CHESAPEAKE, Va., Jan. 11, 2023 (GLOBE NEWSWIRE) -- Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company") (NASDAQ: GWAV), through its wholly owned subsidiary Empire Services, Inc. (“Empire”), a leading operator of 12 metal recycling facilities in Virginia and North Carolina, is pleased to announce its Norfolk facility has obtained an automotive recycler/demolisher license from the Virginia Department of Motor Vehicles. This license enables Greenwave’s Norfolk Facility to purchase scrap cars directly from customers, one of the only metal recycling facilities able to do so in the City of Norfolk.
Greenwave opened its Norfolk facility in 2012 and has been working for the past several years to obtain this license. The Company expects that the volume of cars it processes will increase by 500 to 750 tons per month now that it can purchase cars directly from customers at its Norfolk facility.
Further, Greenwave is revamping its online car buying program, created by repurposing its legacy technology platform, to increase the volume of cars it processes. The Company believes that by purchasing more scrap vehicles directly from consumers, rather than through brokers or auctions, it will increase its margins.
“Obtaining this license enables us to better serve the hundreds of corporations, municipalities, small business, and individuals who sell their scrap metal to our Norfolk facility on a regular basis,” stated Danny Meeks, Chief Executive Officer of Greenwave. “Purchasing and scrapping old cars is one of Empire’s most profitable business lines. By obtaining this license and through the use of technology, we expect to continue to grow the volume of scrap vehicles we process. We are appreciative of Greenwave’s shareholders for their continued support and look forward to reporting back on our progress.”
About Greenwave
Greenwave Technology Solutions, Inc., through its wholly owned subsidiary Empire Services, Inc. (“Empire”), is a leading operator of 12 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/. Check us out on all social media platforms: https://twitter.com/greenwavegwav, https://www.instagram.com/greenwavegwav and https://www.youtube.com/@greenwavetechnologysolutions.
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, margin expansion 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
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/568bcc00-3c1e-4b8a-80df-50f49711750f
