SOURCE: Nettel Holdings

July 11, 2008 09:28 ET

Nettel Holdings Reports Progress on Tougi Scrap Metal Operation

VANCOUVER, WA--(Marketwire - July 11, 2008) - Nettel Holdings, Inc. (PINKSHEETS: NTTL) reports progress on Tougi Scrap Metal Yard.

At our Puerto Rico yard, we have installed ramps, docks, and heavy equipment to allow the processing and loading of 14 containers simultaneously (approximately 308 metric ton). In order to catch up with current demand we have also recently started working 3 shifts (approximately 10-17 employees per shift). This would give us the ability to process and load up to 22 containers per day (approximately 484 metric ton). The current market price for HMS1 and 2 scrap metals is between $420 - $470 per metric ton.

Our Bahamas, Belize, Dominican Republic, and Costa Rica yards will also be large producers. Between those yards, so far we have now secured over 500,000 metric ton. We will be securing more in the near future. We have received firm commitments from several large buyers to purchase all the materials we currently have available. We have four sales personnel on staff and they have been working with these buyers on contracts, payment, and shipping logistics. Many of our buyers will be buying the material on site. A large 240,000 ton truck scale is currently being installed for this purpose. The demand we have from our buyers is now over 200K metric ton per month. We have also been working with several shipping companies on chartering vessels that have the capability to deliver 20k to 30k metric ton at a time.

The additional supply, plus the growing number of additional yards from other countries, will help us meet the demand of over 200,000 plus tons per month.

Tougi is a fully owned division of Nettel Holdings, Inc. and operates on its own designed automated platform for international trade. This platform eliminates the risk for the buyer and the seller while doing business worldwide.

Contact Information

  • Contact:
    Nettel Holdings, Inc.
    Investor Relations