Greenwave Secures Property for Metal Recycling Facility in Cleveland, Ohio

Rhea-AI Summary

Greenwave Technology Solutions, Inc. (NASDAQ: GWAV) announced the acquisition of a property in Cleveland, Ohio, previously used by JBI Scrap Processors, to establish a new scrap metal recycling facility. The facility is expected to significantly boost revenues and cash flows during fiscal year 2023. It will leverage access to local businesses and an adjacent railroad for efficient metal scrap transportation. The company is in the process of training employees and implementing cloud-based enterprise resource planning software, targeting operational commencement by February 28, 2023.

Positive

• Acquisition of property for new facility enhances growth potential.
• Expected significant revenues and positive cash flows during fiscal 2023.
• Strategic location with access to a railroad for efficient operations.

Negative

• None.

CHESAPEAKE, Va., Feb. 15, 2023 (GLOBE NEWSWIRE) -- Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company") (NASDAQ: GWAV), a leading operator of metal recycling facilities in Virginia, North Carolina, and Ohio, is pleased to announce that it has secured the property formerly occupied by JBI Scrap Processors on East 55^th Street in Cleveland, Ohio to open a scrap metal recycling facility.

The Company expects its Cleveland, Ohio facility will generate significant revenues and positive cashflows from operations during fiscal year 2023. The property has access to the adjoining railroad to easily transport the scrap metal it processes and hundreds of local businesses and individuals are accustomed to selling their metal scrap to facilities in the same vicinity on a regular basis.

Greenwave is currently training employees on its processes and procedures, on-boarding the facility to the cloud-based enterprise resource planning software it utilizes, and expects to begin operations by February 28, 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, North Carolina, and Ohio. 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 Statements
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 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:
757-966-1432
Info@Greenwavetechnologysolutions.com

FAQ

What is Greenwave Technology Solutions' latest announcement regarding GWAV?

Greenwave announced the acquisition of a new property in Cleveland, Ohio, to establish a scrap metal recycling facility.

When does Greenwave expect to start operations at the new Cleveland facility?

Greenwave expects to begin operations at the Cleveland facility by February 28, 2023.

What financial benefits does Greenwave anticipate from the new facility?

Greenwave anticipates significant revenues and positive cash flows from the new facility during fiscal year 2023.

How will the new facility enhance Greenwave's operations?

The facility's strategic location provides access to local businesses and an adjacent railroad for efficient scrap metal transport.