The Company has generated record revenue in the first quarter of 2022 and is preparing its formal application to uplist to a national exchange
NORFOLK, Va., March 25, 2022 (GLOBE NEWSWIRE) -- Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company") (OTCPink:GWAV) is pleased to report that it will begin trading under the ticker “GWAV” at market open on March 25, 2022. 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 scrap steel prices increasing approximately 20% over the past month[2].
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[3]. 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[4].
“In this current inflationary cycle, we believe Greenwave represents a pure-play for investors looking for exposure to rising commodity prices,” stated Danny Meeks, Chief Executive Officer of Greenwave. “Greenwave has already generated record revenues in the first quarter of 2022 with 6 days left in the quarter and we believe the Company is strongly positioned for continued growth.”
Empire generated approximately $27.5 million in revenue in fiscal year 2021. Greenwave expects to submit its application to uplist to NASDAQ shortly after filing its Annual Report on Form 10-K, with the goal of listing on a national exchange by June 2022.
[1] https://www.mining.com/copper-price-hits-all-time-high-on-fears-of-supply-crunches/
[2] https://www.amm.com/Article/5088116/US-mills-ferrous-scrap-offers-up-100-135t.html
[3] https://www.bloomberg.com/news/articles/2021-08-10/steelmakers-surge-as-u-s-infrastructure-plan-buoys-demand-view
[4] 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.
