Greenwave Outlines Growth Plans for 2022
Company plans to focus on acquiring profitable metal scrap yards in localities where the number of licenses is capped
March 7, 2022
(Norfolk, VA) March 7, 2022 – Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company") (OTCPink:MSRTD) is pleased to release its strategic growth plans for fiscal year 2022, focused on acquiring profitable metal scrap yards in localities where the number of licenses for such facilities are capped by local ordinance or policy. Greenwave, through its subsidiary Empire Services, Inc., currently operates 11 metal scrap facilities with its 12th location in Fairmont, NC, opening in March 2022.
“One of Empire’s key competitive advantages is that we hold scrap metal licenses in many localities where the number of such licenses are capped. For instance, in Virginia Beach, we are one of only two scrap yards in the largest city in Virginia and home to significant manufacturing, construction, and military activity,” stated Danny Meeks, Chief Executive Officer of Greenwave. “We believe the fair market value of Empire’s scrap metal licenses is in the tens of millions of dollars. Given the significant revenue and profits these licenses have generated for Empire over the past twenty years, we are doubling down on this strategy in 2022. Using market data, industry trends, and analysis of local ordinances, we are identifying profitable scrap yards, in localities with a limited number of licenses, which we believe are poised for significant growth. We are grateful to every Greenwave shareholder for their continued support as we work to create long-term, sustainable shareholder value.”
Empire generated approximately $27.5 million in revenue in fiscal year 2021. The Company recently announced it is in the process of installing a second automotive shredder to double its processing capacity, which could result in its dealer scrap product line generating an additional $8-15 million in revenue over the next 18 months. Additionally, Empire is installing a downstream processing system capable of recovering millimeter-minus pieces of metal from its shred residue or “fluff” as it is known in the industry. Greenwave expects that by recovering the metals from its shred residue, this new product line could generate an additional $10-20 million in revenue over the next 18 to 24 months and significantly increase Empire’s profit margins.
Empire is a leading regional operator of scrap metal yards in the mid-Atlantic region which aims to significantly expand its operational footprint in 2022. The Company operates a fleet of trucks to efficiently transport its products, owns millions of dollars in processing equipment, employs 96 skilled laborers trained in the unique processes of scrap metal recycling, and utilizes operating procedures it has been refining over its 20 years in business. This infrastructure gives Empire a solid foundation to efficiently expand its operational footprint.
Greenwave expects to submit its application to uplist to NASDAQ in March 2022, with the goal of listing on a national exchange by June 2022. The Company will begin trading under the ticker “GWAV” on March 28, 2022. Greenwave is trading with a “D” added to its ticker symbol until March 25, 2022.
Greenwave Technology Solutions, Inc., through its wholly owned subsidiary Empire Services, Inc. (“Empire”), is a leading operator of 11 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 recast numerous times while offering significant economic and environmental benefits when compared with virgin materials. For more information, please visit https://www.greenwavetechnologysolutions.com/.
This 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 revenue growth, opening of additional locations, and a listing on a senior exchange. 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.