QualityStocks would like to highlight E-Waste Systems (OTC BB: EWSI). Based in London, where e-waste regulations are the most stringent in the world, the company is becoming a leading provider of e-waste related services in key jurisdictions globally. Blumberg Associates estimates the sector at $55B annually as legislation mandates that e-waste can no longer be landfilled. OEM’s, retailers and consumers are increasingly responsible for end-of-life management of e-waste, while Corporate Social Responsibility demands highly compliant, professional solution providers.
In the company’s news yesterday,
E-Waste Systems announced it has signed a letter of intent (LOI) to acquire an end-of-life electronics company in the southeast U.S. as part of its mission to provide e-waste services worldwide. Per the LOI, the name of the company and terms of the deal will be kept confidential until the acquisition is complete.
E-Waste CEO Martin Nielson did say the target has a structure complementary to E-Waste and its operations goals.
“The services, location, customer base, qualifications and team that make up this target will provide us with a solid entry into this important region," Nielson stated in the press release.
Per the agreement, the acquisition will provide complementary services, geographic location, and a customer base similar to E-Waste’s emphasis on servicing OEMs, major retailers, large corporations, and government institutions.
E-Waste describes the target as “significantly profitable,” and capable of sustaining its own growth. At this time, management plans no immediate changes in the operations or workforces for the target company, which will be business as usual.
E-Waste has commenced due diligence, and definitive agreements have been tendered. Prior to close, the acquisition must undergo two years of PCAOB qualified audits, which are being commissioned.
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