LONDON & COLUMBUS, Ohio--(BUSINESS WIRE)--E-Waste Systems (OTC BB: EWSI) announced today that it signed a letter of intent to purchase Tech Disposal, Inc., (“TDI”), an electronic waste recycler and asset recovery specialist, based in Ohio. E-Waste Systems (“EWSI”) has recently implemented an aggressive acquisition strategy designed to create a globally integrated business and unify the rapidly emerging Waste Electrical and Electronic Equipment (“WEEE”) industry. The company is actively pursuing businesses facing regulatory and/or other mandates for the handling of e-waste.
Martin Nielson, Chairman & CEO, E-Waste Systems states, “We are extremely pleased to announce the signing of this agreement and are honored by the prospect of working with George Pardos and his team at Tech Disposal, Inc. We believe that George’s extensive experience in this industry, superior customer base and prime location in the Midwest will be a great complement to our business, which will increase our direct access to half of the U.S. population.”
This acquisition is a component of EWSI’s plans to acquire a number of high-quality companies that maintain strong management teams, and share a commitment to helping businesses achieve cost-effective and environmentally-responsible compliance with e-waste recycling and disposal requirements. EWSI’s mission is to leverage and extend its ever-growing reach to offer existing and future customers with a suite of enhanced services, which incorporate best practices in professional management and investing in state-of-the-art recycling technology.
George Pardos, Founder and CEO, Tech Disposal, Inc. states, “We are very pleased to have reached this agreement with E-Waste Systems. We share the commitment that EWSI has to this industry and believe in their strategy to provide fully integrated end-of-life solutions for managing electronics. We expect to be able to grow our business at a much faster rate by being part of the EWSI team, and will be working hard with the team to finalize this deal so we can take advantage of the opportunities ahead.”
The location of Ohio is of paramount significance to this mutual agreement as the state, which is the seventh most populated in the nation, generates over 200 million pounds of e-waste annually, while less than 20 percent is properly recycled. Due to these statistics, Ohio now has pending legislation regarding the lawful processing of e-waste. Should the bill pass into law, EWSI, along with Tech Disposal, Inc., is preparing to support the state’s effort in handling the adequate disposal of e-waste.
“While we look forward to expanding our business to Ohio, an area that will provide us with increased proximity to more than 60 percent of all U.S. manufacturing facilities, we are also eager to step in and assist in recycling the state’s used electronics, thus, prohibiting landfill,” states Martin Nielson.
The closing of this transaction is subject to certain conditions, including execution of the definitive agreements, and an audit of the financials. The parties have agreed to a speedy conclusion of the transaction and hope to execute and close the transaction in as little as 30 days.
About E-Waste Systems:
From its headquarters in London, where e-waste regulations are the most stringent in the world, E-Waste Systems aims to be a leading provider of waste electric and electronic equipment processing services in key jurisdictions around the world. The e-waste sector represents a $55 billion industry as environmental legislation mandates that such waste can no longer be sent to landfill. Original equipment manufacturers, retailers and consumers are now responsible for end-of-life management of all e-waste. And, growing Corporate Social Responsibility drives requirements for highly compliant and professional solution providers. Currently, the collection and recovery industry is highly-fragmented and often unprofessional, creating an attractive opportunity for a buy, build, and upgrade strategy in the sector. To learn more, visit ewastesystems.com.
About Tech Disposal, Inc.:
Founded by George Pardos, a former United States Marine who was disabled in service, Tech Disposal, Inc. provides end-of-life solutions for a wide range of electronics, initially focused on copiers. George Pardos has dealt with end-of-life electronics for the last 17 years. He has dealt with Fortune 500 companies such as FedEx, UPS, Canon Business Solutions, Konica Business Machines, Ikon Office Solutions and GE Capital. In 2010, Tech Disposal branched out from a copier-based end-of-life model to also include other end-of-life electronics. Tech Disposal follows responsible recycling efforts to make sure that business is done according to R2 and Basel convention. Tech Disposal’s mission is to serve as a portal for recycling electronics that can be plugged into a socket.
Forward-Looking Statement:
The statements in the press release that relate to the Company’s expectations with regard to the future impact on the Company’s results from acquisitions or actions in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements in this document may also contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. When used in this press release, the words “anticipate,” “believe,” “estimate,” “may,” “intend,” “expect” and similar expressions identify such forward-looking statements. Forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in such statements. Such risks, uncertainties, and factors include, but are not limited to, future capital needs, changes, and delays in product development plans and schedules, or market acceptance.