areas, E-Waste Systems, Inc. has recently retained the law firm of Loeb & Loeb to provide general corporate and securities law structure and guidance from their Los Angeles CA-based offices.
The Los Angeles CleanTech Incubator (LACI) is a non-profit organization funded by the Community Redevelopment Agency of Los Angeles and the LADWP for the City of Los Angeles and was launched to accelerate development of cleantech start-ups by offering flexible office space, CEO coaching and mentoring, and access to a growing network of experts and capital. In partnership with the city's exceptional educational and research organizations – UCLA, USC, Caltech and Jet Propulsion Laboratory – LACI helps accelerate the commercialization of their clean technologies in addition to accelerating new products developed by independent entrepreneurs. LACI is the business equivalent of baseball's farm system: it identifies local talent, nurtures it, and helps it get to market, resulting in more jobs and a bigger green economy in Los Angeles. For more information, visit http://laincubator.org.
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.
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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.