Greenwave’s Subsidiary, Empire Services, Generated $19.6 Million in Revenue During First Nine Months of 2021

Rhea-AI Summary

Greenwave Technology Solutions (OTCPink:MSRT) announced that its subsidiary, Empire Services, generated $19.6 million in revenue for the first nine months of 2021, more than doubling its 2020 revenue. The company opened its 11th metal recycling facility in Virginia Beach in October 2021 and plans further expansion in 2022, targeting a 12th facility in Fairmont, NC. Greenwave aims to uplist to a national exchange and believes its recent $37.7 million private placement satisfies equity requirements.

Positive

• Empire Services doubled its 2020 revenue in 2021.
• Generated $19.6 million in revenue for the first nine months of 2021.
• Expanded operations by opening an 11th facility in Virginia Beach in October 2021.
• Plans to open its 12th facility in Fairmont, NC, by January 12, 2022.
• Successfully closed a $37.7 million private placement in November 2021.

Negative

• Dependence on future expansions for revenue growth.
• Forward-looking statements include significant risks and uncertainties.
• No assurance that expansion plans will be achieved.

Empire has more than doubled its 2020 revenue in 2021 and expects to further grow its revenues and cashflows generated from operating activities in 2022

PORTSMOUTH, Va.--(BUSINESS WIRE)-- Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company") (OTCPink:MSRT) is pleased to report that its wholly-owned subsidiary, Empire Services, Inc., generated revenue of $19.6 million during the nine months ended September 30, 2021. Empire has more than doubled its 2020 revenues thus far in 2021 and recently opened its 11^th metal recycling facility in Virginia Beach in October 2021. Greenwave’s acquisition of Empire became effective on October 1, 2021.

Greenwave plans to aggressively expand its footprint in 2022 through the roll-up of independent, profitable metal recycling facilities. The Company expects to open its 12^th location in Fairmont, NC on or about January 12, 2022. Greenwave expects its strategy will result in revenue growth and the creation of significant shareholder value.

The Company has also launched a new corporate website, accessible at GreenwaveTechnologySolutions.com, to better communicate with its shareholders and market participants. Greenwave shareholders are encouraged to subscribe to the Company’s email updates using the link on the website.

“Greenwave has four goals for the first half of 2022: uplist to a national exchange, aggressively grow our revenues through expansion, increase our profitability through opening or acquiring a facility with port or rail access, and recruiting a seasoned Chief Financial Officer,” stated Danny Meeks, Chief Executive Officer of Greenwave. “Each of these goals has the potential to create significant shareholder value. We also believe consistent, honest communication with our shareholders is critical to our success and I look forward to keeping you posted on our progress.”

Greenwave closed a $37.7 million private placement in November 2021 and believes it can meet the shareholder equity requirements of a national exchange without any further capital raises. Greenwave is in the final stages of preparing its formal application to uplist to the NASDAQ or NYSE, as the Company believes a listing on a national exchange would result in a significant increase in visibility, liquidity, and institutional interest for its stock.

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 recast numerous times while offering significant economic and environmental benefits when compared with virgin materials. For more information, please visit https://www.greenwavetechnologysolutions.com/.

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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211220005550/en/

Danny Meeks

757-966-1432

Source: Greenwave Technology Solutions, Inc.

FAQ

What revenue did Greenwave Technology Solutions report for MSRT in 2021?

Greenwave Technology Solutions reported $19.6 million in revenue for the nine months ended September 30, 2021.

When is Greenwave planning to open its 12th facility?

Greenwave plans to open its 12th metal recycling facility in Fairmont, NC, on or about January 12, 2022.

What are Greenwave's goals for the first half of 2022?

Greenwave aims to uplist to a national exchange, grow revenues through expansion, increase profitability, and recruit a new CFO.

What was the amount raised in Greenwave's private placement?

Greenwave closed a $37.7 million private placement in November 2021.

What does Greenwave expect from uplisting to a national exchange?

Greenwave believes that uplisting will increase visibility, liquidity, and institutional interest in its stock.