CHESAPEAKE, Va., Sept. 21, 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 that it is on track to complete the scrapping of three ship-to-shore cranes at the Port of Virginia by September 30, 2022. The cranes, which are estimated to weigh 3,200 tons, are being dissembled by Crofton Industries with Greenwave processing and selling the scrap metal. A video of the disassembly of the cranes is accessible here.
Greenwave generated record revenues of $10.70 million during the quarter ending June 30, 2022, an increase of 56% from the $6.88 million in revenue Empire Services, Inc. generated in the same period in 2021. Further, the Company generated positive cashflows from operating activities of $566,238 for the six months ending June 30, 2022.
“As this project at the Port of Virginia demonstrates, Greenwave has the experience and infrastructure needed to successfully handle jobs of this scale and caliber,” stated Danny Meeks, Chief Executive Officer of Greenwave. “Since starting Empire nearly 20 years ago, we have successfully completed numerous municipal and corporate contracts. With projects funded by the U.S. Infrastructure and Jobs Act expected to commence in the near future, we believe Greenwave is strongly positioned to continue its expansion. We are grateful to Greenwave’s shareholders for their support and look forward to keeping you updated on our progress.”
The Company is currently installing a second shredder at its Carrollton yard to process cars, household appliances and industrial products, along with a downstream system at its Kelford yard to increase its recovery yields of copper, aluminum, brass, steel, stainless steel, and other metals. The shredder and downstream system are on track to come online in the coming months and are expected to double the Company’s processing capacity, significantly growing its revenues and increasing its profit margins.
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/.
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
