By a News Reporter-Staff News Editor at China Weekly News -- E-Waste Systems, Inc. (OTC Pink: EWSI) (PINKSHEETS: EWSI) ('EWSI,' 'the Company,' or "eWaste Systems"), an electronic waste management, environmentally focused services and technology company, released financial results for the Second Quarter 2014.
The quarter ending June 30, 2014 reported total assets of $1.5 million representing a 30% increase over 2013 year-end. Total liabilities net of derivative liabilities increased 47%. Revenues grew to $1.1 million representing a 310% increase year to year. The net loss grew to ($.03) versus ($.01) for the same period last year. Full details are available on both the company's website and have been filed with the SEC.
"These quarterly results do not meet our expectations but our goals for establishing a strong platform for growth are completely intact and we expect to move forward with laser-focus to accomplish our plan. When we made the decision to deconsolidate our invested assets in China and elsewhere, complete restatements of 2013 was mandated -- a process that was comprehensive and time-consuming -- but all of that is completed and the restatements filed with the SEC. With that behind us, our undivided attention is on moving ahead to expand our global brand by developing and deploying unique technologies for the industry. We are confident that the rest of 2014 will bring positive developments as we continue to build our foundation and expand our team as well as our network," said Mr. Martin Nielson, Founder & CEO of eWaste Systems. "We have not walked away from the vast opportunities we have created in China and will announce our restructured strategy soon," said Mr. Nielson.
"We continue to invest in our strategy to grow through acquisition and strengthening our existing structures. We have nearly completed the operations in Ohio, New York and California and we expect to receive our industry credentials and certifications very shortly. Our excellent team is dedicated to our core objectives of creating value for our shareholders and we believe we have much to look forward to!" added Mr. Nielson.
Along with the expansion of the Company's foundation, E-Waste Systems is improving the operations of its lines of business represented by the units eWaste, eVolve and eIncubator. Those business units as already outlined in the business plan earlier this year and in the recent quarter filings are routing the operations toward a focused management to take advantage of the rising opportunities of the market. All the e-waste operations are under the eWaste unit which is also operating the facilities in the US while the management agreements and the business leases go under the eVolve unit. Promising ventures that are not ready for acquisition are channeled in the eIncubator program. Further details and updates on our plans and opportunities will soon be provided.
Keywords for this news article include: Asia, China, Environment.
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