SOURCE: AVEW HOLDINGS INC.
January 10, 2017 09:00 ET
AUSTIN, TX--(Marketwired - Jan 10, 2017) - AVEW HOLDINGS Inc. (OTC PINK: AVEW) today announced that the company will set up its own stand-alone wholly owned Precious Metal Recovery and Smelting Operation. Operations are scheduled to start February 1st, 2017 in Prescott, Arizona.
The decision to start its own operation and cancel the previous announced acquisition comes after a site visit to Azrock Holdings operations in Arizona. After careful study and due diligence, AVEW management has made a decision that it is in the company's best interest to invest and start its own precious metal recovery operation. A License agreement for Mr. Nunley to provide technical and operations support for AVEW's operations is currently in progress. Current high quality ore is available for several decades. Mr. Nunley has been heavily involved in the precious metals recovery and smelting business over the last 8 years and has developed processes to recover high yields of precious metals from ore bodies. Mr. Nunley's processes do not involve chemical waste. Initial operations are being set up to process one to two tons of ore per week. Near future plans are to upgrade the precious metal recovery equipment to increase production to10 tons per week. AVEW management is planning to move the AVEW operations from Prescott, Arizona to Central Texas.
AVEW will own 100% of the operations and will pay a fee to Mr. Nunley. A final fee agreement is under negotiations with Mr. Nunley. AVEW will explore the opportunity for multiple operations in other cities or states.
Commenting on the transaction, CEO, Jose Chavez, stated, "AVEW and its management have diligently evaluated the opportunity for its own precious metal recovery operation vs. an acquisition. The raw ore recovery and smelting is a long term business model in the precious metals business that offers significant profits and growth to AVEW."
About AVEW HOLDINGS, Inc.
AVEW Holdings is in the retail, wholesale and precious metals recovery business.
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