GNPT news out! 71 Mil shares O/S, audited, 12 mil revenues!!!
ATLANTA, GA / ACCESSWIRE / April 22, 2015 / Greenparts International, (GNPT) a metals recycling company with multiple locations in Atlanta Georgia, has published its 10K along with information on current market conditions.
Greenparts President/CEO Asif Balagamwala commented on the company's 2014 results and market conditions stating, "We are pleased that we were able to successfully deal with 2014's precipitous ferrous scrap prices drop to the lowest levels since 2008. Last year's lower prices were created by excess global steel production, lower iron ore prices and weaker demand." Mr. Balagamwala added "We generated positive cash flow from operations in spite of this market deterioration and more importantly, we invested heavily into our infrastructure for the future. Specifically at our main location, we conducted a major reorganization during 2014 Q 1 of 2015 redesigning our production lines to facilitate greater efficiency and timely order fulfillment. Additionally we invested a significant amount of money and time to renovate our primary shredder, at a cost of a month and a half of production. This was necessary to maximize the use of the shredder in the current competitive market. The equipment upgrades and the production reorganization will create material, sustainable improvements to our bottom line."
As to current market conditions Mr. Balagamwala stated "While prices are lower than last year at this time we are seeing a stabilization in both prices and demand."
In closing the CEO addressed debt cost and new ventures. "In an effort to continue our rapid growth and recovery from 2014 forward we took on some aggressive debt cost that combined with unforeseen events impacted our bottom line. While operationally strong this debt cost proved to be a heavy burden. We are excited to be working with some quality partners to address and alleviate this issue, and combined with other strategic actions underway are looking forward to cost reductions and a return to growth through 2016 and beyond. In regards to new ventures, we are very fortunate to have some international partners that are increasing their participation with us and domestic opportunities, as well as developing new verticals from our core business. We not only anticipate, but are very much looking forward to releasing information regarding these partnerships in the near future."
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "belief," "expects," "intends," "anticipates," "will," or "plans" to be uncertain and forward looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company's reports and registration statements filed with the Securities and Exchange Commission.
For more information please call:
Mike King
Princeton Research
702-650-3000
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