Greenwave Technology Solutions Releases President’s Letter
NORFOLK, Virginia – (COMMERCIAL THREAD) – Greenwave Technology Solutions, Inc. (“Greenwave” or the “Company”) (OTCPink: MSRT) is pleased to address the following letter to shareholders from Greenwave President and CEO, Mr. Danny Meeks:
Dear Greenwave Shareholders,
I am delighted to share that over the next few months Greenwave plans to rapidly expand its site footprint and increase its metal recycling volume, which we believe will result in significant revenue growth. This week we open our 11e metal recycling plant in Virginia Beach, Virginia’s largest city with a population of 450,000, where it is one of only two licensed junk yards. With an optimal location close to major industrial and construction activity, directly on a major thoroughfare, we believe our Virginia Beach facility will likely be one of our busiest locations in terms of volume of metals processed and income generated.
Since the Empire merger closed two weeks ago, we have had discussions with junkyard owners both in our immediate area and along the east coast of the United States. Many recognize that the industry is ripe for a roll-up as it would likely lead to a significant increase in margins as we enter a commodities supercycle, according to Goldman Sachs. We believe it is only a matter of time before there is a consolidation of independent and profitable metal recycling facilities and as a public company with 31,000 shareholders, Greenwave is in a position to act quickly. and aggressively.
The Greenwave team has worked tirelessly to move all of our operations to a cloud-based ERP system while establishing the systems and controls that will facilitate Empire’s continued growth. We have also reoriented the technology inherited from MassRoots to communicate directly with our customers and display metal prices on all of our sites online, which has already increased our business with existing customers. I want to thank everyone on our team for their dedication, long days and hard work throughout the public release process, I think this is going to be a life changing experience for all of us.
Empire is in the final stages of preparing its official NASDAQ or NYSE listing application as we believe a listing on a national stock exchange would result in a significant increase in visibility, liquidity and institutional interest. for our actions. We have had discussions with many potential board members, all experts in their respective fields, and plan to start expanding our board in the coming weeks with seasoned and respected leaders who will help our business. to take it to the next level.
We believe now is the optimal time for a roll-up of metal recycling facilities. Demand for quality scrap metal is expected to increase by approximately 41% from current levels to reach 29.6 million gross tonnes by fiscal year 2025(2). At the same time, the supply of premium steel scrap has been steadily declining for more than 50 years, according to a scrap model from Steel Research Associates, LLC.(2). Greenwave management believes that this imbalance between supply and demand will continue to drive up scrap prices for at least the next 5-7 years.
It is also important to note the significant environmental benefits of recycling steel. Unlike plastics and other materials, steel can be melted and remelted countless times because it has no structural memory(3). Recycling steel, rather than using virgin materials, reduces CO2 emissions of around 75% while using around 70% less energy(4). Currently, two out of three tons of steel produced come from recycling, compared to one in ten in 1980(3). At Greenwave, we believe our generation should strive to leave our planet in a better condition than we found for our children and grandchildren and we pride ourselves on our contribution to energy conservation and l improvement of our environment.
This is a new start for Greenwave and under my leadership we will relentlessly focus on growing our revenues and improving our bottom line. With a significant imbalance between supply and demand for recycled steel which is expected to continue at least until 2025(2), we believe metal prices will remain high for the foreseeable future, especially if the US federal government enacts the Infrastructure Investment and Jobs Act. I am extremely grateful for your continued support as shareholders of Greenwave and look forward to sharing our progress with you.
Chairman and Chief Executive Officer,
Greenwave Technology Solutions, Inc.
Based on an Oct.11, 2021 presentation by Cleveland-Cliffs.
MassRoots, Inc., which changes its name to Greenwave Technology Solutions, Inc., through its wholly owned subsidiary Empire Services, Inc. (âEmpireâ), is a major operator of 10 metal recycling in Virginia and North Carolina. At these facilities, Empire collects, classifies and processes raw scrap (ferrous and non-ferrous) for recycling. Steel is one of the most recycled products in the world with the ability to be remelted and remelted multiple times while providing significant economic and environmental benefits over virgin materials.
The company has announced its intention to change its legal name from MassRoots, Inc. to Greenwave Technology Solutions, Inc. Although the legal name of the company will continue to be MassRoots, Inc. until the name change process. be completed, for marketing and branding purposes, the company began to call itself Greenwave.
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 regarding its name change, the growth of income, opening additional sites and listing on a senior exchange. These statements are identified by the use of the words âcouldâ, âbelieveâ, âanticipateâ, âintend toâ, âestimateâ, âexpectâ, âcouldâ, âcontinueâ, âpredictâ. “,” Project “and similar expressions 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 or suggested by forward-looking statements are reasonable, we cannot guarantee 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 current expectations or projections. Actual results may differ materially from those of forward-looking statements and the price of our common shares may fluctuate significantly. Forward-looking statements are also affected by risk factors described in our filings with the United States Securities and Exchange Commission. Except as required by law, we assume no obligation to publicly update or revise 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 unforeseen events. events.