GTSO Takes its Urban Mining Initiatives International with Chilean LOI
SAN JOSE, Calif.--(BUSINESS WIRE)-- As part of a dedicated effort to expand its recycling operations into the booming Latin American market, Green Technology Solutions, Inc. (OTCBB: GTSO) signed a letter of intent this week to finalize due diligence and begin negotiating deal terms with a major electronic waste recycling—or "urban mining"—company in Chile.
Chilerecicla was founded in 2009 and opened the first e-waste recycling plant in Southern Chile. Based in the city of Chillán, 400 kms south of Santiago, Chilerecicla specializes in the direct removal of electronic waste from clients' offices facilities for transport to its central plant as well as the sale of reusable materials. From handheld mobile devices to aerospace instrumentation, the company is capable of safe removal of a wide variety of e-waste (including hazardous materials) for reuse.
"We've targeted Chile for investment for some time now due to the extremely favorable market conditions we've identified there, including strong government support," said GTSO CEO Paul Watson. "The country has bounced back strong from the global recession, and its fledgling recycling industry is open for business. Limited access to credit has prevented any single company there from establishing a dominant market position in the urban mining sector, however.
"With funding and assistance from GTSO, we envision Chilerecicla potentially emerging as the leader of the pack in a nation where demand for e-waste recycling is growing at an unbelievable rate," he added.
GTSO has thoroughly scouted business opportunities in Chile due in part to its high rate of industrialization and local government support. The nation enjoys easy access to cheap raw materials for processing—such as discarded mobile phones—from neighbors including Peru, Ecuador and Bolivia with few processes and regulations for e-waste management.
"Right now, much of Latin America's hazardous e-waste ends up in the trash," Watson said. "We're interested in turning that trash into cash and applying this company's best practices to our U.S. operations, as well."
Urban mining is key to GTSO's plans to compete alongside major international corporations striving for sustainable waste solutions, such as Industrial Services of America (NAS: IDSA) and Sims Metal Management Ltd. (NYS: SMS) . Late last year, GTSO acquired the company Green Urban Mining to handle its domestic recycling and resale operations.
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 the 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
KEYWORDS: United States North America California
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