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E-Waste Systems, Inc. Restructures Expanded China Operations
Audited Financials and Strict Management to Build the Base for the New Contracts
|By Marketwired .
|September 4, 2014 10:21 AM EDT
LONDON, UNITED KINGDOM -- (Marketwired) -- 09/04/14 -- E-Waste Systems, Inc. (OTCQB: EWSI) ('EWSI,' 'the Company,' or "eWaste Systems") an electronic waste management, environmentally focused services and technology company, announces the formation of a new subsidiary EWS-China Ltd to lead the operations in East Asia.
In China sales of electronic devices are surging, generating as much as 2.3 million tonnes of electronic waste domestically each year, according to a 2010 report by the United Nations Environmental Program (UNEP). According to the report, e-waste production in China and South Asia is predicted to grow 200-400% by 2020, second only to the United States, which produces three million tonnes annually. The national market is not the only source for discarded electrical and electronic equipment ("EEE") in China where, despite the country's ban on all e-waste imports, enacted in 2000, legal loopholes on trans-boundary imports are largely tolerated.
Despite improvements to treatment facilities in recent years, China still lacks sufficient high-tech recycling facilities and relies instead on environmentally damaging methods of disposal. Some e-waste is burned and large amounts of hazardous material are abandoned without treatment, according to a report by China Environment News.(1)
"The considerable effort and resources deployed to penetrate the tremendous and fast-growing Chinese market is beginning to reap some of the vast potential. We have learned a great deal and now have a formula to overcome previous obstacles key among which is the process to defer risk until results can be properly measured and audited. With the bulk of the investment behind us, we are now positioned to take advantage of the significant network we have created," said Mr. Martin Nielson, Founder & CEO of E-Waste Systems.
The new plan implemented to proceed with the expansion strategy in East Asia is managed through a new subsidiary, EWS-China Ltd. An Executive Committee formed with both internal and external experienced resources will guide the operations. The company will be independently capitalized in order to design and develop ventures and support operations related to the eWaste, eVolve and eIncubator business units.
Partnership with an leading accounting firm with an understanding of the China market and business practices while focused on US GAAP will provide, from day one, the consistent support to review all the contracts -- either already existing or those that will be entered into in the future -- to achieve the consolidation of balance's final result. Regular reporting, US GAAP accounting, proper financial controls, and full managerial responsibility provide the best practice tools to manage the operations, maintaining the full commitment to the highest standards and complete sustainability.
"We are receiving requests nearly daily for solutions to the massive problem developing and rapidly expanding in countries where more than two decades of indiscriminate landfilling has caused an enormous plague. The magnitude of the issue is the impetus behind out drive to provide a concrete and reliable solution for proper disposal of electronics," said Mr. Nielson. "Our experience in China has provided a model we can replicate and apply in other high risk markets proving that a strategy based on the sustainability can produce benefits for the environment and the community together with profitability," added Mr. Nielson.
According to a new market research report the revenue generated from the e-waste management market is expected to grow from $9.15 billion in 2011 to $20.25 billion in 2016 at a rate of 17.22 percent. Management of e-waste provides benefits such as job creation, improved technological knowledge, and environmental benefits. In developing countries, job creation also helps in alleviation of poverty and improved health conditions.(2)
For information, video and pictures follow E-Waste Systems, Inc. on LinkedIn & Facebook, @EWasteSystemsIn on Twitter and on the Company's website www.ewastesystems.com.
For additional inquiries, contact Investor Relations at: [email protected].
About E-Waste Systems, Inc.
E-Waste Systems, Inc. is the first pure play public company in the emerging waste electrical and electronics equipment ("WEEE") industry. EWSI leverages its expansive geographical network of affiliates providing best practices in professional management and state-of-the-art engineering to companies facing regulatory or other mandates for handling e-waste. Additional information, including the business plan summary, pictures and descriptions of the facilities, staff, and overall progress of the Company is available on the official website and social media sites: www.ewastesystems.com, Facebook, Twitter, and LinkedIn. Or contact: Investor Relations at: [email protected].
Safe Harbor Statement: Certain statements and information included in this release may constitute "forward-looking statements" as defined in the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied in such statements. Additional discussion of factors that could cause actual results to differ materially from management's projections, estimates and expectations is contained in the Company's SEC filings. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by federal securities laws.
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