Today before the opening bell, E-Waste Systems, Inc. reported the signing of a definitive agreement to purchase Tech Disposal, Inc., (“TDI”), an electronic waste recycler and asset recovery specialist, based in Ohio. This planned acquisition is part of E-Waste Systems’ acquisition strategy designed to create an integrated business that unifies the rapidly emerging Waste Electrical and Electronic Equipment (“WEEE”) industry.
Martin Nielson, Chairman and CEO, E-Waste Systems, Inc., stated, “We are pleased to announce the signing of this agreement and are enthusiastic about the prospect of beginning work with George Pardos of Tech Disposal, Inc. He possesses extensive industry experience, an excellent customer base and a prime location in the Midwest, all of which our management believes will complement the expansion of our business.”
George Pardos, Founder and CEO, Tech Disposal, Inc., commented, “I am proud to have signed an agreement with E-Waste Systems, Inc. We are looking forward to the possibility of partnering in building a market-leading, integrated business in the WEEE industry and are eager to advance the most integrated, innovative end-of-life solutions for managing the reverse logistics pipeline.”
Steve Hollinshead, newly-appointed CFO and board member of EWSI, added, “The acquisition of TDI, if consummated, will be significant in that it will bring a base of operations to EWSI with anticipated proforma revenues for the earnout year ending September 30, 2012 of approximately $700,000.”
Ohio is extremely appealing to EWSI’s management team as the state generates over 200 million pounds of e-waste annually with only 20% being properly recycled, according to Blumberg Associates. Due to these statistics, Ohio now has pending legislation regarding the lawful processing of e-waste. Should the bill pass into law, EWSI plans to prepare to support the state’s effort in handling the disposal of e-waste.
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