LONDON — (Marketwire) — 01/16/13 — E-Waste Systems, Inc. (OTCQB: EWSI), (the “Company”), an electronic waste management and reverse logistics company, announced today the signing of a letter of intent to establish a Master Franchisee/Licensee in the United Kingdom (UK).
The e-waste and reverse logistics market has become a $100 Billion annual business [1]. According to data from the UK Environment Agency, over 1.5 million metric tons of electronic equipment was placed on the UK market in 2011, with around 33% of this quantity collected for recycling through approved sites [2]. Under the recent recast of the WEEE Directive, member countries are obliged by law to grow the percentages processed to 85% (of WEEE generated) in the near future [3].
“Consistent with our EWSI expansion strategy, we are pleased to announce this master franchisee/licensee in the UK, a key market for e-waste. This master franchisee/licensee will be the first of many we will complete to expand our brand globally. The UK is a prominent part of the European Union where the regulations are setting the highest standards around the world for e-waste recycling and processing of end-of-life electronics,” stated Martin Nielson, CEO of EWSI.
This agreement calls for payment of an initial franchisee/licensee fee and a percentage of annual revenues for each year thereafter. The transaction, which is subject to due diligence and execution of a definitive agreement, is expected to close within 45 days. Upon closing, and subject to performance obligations for growth, the new franchisee/licensee will be based in London and will be the master franchisee/licensee for all of the United Kingdom.
E-Waste Systems, Inc. is the sole pure play public company in the emerging waste electrical and electronics equipment (“WEEE”) industry. EWSI targets companies facing regulatory or other mandates for handling e-waste. EWSI operates and assists its large geographical network of affiliates to apply best practices in professional management, offer state-of-the-art engineering, and provide a true global e-waste solution. Additional information, including the business plan summary, is available on the Company-s website, .
For more information as it happens, follow @EWasteSystemsIn on Twitter and on Facebook.
Sources:
[1] Blumberg Associates
[2]
[3]
: Certain statements and information included in this release may constitute “forward-looking statements” as defined in the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied in such statements. Additional discussion of factors that could cause actual results to differ materially from management-s projections, estimates and expectations is contained in the Company-s SEC filings. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by federal securities laws.
E-Waste Systems, Inc.
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