NORFOLK, Va., March 09, 2022 (GLOBE NEWSWIRE) -- Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company") (OTCPink:MSRTD) is pleased to report that it is experiencing significant growth in its profit margins as prices for many commodities hit all-time highs. Greenwave, through its subsidiary Empire Services, Inc. (“Empire”), currently operates 11 metal scrap facilities in Virginia and North Carolina.
Driven by inflationary pressures, depleted inventories, and significant global demand in what many consider to be a “commodities super cycle,” prices for many metal products were already on the rise going into 2022. The Russia-Ukraine conflict has only accelerated this trend, with prices for copper hitting an all-time high of $4.95 per pound on the Comex market on March 4, 2022[1] and nickel prices surging to an all-time high of over $100,000 per ton on the London Metal Exchange on March 8, 2022[2].
“Empire’s profit margins have grown significantly this year as prices for several of our main products are at or near their all-time highs. Strong metal prices have also caused an increase in the volume of scrap metal we’re processing, leading us to begin installing a second automotive shredder and downstream processing system, which will allow us to double our processing capacity,” stated Danny Meeks, Chief Executive Officer of Greenwave. “These are the best market conditions we’ve experienced in Empire’s 20-year history and we believe we will be able to create significant value for our shareholders.”
On March 7, 2022, Fastmarkets reported offers from mills for scrap steel had increased $100-135 per ton in the past week, an increase of approximately 20% from the average scrap steel price in February 2022[3]. There continues to be robust global demand for steel and the recently enacted U.S. infrastructure bill is expected to increase domestic steel demand by 3-4 million metric tons per year[4]. Further, if Russia’s exports of iron ore are blocked or face heavy tariffs, analysts predict it could significantly tighten supplies while global inventories remain at historic lows[5].
Empire generated approximately $27.5 million in revenue in fiscal year 2021. Greenwave expects to submit its application to uplist to NASDAQ in March 2022, with the goal of listing on a national exchange by June 2022. Greenwave is trading with a “D” added to its ticker symbol until March 25, 2022. The Company will begin trading under the ticker “GWAV” on March 28, 2022.
[1] https://www.mining.com/copper-price-hits-all-time-high-on-fears-of-supply-crunches/
[2] https://www.ft.com/content/0269cdda-ef67-43c8-b820-a919c919b5fa
[3] https://www.amm.com/Article/5088116/US-mills-ferrous-scrap-offers-up-100-135t.html
[4] https://www.bloomberg.com/news/articles/2021-08-10/steelmakers-surge-as-u-s-infrastructure-plan-buoys-demand-view
[5] SBB Steel Markets Daily by S&P Global Platts, March 7, 2022
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.
