LONDON -- (Marketwired) -- 06/20/13 -- E-Waste Systems, Inc. (OTCQB: EWSI) (the "Company"), an electronic waste management services, technology and reverse logistics company and the first public pure eWaste company, announced today the creation of a new business unit to enter India, via a new subsidiary named EWS (Bharat) Ltd. The Republic of India is also officially known by its constitution as 'Bharat.'
Estimates of $1.5 billion representing 1,600,000 tons worth of e-waste is being domestically generated in India each year, as reports from Toxics Link, a Delhi-based non-governmental organization, International Resource Group and the United Nations all serve to confirm. It is the fastest growing waste stream and is projected to grow 500% by 2020. The booming of the IT sector is the largest contributor, due to the fact that 30 percent of these machines reach obsolescence annually.(1)
"The time to act in India is now. The market is ready and there is an obvious growing awareness of the need to attack the problem of improper practices while transforming to quality operations. We can demonstrate that proper care can sit alongside reasonable profits. We are very proud and pleased to launch this India initiative," said Martin Nielson, founder and CEO of E-Waste Systems.
In support of this India expansion initiative, EWSI entered into a Strategic Branding Alliance with iTechRecycle Llc ("iTech"), a company founded by Mr. Lance Pahi, an India Foreign National. Mr. Pahi and his partners have filed papers with the India Government to sponsor a state sanctioned launch of an eWaste operation in conjunction with EWSI. Martin Nielson, CEO and founder of EWSI, has agreed to serve as non-executive Chairman for iTech to maximize the support for the effort.
"We expect to expand the effort to include more partners who can help us put in place a national infrastructure in India, which is a vast country and we will contribute equity capital into each company who agrees to join us in this effort," said Mr. Nielson.
Mr. Pahi, who founded iTech to take advantage of special provisions in India corporation law to help India Foreign Nationals build businesses inside India, added, "We are proud of our connection with EWSI. Our effort is focused on the East Coast of India and we are optimistic that we will get the support needed from the government for this region. With Mr. Nielson's help, we have crafted a good plan and look forward to excellent results. We believe that the EWSI vision, brand, technology and high standards are the right basis for putting world class operations in place."
The problem is serious and complex. E-waste centers exist in Delhi, Chennai, Bangalore and Mumbai and other major cities. In these operations, metals and non-degradable materials such as gold and platinum, aluminum, cadmium, mercury, lead and brominated flame-retardants are retrieved and sold for a profit. However, many workers are poorly-protected and operate in environments where e-waste from PC monitors, PCBs, CDs, electronic motherboards, and cables are frequently burned in the open, releasing lead, mercury and other toxins into the air or are dumped into the ground or open spaces.
According to other recent published reports, the risks posed to those who handle the current e-waste cast-offs are clear to experts such as Dr. T.K. Joshi, head of the Centre for Occupational and Environmental Health at the Maulana Azad Medical College in New Delhi. He studied 250 people working in the city as recyclers and dismantlers over a 12 month period and found almost all suffered from breathing problems such as asthma and bronchitis. EWSI wishes to see such practices eliminated and its efforts to establish operations in India are designed to address such damaging practices.
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