Press releases for Jun and Jul 2012
E-Waste Systems, Inc. Adds Industry Veteran Steve Manning to its Advisory Board
ANN ARBOR, Mich. and LONDON, June 21, 2012 /PRNewswire/ -- E-Waste Systems, Inc. (OTC BB: EWSI), an electronic waste recycling and reverse logistics services firm, is pleased to announced today that Mr. Steve Manning has joined its Advisory Board.
Mr. Manning is currently Chairman, President and CEO of ReCellular, Inc., recognized as the world's largest recycler of cell phones in the world with over 4 million handsets processed annually. Manning brings over 30 years of experience to E-Waste Systems and is a respected industry thought leader and an expert in e-waste management. Prior to ReCellular, Manning served as Senior Vice President of Strategy, Marketing and Business Development at Solectron Global Services, a 10 billion dollar electronics manufacturing and supply chain management firm, where he built and led a team with a strong focus on reverse logistics and service management. Prior to Solectron, Mr. Manning was founder and served as CEO of Sequel, Inc., a third-party reverse logistics provider to the computing, networking and storage industry which was subsequently acquired by Solectron in July 1999. Previous to Sequel, Manning provided executive expertise and leadership to several multi-national corporations such as AT&T, Memorex/Burroughs and Rockwell International among others. Mr. Manning holds Bachelor's Degrees in Economics and Finance from the University of Nebraska, and is a certified public accountant.
"Steve brings a tremendous amount of industry knowledge to our Advisory Board," said Martin Nielson, CEO of E-Waste Systems. "As we continue to identify and convert the significant opportunities we have in front of us, Steve's experience will be of great value to our Company," added Nielson.
"I am honored to be asked to serve on E-Waste System's Advisory Board," said Manning. "I look forward to working closely with the team on strategic initiatives, business development and guidance on the growing e-waste infrastructure. It's an exciting company with a critical mission."
EWSI's Advisory Board has been established and will continue to expand to include CEO's from a variety of end-of-life electronics service providers which operate in multiple countries, plus executives with significant experience in recycling engineering, reverse logistics market research and consulting. The Advisory Board will play a vital role in guiding the Company's future expansion and execution of its business plan. Members of the E-Waste Systems board of advisors will be bound by its policies including the Code of Business Conduct and Ethics; Insider Trading; Confidentiality and Non-Competition.
E-Waste Systems, Inc. Signs Letter of Intent for Strategic Multi-Facility Acquisition
Closing is scheduled to take place prior to year-end 2012
LONDON, June 20, 2012 /PRNewswire/ -- E-Waste Systems, Inc. (OTC BB: EWSI, the "Company"), 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
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. For more information, visit the EPA's eCycling FAQ's page, www.epa.gov/epawaste/conserve/materials/ecycling/faq.htm.
E-Waste Systems (EWSI) Announces It Has Signed A Letter Of Intent For Its Lead Acquisition In Southeast USA
Closing is planned during this year
Press Release: E-Waste Systems, Inc. – Thu, Jun 14, 2012 8:15 AM EDT
LONDON, June 14, 2012 /PRNewswire/ -- E-Waste Systems, (EWSI), is pleased to announce today that it has signed a non-binding letter of intent (LOI) to acquire an end of life electronics company in the Southeast USA, as part of its strategy to become a leading provider of e-waste services around the globe.
Martin Nielson, CEO of EWSI states, "We are very pleased to have signed the letter of intent for this acquisition. The services, location, customer base, qualifications and team that make up this target will provide us with a solid entry into this important region."
The target is significantly profitable and EWSI expects that they have the ability to sustain their growth as a key part of EWSI's plans to establish itself as an important player in this 55B dollar industry. Upon completion, this acquisition would provide complementary services, important geographic location and a customer base which closely matches EWSI's strategic emphasis on servicing OEM's, major retailers, large corporations, and government institutions. Operating from 25,000 sf of modern space, the target delivers an array of end of life services with solid pending credentials, including R2 and ISO. This LOI requires that the names of the company and the terms of the deal 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 and definitive agreements have been tendered. Closing is contingent upon, among other things, completion of two years of PCAOB qualified audits, which are being commissioned. Management plans no immediate changes in the operations or workforces for the target company and expects it will be business as usual in the meantime.
E-Waste Systems (EWSI) Announces That Larry Magor Has Been Elected Chairman Of The Board
Former NYSE Chairman To Lead EWSI's Plans to Relist and to Elect another Non-Executive Director
Press Release: E-Waste Systems – Wed, Jun 13, 2012 6:00 AM EDT
LONDON, June 13, 2012 /PRNewswire/ -- E-Waste Systems, (EWSI), announced today that Larry Magor has been elected chairman of the board of directors effective immediately.
