Palm Beach, FL 6/21/12 (StreetBeat) -- E-Waste Systems, Inc. (OTCBB: EWSI), an electronic waste recycling and reverse logistics services firm is pleased to announce today that it has signed a non-binding letter of intent ("LOI") to acquire an end-of-life electronics company with operations located in the Southwest, Central and Western regions of the US as part of its strategy to become a global leader in the $55 billion e-waste services industry.
Martin Nielson, CEO of E-Waste Systems, Inc. states, "We are excited in taking the next step with this planned acquisition as they have a respected presence in three very favorable geographic locations with total operating space of 125,000 square feet, enabling us to expand immediately within each market. Their customer base parallels our model with a favorable mix of OEM manufacturers, government institutions and corporations and they possess both R2 and ISO certification. This LOI, combined with our recently announced pending acquisition in the southeastern US, is part of our overall goal of becoming a market leader in the fragmented, multi-billion dollar electronic waste industry."
The acquisition target is profitable and is realizing significant growth under its existing team of quality executives. The intended acquisition will provide complementary services, geographical advantages and a customer base which matches the Company's strategic emphasis on servicing OEM's, major retailers, large corporations, and government institutions in its goal of becoming a leader in the rapidly expanding e-waste services industry. This LOI requires that the names of the target be kept confidential to protect customers, suppliers, and employees, but will be announced as soon as the definitive agreement has been executed. Due diligence has commenced, definitive agreements are pending and closing is contingent upon, among other items; completion of two years of PCAOB qualified audits, which are nearing completion.
Electronic waste, or e-waste, refers to electronic products that are discarded by consumers. These include a wide range of items, such as televisions, computer/peripherals, audio/stereo equipment, VCRs, DVDs, video cameras, telephones, cellular phones and other wireless devices, fax/copy machines and video game consoles.
According to the EPA, various reports in the United States have stated that electronic waste is growing 2-3 times faster than any other waste stream (i.e. paper, yard waste), with a majority of the waste coming from large businesses and institutions. With the continuing introduction of new and enhanced electronic components, hundreds of millions of obsolete hardware devices will be entering the waste stream over the next 3-5 years.
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