CLEVELAND, April 5,
2023 /PRNewswire/ -- Greenwave Technology Solutions,
Inc. ("Greenwave" or the "Company") (NASDAQ: GWAV), a leading
operator of metal recycling facilities in Virginia and North
Carolina, is pleased to share that it has officially opened
its Cleveland, Ohio facility.
Greenwave Technology Solutions, Inc. secured the property
formerly occupied by JBI Scrap Processors on East 55th Street in
Cleveland in February 2023. The project, which the Company
believes will be amongst Greenwave's top performing locations, will
create fifteen to twenty jobs in the area and offer a unique
opportunity to repurpose the materials from an industrial sector
creating a more sustainable and eco-friendlier environment.
Greenwave and its executives are committed to improving the
quality of life in their yard hometowns by creating jobs, investing
in green technology, and providing an environmentally friendly
solution for customers looking for more sustainable options.
The new scrap metal recycling facility is located on a ten-acre
site on Cleveland's east side in
the Evergreen neighborhood. Greenwave's technology allows for the
recycling of materials that would otherwise be discarded in
landfills or incinerated. These materials can then be transformed
into new products, helping to reduce waste while allowing
productive use of materials.
The property has access to the adjoining railroad to transport
the scrap metal it processes and hundreds of local businesses and
individuals are accustomed to selling their metal scrap to
facilities in the same vicinity on a regular basis.
The facility's employees will specialize in the safe recycling
of ferrous and non-ferrous metals. Greenwave is also planning on
implementing an awareness program to educate local residents about
the importance of recycling and sustainability.
Greenwave generated over $3
million in revenue for March
2023, and expects to continue generating similar revenue
levels for the foreseeable future.
About Greenwave
Greenwave Technology Solutions, Inc., through its wholly owned
subsidiary Empire Services, Inc. ("Empire"), is a leading operator
of 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,
and expected completion of its second shredder and downstream
processing system. 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.
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SOURCE Greenwave Technology Solutions