SPO Networks, Inc. (SPOI) Announces It Is Expanding Its Metal Recycling Division
SPO Networks, Inc. (OTC PINK:SPOI) is expanding its metal recycling division by leasing a 37-acre site in Missouri to establish a new facility featuring a powerful shredder that can process over 120 tons of ferrous materials per hour. CEO Tom Smith projects that this division could generate revenues exceeding $60 million annually once operational, which is expected to occur by late 2023. The facility aims to optimize material collection through automated systems, creating a sustainable income source for the company.
- Projected revenues exceeding $60 million annually from the new metal recycling facility.
- New facility expected to be operational by late 2023, enhancing operational capacity.
- None.
Company estimates that the division could create revenues exceeding 60M annually once in operation
FARMINGTON, AR / ACCESSWIRE / October 11, 2022 / SPO Networks, Inc. (OTC PINK:SPOI) ("SPOI" or the "Company"), a publicly-traded company that is actively exploring potential acquisitions and opportunities in diversified industries, including an established revenue-generating waste/recycling subsidiary, medical and recreational cannabis and genetic seed operations entity with the expectation of rapid expansion in the cannabis industry utilizing a proprietary vertical market from cultivation facilities, to wholesale and retail dispensaries, today announced that it is substantially expanding its metal recycling division.
The Company stated that it has signed a letter of intent to lease a 37-acre parcel from Prestige Property Rentals LLC Pueblo CO to build an additional state-of-the-art facility in Missouri.
Tom Smith, the Company's CEO and majority shareholder said: "The new location will house a state-of-the-art shredder capable of processing over 120 net tons of ferrous material per hour. This operation will have an automated downstream sorting system to collect non-ferrous material to optimize the operation.
The facility will utilize the current operations as "feeder" yards to collect material needed to operate.
We feel that his division should create revenues exceeding 60M annually once it is in full operation. This facility should allow our scrap metal division to create an income source for SPO Networks Inc. for decades to come."
The Company is reviewing several equipment proposals and expects to make a final decision on the equipment by the end of November 22.
The Company said that the facility should be in operation late 2023.
SPO Networks, Inc.
SPO Networks, Inc. is actively exploring potential acquisitions and opportunities in diversified industries, including solid waste, scrap metal recycling and demolition with special waste remediation. Additionally, SPO maintains the belief that patients and customers have a right to high quality, economical, and clinically-validated cannabis products. Towards this, SPO aims at medical and recreational cannabis and genetic seed operations with the expectation of rapid expansion in the cannabis industry. SPO is developing its cultivation facilities for extraction operations, wholesaling of cannabis and cannabis extracts in Colorado to licensed retailers and wholesalers. Eventually, the goal is to expand to retail product manufacturing and dispensary operations in several states, allowing SPO to offer a pricing strategy that will be attractive to consumers large and small.
For more information, please go to: https://www.spoinow.com.
FORWARD-LOOKING STATEMENTS:
This press release contains forward-looking statements as defined within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements relate to future events, including our ability to raise capital, or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
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CONTACT:
www.spoinow.com
479-443-6000
info@spoinow.com
SOURCE: SPO Networks, Inc
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FAQ
What is the revenue projection for SPO Networks' new metal recycling facility?
When is the new facility for SPO Networks expected to begin operations?
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