Company Not Required to Make Cash Payments on
Senior Secured Notes until July 31,
2024
Quarterly-Cash Covenants Waived until
September 30, 2024
Greenwave's Second American Pulverizer 60x85
Shredder Expected to Double Company's Ferrous Metal Processing
Capacity in the Coming Weeks
Company Intends to Utilize Additional Cashflow
to Aggressively Grow Operations
CHESAPEAKE, Va.,
March 19,
2024 /PRNewswire/ -- Greenwave Technology Solutions,
Inc. ("Greenwave" or the "Company") (Nasdaq: GWAV), a leading
operator of metal recycling facilities in Virginia, North
Carolina, and Ohio, today
announced that it has successfully restructured its senior secured
debt to facilitate growth. The senior secured note holders have
waived the quarterly-cash covenants until September 30, 2024, as well as monthly
amortization payments until July 31,
2024.
Greenwave recently received notification from Dominion Energy
that its second automotive shredder is scheduled to be connected to
the power grid no later than April 9,
2024, and will commence operations shortly thereafter. The
Company's second automotive shredder is expected to double
Greenwave's ferrous metal processing capacity.
The Company's existing automotive shredder – an American
Pulverizer 60x85 – is the same make and model as its second one,
providing the Company expertise in its operation and maintenance.
By shredding the steel which we currently sell unshredded, we
anticipate that we will be able to generate approximately 30% more
revenue, with significant margins on that steel volume.
Greenwave expects to generate record revenues based upon a
record volume of steel processed thus far in 2024. The Company
expects to utilize the additional cashflows from restructuring its
debt to aggressively grow its operations.
"We appreciate the continued support of our shareholders and
debtholders at this inflection point in Greenwave's growth," stated
Greenwave CEO Danny Meeks. "Our
second shredder provides the infrastructure for the Company
to significantly scale our ferrous metal volume and revenues. We
are simultaneously working to bring our copper extraction unit
online as quickly as possible to further enhance the recovery
yields – and cashflows – of our downstream recovery system. We are
looking forward to an exciting next several months and reporting
back on our progress."
For more information, please see the Company's Current Report on
Form 8-K filed with the U.S. Securities and Exchange Commission on
March 18, 2024.
About Greenwave
Greenwave Technology Solutions,
Inc., through its wholly owned subsidiary Empire Services,
Inc. ("Empire"), is a leading operator of 13 metal recycling
facilities in Virginia, North Carolina, and Ohio. The Company's recycling facilities
collect, classify, and process raw scrap metal (ferrous and
nonferrous) and implement several unique technologies to increase
metal processing volumes and operating efficiencies, including
a downstream recovery system and cloud-based ERP system.
Steel is one of the world's most recycled products with the
ability to be re-melted and re-cast numerous times. Recycling steel
provides key environmental benefits over virgin metals, including
reduced energy use, lower CO2 emissions, lower waste, and
conserving natural resources. Greenwave's customers include large
corporations, industrial manufacturers, retail customers, and
government organizations. The Company plans to aggressively expand
its footprint of locations by acquiring independent, profitable
scrap yards in the coming months. For more information, please
visit www.GWAV.com.
Forward-looking Statements
This press release contains certain forward-looking statements
within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These include, without
limitation, statements about its revenue growth, opening of
additional locations, margin expansion and cashflow projections.
These statements are identified by the use of the words "could,"
"believe," "anticipate," "intend," "estimate," "expect," "may,"
"continue," "predict," "potential," "project" and similar
expressions that are intended to identify forward-looking
statements. All forward-looking statements speak only as of the
date of this press release. You should not place undue reliance on
these forward-looking statements. Although the Company believes
that its plans, objectives, expectations and intentions reflected
in or suggested by the forward-looking statements are reasonable,
the Company can give no assurance that these plans, objectives,
expectations or intentions will be achieved. Forward-looking
statements involve significant risks and uncertainties (some of
which are beyond the Company's control), assumptions and other
factors that could cause actual results to differ materially from
historical experience and present expectations or projections.
Actual results may differ materially from those in the
forward-looking statements and the trading price for the Company's
common stock may fluctuate significantly. Forward-looking
statements also are affected by the risk factors described in the
Company's filings with the SEC. Except as required by law, the
Company undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements
are made or to reflect the occurrence of unanticipated events.
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SOURCE Greenwave Technology Solutions
