E-Waste Systems, Inc. Signs $30,000,000 Contract
February 06 2014 - 9:15AM
Marketwired
E-Waste Systems, Inc. Signs $30,000,000 Contract
Business Expansion in China Continues
LONDON, UNITED KINGDOM and SHANGHAI, CHINA--(Marketwired - Feb
6, 2014) - 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 play public e-waste operator, announced today the
signing of a $30 million contract with its investment partner,
Tanke Incorporated for further expansion and revenue growth in the
China market.
"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," said
Martin Nielson, Founder and CEO of E-Waste Systems, Inc.
"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."
"We are very happy to expand our commitment to and involvement
with EWSI," said Xiaoyong Zhang, President of Tanke Incorporated.
"EWSI offers a comprehensive solution to a global problem and our
partnership with EWSI will enable us to promote best practices of
management as well as the continued development and implementation
of state-of-the-art technologies and processes. We are equally
proud of our joint commitment to achieving the highest standards of
public health and environmental protection."
Earlier in the year, EWSI announced a new investment from Tanke
Inc. in the amount of $2.3 million, via an exchange of
shares. This is in addition to investments last year of
$650,000 and $800,000, and a Master Licensing agreement that
amounted to an additional $150,000. "Tanke continues to play a key
role in our expansion efforts in a part of the world that is fast
becoming the global leader in e-waste generation and processing,"
said Mr. Nielson. "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."
Forecasts suggest that 65 million tons of global e-waste will be
generated annually by 2017 with strong and continuous
growth1. Across the world, e-waste is already the fastest
growing of all waste streams. In 2012, the most recent year
for which reliable data exists, China alone generated 7.25 million
metric tons of e-waste, which is 2nd only to the United States at
9.4 million2 3.
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 regulations, corporate social responsibility pressures 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, photos and
descriptions of the company's facilities and personnel, and overall
progress of the Company is available on the official website and
social media sites: www.ewastesystems.com,
www.facebook.com/ewastesystems, @ewastesystems.com (Twitter), and
LinkedIn: E-Waste Systems, Inc. Or contact: Investor Relations at:
ir@ewastesystems.com
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.
1 Used Electronics Don't Die. Retrieved from:
http://www.ibtimes.com/used-electronics-dont-die-new-e-waste-world-map-reveals-worldwide-toll-discarded-electronics-1509578
2 U-Step, interactive e-waste map, China. Retrieved from:
http://step-initiative.org/index.php/Overview_China.html
3 U-Step, interactive e-waste map, USA. Retrieved from:
http://step-initiative.org/index.php/Overview_USA.html
E-Waste Systems, Inc. Investor Relations
ir@ewastesystems.com