SOURCE: Nettel Holdings

June 06, 2008 08:22 ET

Nettel Holdings Reports Progress on Tougi Scrap Metal Yard

On Schedule to Reach Projected Revenue of $140 Million in Next 12 Months

VANCOUVER, WA--(Marketwire - June 6, 2008) - Nettel Holdings, Inc. (OTCBB: NTTLE) reports progress on Tougi Scrap Metal Yard.

During the past 2 weeks management has met with buyers and suppliers of HMS 1 & 2 steel in Puerto Rico and other locations. These meetings have resulted in locking up large supplies of steel at favorable prices, plus commitments from buyers to purchase all that we can supply them.

As of today, we have locked in long-term commitments (4-5 years) from our buyers for over 80,000 Metric Tons of HMS steel per month. Today the average price is about $460 - $520 per ton.

The Puerto Rico yard is now producing and selling about 150 tons per day. We are currently adding more workers to our staff of 15 in that yard as well as more heavy equipment. We anticipate in the next 4 weeks that we will be producing and selling at the rate of 400 tons per day, 6 days a week, or 9,600 tons per month at our Puerto Rico yard alone. At the low end, $460, our monthly revenue would be $4,416,000. This would be a little ahead of schedule. The availability and delivery of steel from our local suppliers in Puerto Rico started quicker than we expected. We are already receiving 400-500 tons per day from them.

The next step would be to start processing the steel from the factories that we have been working on. This additional supply, plus the growing number of additional yards from other countries, will help us meet the demand of 80,000 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:
    Investor Relations
    503-336-5098