London, UK based E-Waste Systems Inc. (OTCQB: EWSI), which offers customised end-to-end solutions in IT asset recovery and e-waste management, has signed a $30 million contract with its investment partner, Tanke for further expansion and revenue growth in the China market.
The backing follows a previous investment from Tanke in EWSI to the tune of $2.3 million, via an exchange of shares and investments last year of $650,000 and $800,000, and a Master Licensing agreement that amounted to an additional $150,000
“Tanke was instrumental to helping us launch our China business last year and with their help we are now dramatically expanding our joint commitment to the EWSI strategy for this new year,” explained Martin Nielson, founder and CEO of E-Waste Systems.
Nielson added that Tanke will continue to play a key role in EWSI’s expansion efforts in China, which is fast becoming the global leader in e-waste generation and processing.
“In China, domestic and foreign e-waste streams are very large and there is considerable work required to build the proper infrastructure to manage it. Conservatively, we expect this will add $30 million or more to EWSI’s 2014 revenues, and we see significant additional opportunities for growth beyond that,” he added.
For Tanke’s part, Xiaoyong Zhang, president of the company said that EWSI offers a comprehensive solution to a global problem and that the partnership enables Tanke to promote best practices of management as well as the continued development and implementation of state-of-the-art technologies and processes.
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