LONDON, Feb. 14, 2013 /PRNewswire/ -- E-Waste Systems, Inc. (OTCQB: EWSI) (the "Company" or "eWaste"), an electronic waste management and reverse logistics company, announced today that it has opened its first China office in Shanghai. The new office for eWaste will be in the Golden Finance Tower, in the historic Bund district of Shanghai.
"Following our recent agreement to enter the China market through a Master License and corresponding investment, the Company is acting aggressively in pursuit of this market and to establish itself as the first eWaste pure play brand to enter China with the slogan 'eWaste NO LANDFILL,'" says Martin Nielson, CEO of eWaste.
Mr. Nielson adds, "Our staff and partners immediately started work even during the nationally celebrated Chinese New Year holidays. We are seizing the opportunity without excuses. The recently announced licensing and investment deal with Tanke, Inc. valued at 800,000, plus royalties and a minimum $5,000,000 sales commitment from them will operate from Shanghai and this office will manage the implementation of the new China penetration strategy".
According to an article of February 10, 2013 in China Daily, the Chinese government will boost the annual output value of its resource recycling industry to 1.8 trillion Yuan (287 billion US dollars) by 2015 as part of the country's bid to develop a circular economy. Major tasks listed in the plan include building nationwide industrial and agricultural systems that are cleaner and allow more recycling of renewable resources and promoting green consumption. The trend and statistics are also supported by the China Greentech Initiative 2012 report.
"The heightened attention of the government serves to confirm that the timing for our entry to China is correct. And now, having a presence in the Bund district of Shanghai will help accelerate our on-the ground presence and encourage our growth," said Martin Nielson.
"We will immediately begin to develop our eWaste brand, support our license partners and introduce our certified services and technology to customers and trading partners in the region," stated Mr. Nielson.
In 2011, some 162 million tons of e-waste, including nonferrous metals and electronics, was recycled in China, double the amount in 2005. The total value of these recycled products was 571.5 billion Yuan ($91.8 billion), up by 12.7 percent compared with 2010, according to Gao Yanli, secretary-general of the CRRA, the People's Daily reported.
The emerging industry of e-waste and reverse logistics has become a $100 billion business according to Blumberg Associates. However, many of the primitive electronic waste operations in China are toxic and antiquated. Coastal areas in East China have become the world's main center for treatment of e-waste. By 2020, 70 percent of the 500 million tons of e-waste processed globally every year will be processed in China, according to Communications Information News. The Company sees this as a prime opportunity to engage with partners and investors to introduce modern, landfill-free engineering to recycling operations in China.
The e-waste and reverse logistics market has become a $100B+ annual business (Source: Blumberg Associates), excluding much of the resale of still usable goods that flood the marketplace as new updates in software and hardware are released. Furthermore, as environmental legislation and policies sets more stringent requirements for the disposal of these items, many analysts and practitioners expect e-waste to grow faster than any other waste stream over the next 5 years. The benefits of e-waste management and recycling are many, including conservation of natural resources, creation of new jobs, prevention of environmental contamination by toxic chemicals, and reduction of energy requirements.
About E-Waste Systems, Inc.
E-Waste Systems, Inc. is the sole pure play public company in the emerging waste electrical and electronics equipment ("WEEE") industry. EWSI targets companies facing regulatory or other mandates for handling e-waste. EWSI operates and assists its large geographical network of affiliates, apply best practices in professional management, offer state-of-the-art engineering, providing a true global e-waste solution. Additional information, including the business plan summary, is available on the Company's website, www.ewastesystems.com.
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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.