SOURCE: E-Waste Systems, Inc.

August 12, 2014 07:45 ET

E-Waste Systems, Inc. Overview of Recent SEC Filings

First, Second and Third Quarter 2013 Interim Financials Amended to Conform to the Audited Results Already Included in the 2013 Form 10-K

LONDON, UNITED KINGDOM--(Marketwired - Aug 12, 2014) -  E-Waste Systems, Inc. (OTCQB: EWSI) ('EWSI,' 'the Company,' or "eWaste Systems") an electronic waste management, environmentally focused services and technology company, announces today the completion of the review and amend process of the previous Quarters filings.

"For the last 18 months we set up a plan to create a global brand, develop state-of-the-art technologies for the industry and accelerate our revenue and that plan is well underway. Based upon our progress to date, we are confident that the rest of the year will recoup rewards based upon the strength of the closed operation and the expansion of our network," said Martin Nielson, Founder & CEO of eWaste Systems. "We set out on a challenging endeavor to consolidate a fragmented (and largely new) industry, committing voluntarily to the highest standards of professionalism and to absolute compliance, all consistent with our core target of improving our Environment," added Mr. Nielson.

The audit firm of RBSM LLP, joined the company at the beginning of 2014, and performed a complete audit of the financial records of the Company for 2013. The 2013 10K included the fully audited results for the entire 2013 calendar year. The quarterly statements have been revised to conform to the audit and filed as amendments to each of the quarterly filings. At the request of the Company, the auditors and financial consultants prepared restatements of the first 3 quarters of the year to conform to the audited results. "The quarterly filings contain unaudited numbers prepared based upon our best advice but are by definition not definitive until audited. During the audit process, we concluded that the treatment of the activities associated with the penetration of the vast markets in China should be changed but that does not change our commitment to grabbing the opportunities available to us in China. Accounting treatment is only one factor in the business decision and while we would prefer to be able to include the results of our work in China in the financials, this is not a reason to walk away from vast opportunities we have created. The restatements were housekeeping so that the quarterly statements match the audit in all respects," said Mr. Nielson. 

"The 2014 filings are (and will continue to be) based upon the financial structure for 2013. The promising preliminary results of the recently ended Quarter and a commitment to an aggressive strategy to take advantage of the increasing electronics disposal issues are building blocks for our creation of a world-class organization providing a real, sustainable, end-to-end solution," added Mr. Nielson.

For information, video and pictures follow E-Waste Systems, Inc. on LinkedIn & Facebook, @EWasteSystemsIn on Twitter and on the Company's website www.ewastesystems.com.

For additional inquiries, contact Investor Relations at: ir@ewastesystems.com.

About E-Waste Systems, Inc.
E-Waste Systems, Inc. is the first pure play public company in the emerging waste electrical and electronics equipment ("WEEE") industry. EWSI leverages its expansive geographical network of affiliates providing best practices in professional management and state-of-the-art engineering to companies facing regulatory or other mandates for handling e-waste. Additional information, including the business plan summary, pictures and descriptions of the facilities, staff, and overall progress of the Company is available on the official website and social media sites: www.ewastesystems.com, Facebook (http://www.facebook.com/ewastesystems), Twitter (https://twitter.com/EWasteSystemsIn), and LinkedIn. Or contact: Investor Relations at: ir@ewastesystems.com.

Safe Harbor Statement:

Certain statements and information included in this release may constitute "forward-looking statements" as defined in the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied in such statements. Additional discussion of factors that could cause actual results to differ materially from management's projections, estimates and expectations is contained in the Company's SEC filings. The Company assumes no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by federal securities laws.

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