Newly installed equipment to significantly
increase facility's metal recycling production capacity and ramp up
revenue
CHESAPEAKE, Va., Sept. 26,
2023 /PRNewswire/ -- Greenwave Technology
Solutions, Inc. ("Greenwave" or the "Company") (Nasdaq: GWAV), a
leading operator of metal recycling facilities in Virginia, North
Carolina, and Ohio, today
announced that its recently installed shear baler is now fully
operational at its Cleveland, Ohio
facility. The state-of-the-art equipment is expected to
significantly expand the facility's metal recycling production
capacity, enabling it to significantly increase its revenues. Shear
balers are highly sophisticated processing equipment within the
industry, designed for efficiently shearing car bodies and heavy
metals.
"With access to an adjacent railroad to easily transport our
products to nearby steel mills, we expect our Cleveland facility to be a significant
contributor to Greenwave's revenues in the coming quarters," stated
Greenwave Chief Executive Officer Danny
Meeks. "We believe our Cleveland facility has the potential to be one
of our highest volume and most profitable facilities. We're
grateful to our shareholders for their continued support and look
forward to keeping investors updated on our progress."
About Greenwave
Greenwave Technology Solutions,
Inc., through its wholly owned subsidiary Empire Services,
Inc. ("Empire"), is a leading operator of 13 metal recycling
facilities in Virginia, North Carolina, and Ohio. The Company's recycling facilities
collect, classify, and process raw scrap metal (ferrous and
nonferrous) and implement several unique technologies to increase
metal processing volumes and operating efficiencies, including
a downstream recovery system and cloud-based ERP system.
Steel is one of the world's most recycled products with the
ability to be re-melted and re-cast numerous times. Recycling steel
provides key environmental benefits over virgin metals, including
reduced energy use, lower CO2 emissions, lower waste, and
conserving natural resources. Greenwave's customers include large
corporations, industrial manufacturers, retail customers, and
government organizations. The Company plans to aggressively expand
its footprint of locations by acquiring independent, profitable
scrap yards in the coming months. For more information, please
visit www.GWAV.com.
Forward-looking Statements
This press release contains certain forward-looking statements
within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These include, without
limitation, statements about its revenue growth, opening of
additional locations, margin expansion and cashflow projections.
These statements are identified by the use of the words "could,"
"believe," "anticipate," "intend," "estimate," "expect," "may,"
"continue," "predict," "potential," "project" and similar
expressions that are intended to identify forward-looking
statements. All forward-looking statements speak only as of the
date of this press release. You should not place undue reliance on
these forward-looking statements. Although the Company believes
that its plans, objectives, expectations and intentions reflected
in or suggested by the forward-looking statements are reasonable,
the Company can give no assurance that these plans, objectives,
expectations or intentions will be achieved. Forward-looking
statements involve significant risks and uncertainties (some of
which are beyond the Company's control), assumptions and other
factors that could cause actual results to differ materially from
historical experience and present expectations or projections.
Actual results may differ materially from those in the
forward-looking statements and the trading price for the Company's
common stock may fluctuate significantly. Forward-looking
statements also are affected by the risk factors described in the
Company's filings with the SEC. Except as required by law, the
Company undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements
are made or to reflect the occurrence of unanticipated events.
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SOURCE Greenwave Technology Solutions