Dive Brief:
- E-Waste Systems announced positive results for the period ending March 31, 2014.
- EWSI's asset base for the first quarter of 2014 grew by $477,343 to $1,631,640, marking an overall growth of 41% from its reported 2013 year-end results.
- Revenue grew by a reported $509,056.
Dive Insight:
According to EWSI, the revenue increase was due to acquisitions and new operations in Q1.
"Increases in both the company's asset base as well as revenues are attributable to the company's implementation of its corporate objectives of asset acquisition, brand promotion and partnerships with companies that have a global reach," CEO Martin Nielson said.
During the first quarter of 2014, EWSI received substantial investments. In early February, the company scored $30 million from investment partner Tanke Inc. to expand into China. The same month, Tanke invested an additional $2.3 million into EWSI for further expansion projects. EWSI has offices in Cincinnati, OH, where in March it opened a new electronics recycling plant capable of processing 75 million pounds of e-waste annually.
