Environment

Greenwave Technology Solutions Embarks on an Aggressive Growth Strategy After Debt Restructuring

CHESAPEAKE, Va., March 19, 2024 /PRNewswire/ -- In a recent development that has stirred the metal recycling industry, Greenwave Technology Solutions, Inc. (hereinafter referred to as "Greenwave" or the "Company") has announced a strategic restructuring of its senior secured debt. This critical financial maneuver has positioned the Company to bolster growth. In an extraordinary show of confidence, the holders of the senior secured notes have granted Greenwave a reprieve from the quarterly cash covenants until September 30, 2024. Additionally, the note holders have agreed to suspend the requirement for monthly amortization payments until July 31, 2024.

This declaration of financial flexibility comes at an opportune time as Greenwave has been informed by Dominion Energy that its second, highly anticipated shredder is set to be operational as it will be connected to the power grid no later than April 9, 2024. This shredder is expected to double the Company’s capability to process ferrous metal, a significant step in increasing operational capacity.

The Company already masters the intricacies of operating an automotive shredder – the American Pulverizer 60x85 – which is identical to the incoming unit. This technical expertise ensures smooth operations and maintenance. The introduction of the new shredder is poised to enhance revenue streams, yielding a projected 30% increase in generated revenue through the sale of shredded steel, in contrast to unprocessed forms. Furthermore, this increment is anticipated to come with robust profit margins.

The fiscal year 2024 is shaping up to be record-breaking for Greenwave, with unprecedented revenue generated from the highest volume of steel processed in the Company's history. Through diligent management of the additional cash flows provided by the debt restructuring, Greenwave is set to venture into aggressive operations expansion.

Danny Meeks, Greenwave's CEO, communicated his gratitude for the continued support from shareholders and debtholders during this pivotal stage of Greenwave's expansion. "Our second shredder is to act as a cornerstone, greatly amplifying our ferrous metal processing capabilities and, consequently, revenues. We are simultaneously channeling efforts to activate our copper extraction unit expeditiously to further elevate our downstream recovery system's yield – enriching the Company's cash flow. The upcoming months promise to be momentous, and we are eager to provide updates on our milestones," remarked Meeks.

Greenwave has taken formal steps to communicate its strategic plans by filing a Current Report on Form 8-K with the U.S. Securities and Exchange Commission on March 18, 2024. This document offers a transparent glimpse into the company's operational directives and financial prospects.

About Greenwave Technology Solutions

A trailblazer in the metal recycling sector, Greenwave Technology Solutions, Inc., conducts its operations through its wholly-owned subsidiary, Empire Services, Inc. ("Empire"). The Company operates an impressive array of 13 metal recycling facilities situated in strategic locations throughout Virginia, North Carolina, and Ohio. Not only does Greenwave sort and process both ferrous and nonferrous metals at these facilities, but it also employs pioneering techniques to augment both the volume and efficiency of its metal processing operations. This includes the advent of a sophisticated downstream recovery system and a cutting-edge, cloud-based enterprise resource planning (ERP) system.

Steel recycling stands as a paragon of environmental stewardship, capable of endless re-casting and re-melting, therefore offering distinct advantages over the use of virgin materials. By opting to recycle steel, critical eco-friendly benefits are realized, including a reduction in energy consumption, diminished CO2 emissions, lower amounts of waste, and the conservation of precious natural resources. A diverse customer base comprises Greenwave's clientele, which ranges from multinational corporations and large industrial producers to smaller retail patrons and various governmental agencies. Furthermore, the Company has a strategic plan to escalate its operational reach by acquiring independent, profit-generating scrap yards in the upcoming months.

For further details about Greenwave and its initiatives, interested parties are invited to visit the official website at www.GWAV.com.

Forward-looking Statements

The discourse pertaining to Greenwave's future in this press release contains forward-looking statements within the scope of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These prognostications, expressed through terms like "estimate," "expect," "may," and others, evoke the Company's future prospects including anticipated revenue growth, the establishing of additional locations, margin enhancement, and cash flow projections.

The Company, however, urges caution against dependence on these forward-looking statements. These statements represent intentions and projections as of the date of publication, and there exists no guarantee that the objectives will come to fruition. Notably, such forward-looking statements are susceptible to risks, uncertainties, assumptions, and other factors that could cause the actual outcomes to deviate considerably from past experiences and present expectations. The Company's share price could also see significant volatility as a result of variability in these projections. Further affecting these forward-looking statements are risk factors detailed in documents submitted to the SEC by the Company. In compliance with legal requirements, Greenwave shall continue to communicate any significant developments to the public, amending or updating statements as new information arises or unforeseen events occur.

This press release is disseminated by Greenwave Technology Solutions, assuring interested parties of the Company's commitment to transparency and keeping its investors and the greater industry community abreast of its latest developments.

In conclusion, Greenwave Technology Solutions is gearing up for a transformative phase of expansion and refinement of operations, driven by adept financial restructuring and strategic investments in technology and capacity building. The proactive steps taken by Greenwave, including the securing of favorable terms from its senior secured note holders and the imminent operationalization of its second American Pulverizer shredder, are anticipated to steer the company towards a trajectory of heightened growth, efficiency, and profitability. Notably, this news signifies a promising outlook not only for Greenwave but also for the metal recycling industry as a whole, as it exemplifies the increasingly sophisticated, profit-oriented, and environmentally conscious nature of the sector.

With the current strides, Greenwave Technology Solutions appears well-positioned to harness its potential, fortifying its status in the metal recycling arena while championing sustainable practices. As the world continues to prioritize recyclability and sustainability, establishments like Greenwave serve as quintessential models of how businesses can adapt, innovate, and thrive in harmony with the planet’s finite resources. The remainder of 2024 and the years to follow could very well underscore a period of unprecedented growth and industry leadership for Greenwave, with stakeholders and observers alike attentively watching the Company's ascent.

Note: This is a news-worthy article crafted for informational purposes only. No content within this article should be taken as investment advice or interpreted as an endorsement or recommendation of any particular security, strategy, or investment product. Potential investors and shareholders are encouraged to conduct their own due diligence and consult with professional financial advisors before making any investment decisions based on the information provided.

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