Greenwave Secures New Customers to Increase Margins
January 26 2023 - 6:11AM
Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company")
(NASDAQ: GWAV), a leading operator of metal recycling facilities in
Virginia and North Carolina, is pleased to announce that over the
past several months, it has established relationships with leading
international and domestic steel mills to secure the best possible
prices for each type of metal it processes.
During the year ended December 31, 2021, Greenwave
received 83% of its revenues from one customer. As a result of the
efforts described above, the Company’s main customer accounted for
48% of its revenue during the three months ended September 30,
2022. Further, at the Company’s Chesapeake facility, Greenwave has
been optimizing its processes and procedures for loading containers
for shipments both international and domestic.
Over the past several months, Greenwave has
invested significant resources into its infrastructure and systems
to improve its margins, including:
- Installing a second automotive shredder at its Carrollton
facility which is expected come online during Q1 2023 and double
the Company’s processing capacity while significantly expanding the
margins Greenwave realizes on its ferrous products;
- Utilizing technology to purchase cars directly from customers
rather than brokers and auctions;
- Expanding its fleet of trucks to efficiently transport the
significant volume of metal Greenwave processes;
- Installing a downstream processing system at its Kelford
facility which is expected to come online during Q1 2023 to process
the auto residue produced by its shredder; and
- Upgrading the power infrastructure at the Company’s Portsmouth
facility to enable heavier machinery to process and upgrade its
non-ferrous products.
Further, Greenwave is pleased to announce that an
institutional investor has converted the entirety of its
shares of Series Z Preferred Stock. Mr. Danny Meeks, Chairman and
Chief Executive Officer of Greenwave, is the sole holder of the
remaining shares of Series Z Preferred Stock, the only class of
preferred stock outstanding. All of the price protection provisions
in Greenwave’s equity instruments expired upon the Company’s
uplisting to Nasdaq on July 22, 2022.
Junk Cars Flowing into Empire for Processing on
January 24, 2023
About Greenwave Greenwave
Technology Solutions, Inc., through its wholly owned subsidiary
Empire Services, Inc. (“Empire”), is a leading operator of metal
recycling facilities in Virginia and North Carolina. At these
facilities, Empire collects, classifies, and processes raw scrap
metal (ferrous and nonferrous) for recycling. Steel is one of the
world’s most recycled products with the ability to be re-melted and
re-cast numerous times while offering significant economic and
environmental benefits when compared with virgin materials. For
more information, please
visit https://www.greenwavetechnologysolutions.com/. Check us
out on all social media platforms:
https://twitter.com/greenwavegwav,
https://www.instagram.com/greenwavegwav and
https://www.youtube.com/@greenwavetechnologysolutions.
Forward-looking StatementsThis
press release contains certain forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These include, without limitation,
statements about its revenue growth, opening of additional
locations, margin expansion and cashflow projections, and expected
completion of its second shredder and downstream processing system.
These statements are identified by the use of the words "could,"
"believe," "anticipate," "intend," "estimate," "expect," "may,"
"continue," "predict," "potential," "project" and similar
expressions that are intended to identify forward-looking
statements. All forward-looking statements speak only as of the
date of this press release. You should not place undue reliance on
these forward-looking statements. Although we believe that our
plans, objectives, expectations and intentions reflected in or
suggested by the forward-looking statements are reasonable, we can
give no assurance that these plans, objectives, expectations or
intentions will be achieved. Forward-looking statements involve
significant risks and uncertainties (some of which are beyond our
control) and assumptions that could cause actual results to differ
materially from historical experience and present expectations or
projections. Actual results may differ materially from those in the
forward-looking statements and the trading price for our common
stock may fluctuate significantly. Forward-looking statements also
are affected by the risk factors described in our filings with the
U.S. Securities and Exchange Commission. Except as required by law,
we undertake no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements
are made or to reflect the occurrence of unanticipated events.
Contact
Info:757-966-1432Info@Greenwavetechnologysolutions.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/fa6ecab0-0b1a-4215-b94c-bcf81adce763
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