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.
"While others are talking we are seizing the opportunity. This is seriously needed and needed 'now.' With this step, we expect to be the first eWaste public, pure play company in China, UK, USA and now in India," stated Martin Nielson, CEO of EWSI. "With the launch of this effort, we have begun to establish our eWaste brand into South Asia and the north-eastern hemisphere," added Mr. Nielson.
As in China, India is faced with the huge problem of e-waste from the proliferation of modern electronics. This is both locally generated and internationally imported. It is also both simultaneously a lucrative industry but also a serious threat to human health and to the environment. Unlike India, the proliferation is more rapid from the expanding growth of the IT industry and the need for faster and better computers rendering the obsolescence rate of computers the fastest in the world.
"In the last few months, we have been approached by a large number of companies, consultants and individuals wishing to take part in a high-end e-waste solution in India. In parallel, we have had numerous requests from major customers with operations in India asking for our help in solving end-of-life solutions there. EWSI's new unit is registered in the United Kingdom, which retains extremely close economic and commercial ties to India. We believe our high standards, our fast evolving technology solutions, and our commitment to a global quality brand combine to make a compelling argument to launch this effort at this time," added Mr. Nielson.
As reported by CIOL in an article dated April 13, 2013, the India Government announced new e-waste management and handling rules which are to be effective from May 1, 2014, and Minister Sibal said that there is a need to shift this industry from the informal to the formal sector as the latter controls 95 per cent of e-waste management. EWSI believes this has triggered the numerous requests for collaboration and support it has received.
Expanding the global brand is one of the three most important goals for EWSI in 2013 along with expanding the Company's technologies and accelerating revenues. Mr. Nielson commented further, "With the launch of our India effort, our Company will be positioning itself to support this major country's vast and complex demographics. Our relationships with our partners are strong and growing, but it is really all about our brand and the high quality of standards embraced by it: We say 'NO' to landfill, 'NO' to polluters, and 'Yes' to high standards. With EWSI's technology, knowledge and management our stakeholders can count on those standards being upheld while still targeting superior economic results in any operations in which we participate."
EWSI has now entered the UK, opened a key office in China, can arrange collections in the USA from every zip code, launched a partnership in Australia and now targets India. EWSI brings technology, including the recently announced proprietary eWasteCC carbon credit technology, regulatory knowledge, industry experience and management services to its subsidiaries and affiliates, brand licensees, and teaming partners around the world as part of its strategy to extend the presence and global influence of the Company's branded services and technologies.
"The Company has at its core a vision for the establishment of a global brand -- the eWaste brand -- that can make eWaste compliant at the highest standards of regulation and quality, yet still helping participants to be profitable. With modern technology from EWSI we can have both -- profit for our shareholders coupled with uncompromising care for the environment. And we intend to share the science and the economics to do so," stated Mr. Nielson.
The Republic of India, also officially known by its constitution as 'Bharat,' is the second most populous country in the world, with more than 1.2 billion people; the 7th largest in land area; and the 3rd largest in GDP measured by Purchasing Power Parity(2).
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1. Blumberg Associates and Toxic Link (toxiclink.org).
2. World Bank (economic data for India)
The e-waste and reverse logistics market has become a $100B+ annual business (Source: Blumberg Associates1), excluding much of the resale of still usable goods that flood the marketplace as new updates in software and hardware are released. Furthermore, as environmental legislation and policies sets more stringent requirements for the disposal of these items, many analysts and practitioners expect e-waste to grow faster than any other waste stream over the next 5 years. The benefits of e-waste management and recycling are many, including conservation of natural resources, creation of new jobs, prevention of environmental contamination by toxic chemicals, and reduction of energy requirements.
About E-Waste Systems, Inc.
E-Waste Systems, Inc. is the sole pure play public company in the emerging waste electrical and electronics equipment ("WEEE") industry. EWSI targets companies facing regulatory or other mandates for handling e-waste. EWSI also operates and assists its large geographical network of affiliates apply best practices in professional management, offer state-of-the-art engineering, and assists in providing a true global e-waste solution. Additional information, including the business plan summary, is available on the Company's website, www.ewastesystems.com.
Safe Harbor Statement: Certain statements and information included in this release may constitute "forward-looking statements" as defined in the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied in such statements. Additional discussion of factors that could cause actual results to differ materially from management's projections, estimates and expectations is contained in the Company's SEC filings. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by federal securities laws.
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