What you say is true about them having the ability to get their money back first above typical retail. If I was providing the company 650K I would also want additional protections, as I'm sure you would as well.
Consider the following link describing the difference between common and preferred.
The primary reason that I consider this EWSI Preferred nothing more than an extension of their common is that their Preferred stock does not have its own market and is not tradable until it is converted into common. And, based on the original filing about the deal with TNKE, the conversion will be at 08 PPS...which is an extremely bullish outlook by TNKE. Also, keep in mind that their investment is based on information provided to them by the company regarding their business model etc to allow them to make an informed decision. Very bullish IMO.
The deal for the "Agreement" took longer than the expected 30 days (it took 60). However, as you also suggest, this is a huge endorsement of the EWSI business model and its team. TNKE has obviously placed their faith and their capital into EWSI as an e-waste entity that can help them enter the Chinese e-waste recycling sector efficiently.
I may be off a bit on my interpretation, but I think I'm in the ballpark for my overall view of this capital infusion.
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