SOURCE: NYMET Holdings

August 26, 2010 08:34 ET

NYMET Concludes Chartering for Initial Shipment as Part of $120 Million Purchase Contract

NEW YORK, NY--(Marketwire - August 26, 2010) -  NYMET Holdings Inc. (PINKSHEETS: NYMH), an international metal recycling and trading company, with offices now in New York ,Chicago, and India, is pleased to announce the successful execution of a Charter Party Agreement for bulk Carrier. The vessel was nominated to export the initial shipment of 50,000 Metric tons of Iron Ore to the Far East. First Shipment is valued at approximately 7 million dollars.

As previously announced, the contract provides for the export of 1 million metric ton of Iron Ore. The contract will has an expected yield north of 120 million with net income approaching eight figures. The Contract also provides formula based market adjustments so that the risk of price fluctuation is mitigated while maintaining a consistent margin for our shareholders.

"Having the opportunity to utilize a new vessel for the first shipment will allow NYMET to manage the shipping process more efficiently and more cost effectively. Truly a tremendous advantage for NYMET," Lorne Kalisky, Managing Director Trade Desk

Edward R. Gulmi Executive SVP, further stated" I am very pleased with the conclusion of the chartering process with our shipping line. Both our USA and India offices played a vital role in organizing and negotiating the freight costs and terms to maximize shareholder profitability. I am very proud to be a part of NYMET as we commence operations to become one of the leading exporters of Iron Ore out of Chile and other regions of South America."

T. Benjamin Jennings, Executive Chairman and President, stated, "This transaction is reflective of the types of results we expect from utilization of the core strengths of our company in concert including but not limited to trading, strategic physical production, and our strong and committed logistics and management team."

NYMET's mission:

To evolve into the best raw material supplier for the steel production sector using logistics, software, and selective, strategically acquired operating assets. www.nymetholdings.com

DISCLAIMER: CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS

The results described herein cannot be guaranteed. The development of any and all of the subject mining claims stated herein is contingent upon multiple high risk factors that must be successfully dealt with in order to achieve the intended results. This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this news release other than statements of historical fact are "forward-looking statements" that are based on current expectations and assumptions. These expectations and assumptions are subject to risks and uncertainty, which could affect NYMET Holdings future. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the statements, including, but not limited to, the following: the ability of NYMET Holdings to provide for its obligations, to provide working capital needs from operating revenues, to obtain additional financing needed for any future acquisitions, to meet competitive challenges and technological changes, and other risks. NYMET Holdings undertakes no duty to update any forward-looking statement(s) and/or to conform the statement(s) to actual results or changes in NYMET Holdings expectations.

Contact Information

  • Contact:
    NYMET Holdings Inc.
    Investor Relations
    (631) 923-1400