Deal Follows Record Results for Q3 and Closing of Financing With TCA Global
LONDON, UNITED KINGDOM, Dec 09, 2013 (Marketwired via COMTEX) -- E-Waste Systems, Inc. (OTCQB: EWSI) ('EWSI' or the "Company"), an electronic waste management, reverse logistics, environmentally focused services and technology company and the first pure public eWaste operator, announced today the simultaneous closing of a series of transactions resulting in the acquisition of the assets of 2TRG utilizing a portion of a $5M line of credit provided by TCA Global.
The deal follows on the heels of the filing of the Company's record 3rd Quarter results which included revenues of $5.3M, representing an increase of $2.6Million over 2nd quarter. In addition, from the start of the year, total assets increased to $5.8M, and shareholder equity increased by $2.4M. Full details of these record results are available online at SEC.gov and on the Company's website.
EWSI has formed a new subsidiary to purchase the assets of 2TRG. The new business is expected to add as much as $5Million in first year annualized revenues and the processing of over 12M pounds of eWaste with the potential capacity to reach 75Million in annual poundage. EWSI plans to assemble a complete array of certifications including R2, eStewards, State and Federal EPA registration, and ISO 14001 and ISO 18001 from the transaction.
"We are extremely happy to announce the closing of the 2TRG transaction. With this single purchase we have now expanded our credentials, increased our processing capacity, and achieved a stronger and expanding geographic position in the Midwest and the Northeast," stated Martin Nielson, founder and CEO of E-Waste Systems.
Julie Peterson, president of EWSI's California subsidiary, will oversee the operations of the new subsidiary for the Company. "This is a very logical next step in furtherance of the EWSI vision and we look forward to capitalizing on the opportunities this acquisition provides. We embrace the principles of commitment to zero landfill and expect to be a leader in setting the standards for compliance," said Ms. Peterson.
Today, EWSI is able to arrange collections in the USA from every zip code; has entered the UK market, opened a strategic office in China, launched a partnership in Australia and recently announced deals in Africa, Argentina and India. EWSI brings technology, including its recently announced proprietary ePlant1000(TM), eWasteCC(TM) (carbon credit) and eWasteTRACK(TM) technology solutions, regulatory knowledge, industry experience and management services to its subsidiaries and affiliates, brand licensees, and teaming partners around the world as part of its strategy to extend the presence and global influence of the Company's branded services and technologies.
For more information as it happens, follow @EWasteSystemsIn on Twitter and Facebook and on the company's blog at www.ewastesystems.blogspot.com .
Or contact: Investor Relations at: ir@ewastesystems.com
Industry Expansion The e-waste and reverse logistics market has become a $100B+ annual business (Source: Blumberg Advisory Group, Inc.), 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 first 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, applying best practices in professional management, offering state-of-the-art engineering, and providing a truly global e-waste solution. Additional information, including the business plan summary, is available on the Company's website: www.ewastesystems.com
About TCA TCA Global Credit Master Fund, TCA, is a short duration, absolute return fund specializing in senior secured lending and advisory services to small, mainly listed companies predominately in the U.S., Canada, Western Europe and Australia. TCA's specialist business fills the underserved small-cap lending gap which exists in these leading markets. The TCA team has an unparalleled level of domestic and cross-border expertise, long-standing relationships and a history of comprehensive funding innovations. This reflects in its history of successful, completed transactions and high level of repeat business.
About 2TRG 2TRG leads organizations through end-of-life computer and electronics recycling by providing secure data destruction and utilizing environmentally safe and legally compliant disposal methods. 2TRG guarantees that all data storage devices are sanitized and/or destroyed. Our facilities, certifications, and equipment allow clients to be 100% confident that data and electronics will be properly disposed of. Founded in Ohio in 2004 as Technology Recycling Group, the company was renamed 2TRG in 2006. Since then, 2TRG proceeded to invest over $1.2M in leading recycling equipment including CRT Heaven and Shred-Tech systems, expanded into nearly 200,000 square feet of processing space in Ohio and New York and attained ISO 14001, ISO 18001, R2, and eStewards certifications. In 2011, 2TRG was ranked #816 among the Inc. 5000 fastest growing private companies and in 2012 was named a Blue Ash, Ohio, Business of the Year. 2TRG has diverted over 75 million pounds of e-waste from landfills since beginning operations.
Safe Harbor Statement: Certain statements and information 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: E-Waste Systems, Inc. Investor Relations ir@ewastesystems.comSOURCE: E-Waste Systems, Inc.
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SUBJECT CODE: Environment:Regulations and Law
Environment:Waste Management
Environment:Hazardous Materials Management
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