Greenwave Scrapping Cranes Estimated to Weigh 3,200 Tons at the Port of Virginia
September 21 2022 - 7:11AM
Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company")
(NASDAQ: GWAV), a leading operator of 11 metal recycling facilities
in Virginia and North Carolina, is pleased to announce that it is
on track to complete the scrapping of three ship-to-shore cranes at
the Port of Virginia by September 30, 2022. The cranes, which are
estimated to weigh 3,200 tons, are being dissembled by Crofton
Industries with Greenwave processing and selling the scrap metal. A
video of the disassembly of the cranes is accessible here.
Greenwave generated record revenues of $10.70
million during the quarter ending June 30, 2022, an
increase of 56% from the $6.88 million in
revenue Empire Services, Inc. generated in the same period in
2021. Further, the Company generated positive cashflows from
operating activities of $566,238 for the six months
ending June 30, 2022.
“As this project at the Port of Virginia demonstrates, Greenwave
has the experience and infrastructure needed to successfully handle
jobs of this scale and caliber,” stated Danny Meeks, Chief
Executive Officer of Greenwave. “Since starting Empire nearly 20
years ago, we have successfully completed numerous municipal and
corporate contracts. With projects funded by the U.S.
Infrastructure and Jobs Act expected to commence in the near
future, we believe Greenwave is strongly positioned to continue its
expansion. We are grateful to Greenwave’s shareholders for their
support and look forward to keeping you updated on our
progress.”
The Company is currently installing a second shredder at
its Carrollton yard to process cars, household appliances and
industrial products, along with a downstream system at its Kelford
yard to increase its recovery yields of copper, aluminum, brass,
steel, stainless steel, and other metals. The shredder and
downstream system are on track to come online in the coming months
and are expected to double the Company’s processing capacity,
significantly growing its revenues and increasing its profit
margins.
About Greenwave Greenwave Technology Solutions,
Inc., through its wholly owned subsidiary Empire Services, Inc.
(“Empire”), is a leading operator of 11 metal recycling facilities
in Virginia and North Carolina. At these facilities, Empire
collects, classifies, and processes raw scrap metal (ferrous and
nonferrous) for recycling. Steel is one of the world’s most
recycled products with the ability to be re-melted and re-cast
numerous times while offering significant economic and
environmental benefits when compared with virgin materials. For
more information, please
visit https://www.greenwavetechnologysolutions.com/.
Forward-looking StatementsThis 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, 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 we believe that our
plans, objectives, expectations and intentions reflected in or
suggested by the forward-looking statements are reasonable, we 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 our
control) and assumptions 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 our common
stock may fluctuate significantly. Forward-looking statements also
are affected by the risk factors described in our filings with the
U.S. Securities and Exchange Commission. Except as required by law,
we undertake 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.
Contact
Info:757-966-1432Info@Greenwavetechnologysolutions.com
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