Greenwave to Open 12th Metal Recycling Facility; to Expand into the Sports Facility Market

Rhea-AI Summary

Greenwave Technology Solutions is expanding its operations with the opening of the Greenwave Elite Sports Facility in Portsmouth, VA, tapping into the $19 billion youth sports market. The company will also launch an online car buying program, leveraging its technology to enhance profitability. Additionally, Greenwave is set to open two new metal recycling facilities in Fairmont and Richmond, NC, by December 2022, and plans to significantly increase its fleet of trucks from 14 to 57 to enhance its logistics capabilities.

Positive

• Opening of Greenwave Elite Sports Facility to capture youth sports market potential.
• Launch of an online car buying program for higher margins.
• Expansion of metal recycling operations with new facilities enhancing capacity.
• Significant fleet expansion from 14 to 57 trucks to support logistics and revenue growth.

Negative

• None.

Company is opening Greenwave Elite Sports Facility to enter the youth sports market, an estimated $19 billion industry_[1], in addition to launching an online car buying program and expanding its fleet to more than 30 trucks

CHESAPEAKE, Va., Nov. 15, 2022 (GLOBE NEWSWIRE) -- Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company") (NASDAQ: GWAV), a leading operator of 11 metal recycling facilities in Virginia and North Carolina, is pleased to announce its 12^th metal recycling facility is expected to open in Fairmont, NC in November 2022 and its 13^th metal recycling facility is expected to open in Richmond, VA in December 2022. Further, the Company’s second automotive shredder is nearly fully assembled and is on track to come online in December 2022.

Greenwave is also pleased to announce it is expanding into the sports facility market with the opening of Greenwave Elite Sports Facility in Portsmouth, VA. With an indoor baseball/softball turfed field, batting cages, workout and speed/agility equipment, Greenwave Elite Sports Facility is one of the highest caliber facilities in the Hampton Roads area and will offer a wide variety of individual and team training packages. The Company intends to focus on its growing membership base to create a strong stream of monthly recurring revenue.

Additionally, Greenwave is releasing an online car buying program, created by repurposing its existing technology platform, to increase our buying power in the automobile market. This is a high-margin, scalable, cloud-based tech revenue stream for the Company. The Company believes less auto auctions and more direct consumer purchases will yield higher net profits.

Lastly, the Company is significantly expanding its fleet with an order of 23 new trucks to bring its total to 37 trucks to better facilitate the sale of its metal directly to steel mills and to offer hauling services to corporate clients. Further, an additional 20 trucks are on order to be delivered in February 2023 to bring its fleet size to 57 trucks. Greenwave will be utilizing the logistics infrastructure it already has in place to minimize costs and believes its hauling service line could generate hundreds of thousands of dollars in additional revenue per month for the Company. The general freight/trucking industry is estimated to be a $269.7 billion industry in 2022_[2]. The Company is working towards receiving its own authority to pick up and drop off containers to send overseas at the Port of Virginia.

“Greenwave now has the strongest balance sheet in its history and with our second shredder on track to come online in December, along with our 12^th and 13^th locations opening in the coming weeks, we believe the Company is strongly positioned for future growth,” stated Danny Meeks, Chief Executive Officer of Greenwave. “By expanding Greenwave’s revenue streams into other high-growth industries, we believe the Company will be able to create shareholder value in any economic climate. We’d like to thank Greenwave’s shareholders for their continued trust and look forward to reporting back on our progress.”

[1] https://www.sportstravelmagazine.com/youth-sports-in-the-covid-19-era-why-the-multi-billion-dollar-industry-feels-positive-about-the-future/
[2] https://www.ibisworld.com/industry-statistics/market-size/general-freight-trucking-truckload-united-states/#:~:text=What%20is%20the%20market%20size,is%20%24269.7bn%20in%202022.

About Greenwave
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 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, and cashflow projections. 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


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FAQ

What is the significance of the Greenwave Elite Sports Facility opening for GWAV?

The opening aims to capitalize on the youth sports market, valued at $19 billion, potentially creating a strong revenue stream.

When will the new metal recycling facilities for GWAV open?

The 12th facility in Fairmont, NC, is expected to open in November 2022, while the 13th in Richmond, VA, is anticipated to open in December 2022.

How is Greenwave Technology Solutions expanding its automotive sector?

Greenwave is launching an online car buying program designed to improve profit margins through direct consumer purchases.

What are the expected benefits of Greenwave's fleet expansion for GWAV?

The fleet expansion from 14 to 57 trucks is aimed at enhancing logistics and could generate additional revenue.