CHESAPEAKE, Va., Dec. 2, 2024
/PRNewswire/ -- Greenwave Technology Solutions, Inc.
(Nasdaq: GWAV) ("Greenwave" or the "Company"), a
leading operator of metal recycling facilities across Virginia, North
Carolina, and Ohio, has
taken a transformative step by acquiring the real estate for seven
of its core facilities. This strategic iniative, facilitated
through a purchase from Chief Executive Officer Danny Meeks, thereby reduces the Company's
annual rent expenses by approximately $1.7
million, enhancing cashflow and positioning Greenwave for
future growth and potential high-value strategic transactions.
Unmatched Competitive Edge in the Metal Recycling
Industry
Greenwave holds a portfolio of highly coveted operational
licenses for its metal recycling facilities. These licenses, often
protected by grandfathered municipal codes, provide significant
barriers to entry for competitors in tightly regulated markets.
Key highlights include:
- Norfolk, VA Facility:
Positioned near the largest U.S. Naval Base, Greenwave's
Norfolk facility benefits from a
steady influx of prime scrap metal and holds one of the only
Virginia Department of Motor Vehicles automotive
recycler/demolisher licenses in the city.
- Virginia Beach, VA
Facility: Greenwave operates the sole metal recycling facility
in the state's largest city, Virginia
Beach, strategically located near NAS Oceana and the
region's thriving industrial core.
- Portsmouth, VA
Facility: A cost-effective hub for domestic and international
shipments due to its proximity to the Port of Virginia, the Company's license for its
Portsmouth facility is shielded by
grandfathered regulations.
For more information, please see the Company's Current Report on
Form 8-K filed with the U.S. Securities and Exchange Commission on
December 2, 2024.
About Greenwave – One of the Mid Atlantic's Leading Metal
Recyclers
As an operator of 13 metal recycling facilities, Greenwave
Technology Solutions, Inc. (Nasdaq: GWAV) supplies leading steel
mills and industrial conglomerates with ferrous and non-ferrous
metal. Because steel is one of the most commonly recycled materials
worldwide, Greenwave supplies the raw metal utilized in critical
infrastructure projects and U.S. warships vital to American
national security interests. Headquartered in Chesapeake, VA, the Company has 167 employees
with metal recycling operations across Virginia, North
Carolina, and Ohio.
For detailed financials and updates, visit www.GWAV.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, 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 the Company believes
that its plans, objectives, expectations and intentions reflected
in or suggested by the forward-looking statements are reasonable,
the Company 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 the Company's control), assumptions and other
factors 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 the Company's
common stock may fluctuate significantly. Forward-looking
statements also are affected by the risk factors described in the
Company's filings with the SEC. Except as required by law, the
Company undertakes 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
