SOURCE: NYMET Holdings Inc.

NYMET Holdings Inc.

August 24, 2010 08:00 ET

NYMET Holdings Inc. (NYMH) Announces Its Agency Alliance Strategy for Growth in China

NEW YORK, NY--(Marketwire - August 24, 2010) -  NYMET Holdings Inc. (PINKSHEETS: NYMH), an innovative metals and commodities trade company headquartered in Port Jefferson, N.Y., is pleased to announce its agency alliance strategy for growth in China.

"The acquisition of Vican Trading into NYMET Holdings will provide a strong financial platform to help develop strong agency alliances for growth in international markets, particularly in China," stated Lorne Kalisky, President of Vican Trading. "Since the steep market decline in 2008, the metals recycling industry has been experiencing a collapse in confidence regarding credit and trust in trade. With the financial resources provided by NYMET Holdings and the strong relationships that Vican has developed in China, we are in advanced stages of discussion to become the exclusive agent for a large Chinese company. We will be using the same agency model with other large customers in China, as well as in other major international markets."

"We continue to aggressively pursue our goal of becoming a full service metals recycling company. The network and reputation that Vican Trading has developed in the international markets will help us reach our goal," stated T. Benjamin Jennings, President and Chairman of NYMET Holdings Inc.

About Vican Trading Inc.

Vican Trading is a brokerage company in the recycled metals industry. Since its inception in 2004, Vican Trading has grown into an industry leader with over $600 million of revenues. Vican Trading is a world recognized trading company for both ferrous and non-ferrous material. Vican Trading has also developed an expertise in managing the logistics of metals of transport shipping over 50,000 containers since inception.

About NYMET Holdings Inc.

NYMET Holdings Inc. (www.nymetholdings.com) is the parent company of Vican Trading Inc. (www.vicantrading.com), a Canadian and New York based scrap metal brokerage firm, and NYMET Industrial Solutions, a New York based scrap metal company.

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