GTSO Enters Final Stage of Negotiations to Acquire BusinessTarget
SAN JOSE, Calif.--(BUSINESS WIRE)-- GTSO Resources, the mining subsidiary of Green Technology Solutions, Inc. (OTCBB: GTSO) announced today that the company has entered into final negotiations to acquire Global Cell Buyers (GCB).
Last month, GTSO Resources signed a letter of intent to acquire the U.S.-based e-waste recycling company, a move GTSO expects to help it optimize recovery of pricey minerals from unwanted cell phones. Since then, GTSO has completed its due diligence, business strategy discussions and market planning. Now, the company is ready to move forward with a purchase agreement.
"GCB was founded to focus on cell phone purchases for resale and recycling, and after a month of discussions we are happy with GCB's commitment to continue that focus while expanding its urban mining business to include additional e-waste streams," said GTSO CEO Paul Watson. "We're very excited to move forward with this agreement and expect to announce a completed deal very soon."
According to a recent report by industry analysts Frost & Sullivan, the global e-waste recycling market is predicted to grow to $1.86 billion by 2017 with a strong compound annual growth rate (CAGR) of four percent. GTSO expects that an acquisition of GCB would be a major step toward capitalizing on that growth.
Urban mining is a major pillar of GTSO's plans to compete alongside major international corporations striving for sustainable manufacturing solutions, such as Sprint Nextel Corp. (NYSE: S) and Toyota Motor Corporation (NYSE: TM) . The company is also exploring traditional mining opportunities in the U.S. and Africa through its joint venture with Diamond V Associates.
For more information on these initiatives, please visit www.GTSOResources.com/investors.html.
About Green Technology Solutions, Inc.
Green Technology Solutions, Inc. [www.gtsoresources.com] is a growth-oriented company exploring rare earth minerals and precious metals production around the world. To learn more, please visit our website at www.GTSOresources.com/investors.html.
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
Green Technology Solutions, Inc.
Paul Watson, 408-432-7285
President and CEO
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