Martin Nielson, CEO of EWSI states, "I asked Larry to consider this role and am thrilled he has accepted it. With our recent hiring of Oracle Capital as lead investment advisors and Larry in this role, we have dramatically added experience to our team that will be a great help in executing our strategy and uplisting our stock. His NYSE and multinational CEO experiences are extremely valuable to us and we think this is a great fit."
Mr. Magor joined the EWSI board in July of last year and has chaired the independent audit and compensation committees since then. Previously, he was CEO of Biwater, a multinational water and waste treatment company based in the UK and was chairman of Netherlands based Cascal leading up to and after its flotation on the New York Stock Exchange. A Chartered Management accountant, Mr. Magor previously held senior finance roles with Courtaulds.
EWSI's management has stated it plans to re-list the company's shares on an exchange as soon as it qualifies and the election of Mr. Magor to the chairman's role, plus the planned election of another non-executive board member are both expected to enhance that effort. NASDAQ's recently announced BX Ventures exchange, for example, requires a majority of independent directors and an independent audit committee.
Larry Magor stated, "I appreciate the support of Martin and the rest of the board in appointing me to the role of Chairman and I look forward to helping guide EWSI to its goal. EWSI is in 'the right place at the right time' and with the recent appointment of Oracle Capital and the impending acquisitions we are confident of a successful execution of our strategy."
E-Waste Systems Announces Readiness to Proceed with Next Steps in Strategy
Press Release: E-Waste Systems, Inc. – Tue, Jun 12, 2012 3:45 PM EDT
LONDON, June 12, 2012 /PRNewswire/ -- E-Waste Systems, Inc., (EWSI), a corporation created to acquire and integrate elements of the electronic waste industry through acquisitions, implementation of business development initiatives and the promotion of Fair Trade e-waste solutions, today reaffirmed its first annual state of the company.
Martin Nielson, CEO of E-Waste Systems, states, "EWSI was created with high expectations, to address the socially responsible need to provide global e-waste solutions which protect the environment and do so in a manner that financially benefits our company's stakeholders and customers. The e-waste industry is ubiquitous and grows substantially every day."
Nielson continues, "Most see this market on a localized or micro basis, but we look towards old cell phones or iPods and see a market on a global scale. The electronics industry knows no national boundaries. The millions of tons of e-waste generated globally represent, on the one hand, dramatic value in the form of recyclable materials, repurposed goods, precious metals and potential new raw materials. On the other hand, if not processed properly, these items will have a massive, negative effect on the Earth and will be a waste of precious resources."
EWSI's core strategy is designed to address this mix of opportunity for reward and environmental responsibility by consolidating key elements of this highly fragmented e-waste industry. The company seeks selective acquisitions and partnerships led by executives whose teams unite complementary services and necessary geographies together with an excellent customer base. EWSI expects to leverage these companies by implementing new business development initiatives and embracing Fair-Trade E-Waste recycling principles.
In the 1st quarter of the year 2011, E-Waste Systems, Ltd. was established as a wholly-owned subsidiary of the public company, which was at that time a fully compliant, pristine shell entity. In the 2nd quarter, previous management resigned from the parent company and EWSI's current management began to assume control. The parent company name changed to E-Waste Systems and its new trading symbol became EWSI.
In the 3rd quarter, the company's acquisition program was launched and resulted in EWSI's initial purchase of a young Ohio company, in the 4th quarter. The brief period from acquisition to year end resulted in $125K in sales at 56% gross margin, while the full year showed $575K in sales and was profitable on an operating basis. During the months of December 2011 through March 2012, EWSI largely halted operations to implement new production and accounting systems, to transition the operation to a new location, and to hire new staff. The company also executed a number of smaller financial transactions, including converting previous obligations to equity. In the second quarter, it retained Oracle Capital's cleantech team under the dual roles of M&A Advisor and exclusive Placement Agent.
The losses incurred in its first fiscal year of operation and YTD 2012 are related to the costs associated with the start-up, including the hiring of professional advisors, board members and executives, which are key to implementing EWSI's strategy. The appointments include: Steve Hollinshead (CFO), Susan Johnson (Secretary, Treasurer and VP Admin); Paul Haft (COO, EWSO and VP Group Operations); Peter Munday, (NED); Larry Magor, (NED and Chair of the Comp. Committee and Nominating Committees); lawyers, auditors and other advisors in the U.K. and U.S.; and executive consultants Rick Fine and Ghassan Saade. All of these individuals possess significant industry experiences and you can read more about each of their backgrounds on the website.
By completing the Ohio acquisition, EWSI converted from shell to trading status and attained DTC/DWAC eligibility. EWSI also agreed to buy out the earnout payment of the sellers of the Ohio acquisition. With the recent appointment of Oracle Capital the basis for building the business is in tact and management looks forward to bringing in the capital resources necessary to implement the next key elements of the strategy.
