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reenwave Technology Solutions, Inc., a leading operator of metal recycling facilities across Virginia, North Carolina, and Ohio, has taken a significant step forward by acquiring the real estate for seven core facilities. This strategic move reduces annual rent expenses by approximately $1.7 million, enhancing cash flow and positioning Greenwave for future growth.
The Company's competitive edge in the metal recycling industry stems from its portfolio of highly coveted operational licenses. These licenses provide significant barriers to entry for competitors in tightly regulated markets. Key highlights include:
- The Norfolk facility benefits from a steady influx of prime scrap metal due to its proximity to the largest U.S. Naval Base and holds one of the only Virginia Department of Motor Vehicles automotive recycler/demolisher licenses in the city.
- The Virginia Beach facility is strategically located near NAS Oceana and the region's thriving industrial core, making it a cost-effective hub for domestic and international shipments.
- The Portsmouth facility's license is shielded by grandfathered regulations, providing a competitive advantage.
As one of the Mid Atlantic's leading metal recyclers, Greenwave Technology Solutions supplies leading steel mills and industrial conglomerates with ferrous and non-ferrous metal. With 167 employees and operations across three states, the Company has established itself as a key player in the industry.
This press release contains forward-looking statements that are subject to risks and uncertainties. Although the Company believes its plans and expectations are reasonable, actual results may differ materially from those projected. The trading price for Greenwave's common stock may fluctuate significantly due to various factors, including those described in the Company's filings with the SEC.
