The Company is on track to open two additional metal recycling facilities, as well as completing the installation of its second automotive shredder to double its metal processing capacity, in the fourth quarter of 2022
CHESAPEAKE, Va., Sept. 19, 2022 (GLOBE NEWSWIRE) -- Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company") (NASDAQ: GWAV), a leading operator of 11 metal recycling facilities in Virginia and North Carolina, is pleased to announce it has appointed Ashley Sickles as its Chief Financial Officer. Mrs. Sickles previously served as Director of Finance for JAWS, Inc., a leading regional restaurant operator and franchisor with multiple locations, from June 2017 to August 2022.
Greenwave generated record revenues of $10.70 million during the quarter ending June 30, 2022, an increase of 56% from the $6.88 million in revenue Empire Services, Inc. generated in the same period in 2021. Further, the Company generated positive cashflows from operating activities of $566,238 for the six months ending June 30, 2022.
“We are grateful to Mr. Jordan, our former part-time Chief Financial Officer, for his service and professionalism to the Company the past several months as we successfully uplisted to Nasdaq,” stated Danny Meeks, Chief Executive Officer of Greenwave. “Following the conversion of $39.16 million of convertible debt and accrued interest into shares of common stock at $6.02 per share on July 22, 2022, Greenwave has the strongest balance sheet in its history and we believe the Company is strongly positioned to grow its revenues and profit margins in the coming quarters. We’d like to thank Greenwave’s shareholders for their continued trust and look forward to reporting back on our progress.”
The Company is currently installing a second shredder at its Carrollton yard to process cars, household appliances and industrial products, along with a downstream system at its Kelford yard to increase its recovery yields of copper, aluminum, brass, steel, stainless steel, and other metals. The shredder and downstream system are on track to come online in the coming months and are expected to double the Company’s processing capacity, significantly growing its revenues and increasing its profit margins.
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 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/.
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 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.