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GTSO Impressed by Preliminary Due Diligence on Chilean Recycler
By: Business Wire
Jan. 31, 2013 05:00 AM
As Green Technology Solutions, Inc. (OTCBB: GTSO) conducts preliminary due diligence with a recycler of e-waste in Chile, the Company has been highly impressed by the scale of the sustainable and urban mining development in Latin American, said CEO Paul Watson on Wednesday.
“There are very few dominant players in Latin American e-waste recovery,” he said. “It’s immediately clear to us that emerging companies such as our current target have the resources and expertise to rise to the very top of this emerging industry. Government incentives have positioned countries such as Chile to become a world leader in urban mining and electronics recycling.”
CCI Capital, GTSO’s regional consultant in Chile, is currently providing translation support and other deal management services as the company works to complete a definitive agreement to help grow the recycling business. GTSO has targeted companies with expertise in the direct removal of electronic waste from clients’ facilities, from handheld mobile devices to aerospace instrumentation.
GTSO hopes to have a new agreement signed before the end of the quarter, Watson said.
Chile has been a major focus of GTSO’s efforts to expand its urban mining footprint due to its high rate of industrialization, affordable labor and local business connections with CCI Capital. Today, more than 95 percent of Chileans have a mobile phone. These phones have an average life span of less than two years, and a huge market is developing in Chile and around the world to keep the highly valuable and highly toxic materials used to build them out of landfills.
Urban mining is a major pillar of the Company’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). Late last year, GTSO acquired the company Green Urban Mining to handle the company’s recycling and resale operations.
The company is also exploring traditional mining opportunities in the U.S. and Africa through its joint venture with Diamond V Associates.
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.
Follow us on Twitter at www.twitter.com/gtsoresources.
Notice Regarding Forward-Looking Statements
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.
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