SOURCE: NYMET Holdings, Inc.

September 08, 2010 12:57 ET

NYMET Holdings Corrects and Clarifies Earlier Release Concerning Investment Capital

Company Has Not Yet Received Any Funds in Connection With Agreement Executed With AGS Capital Group to Receive up to $50 Million, Which Is Subject to Certain Conditions

NEW YORK, NY--(Marketwire - September 8, 2010) -  NYMET Holdings, Inc. ("NYMET" or the "Company") (PINKSHEETS: NYMH), a international Metal recycling and mining company, with offices now in New York, Chicago, Montreal, India, and Chile, clarified and corrected its press release issued on September 7, 2010, wherein the Company incorrectly stated that it had obtained $50 million in investment capital. The Company has executed an agreement with AGS Capital Group, a New York based value fund, to provide investment capital of up to $50 million through a Reserve Equity Financing Facility. To date, the Company has not received any funds in connection with this facility.

In the Reserve Equity Financing Agreement with New York based AGS Capital Group LLC., AGS has, subject to certain conditions and restrictions, committed to purchase shares of the Company's common stock for cash consideration up to an aggregate of $50 million after the Company's registration statement on Form S-1 has become effective with the SEC. The Company has not yet filed a registration statement but intends to do so within the coming months, pending completion of an audit of its consolidated financial statements for the two prior fiscal years. The Agreement with AGS does not prohibit the Company from raising additional debt or equity financings, other than financings similar to this agreement.

In accordance with the agreement, NYMET has retained the law firm of Kenneth I. Denos, P.C. to prepare the Company's registration statement for filing with the SEC. Following the effectiveness of the registration statement, NYMET intends to seek a listing on a higher exchange such as the Electronic Bulletin Board, NASDAQ or NYSE.

NYMET's mission:
To evolve into the best raw material supplier for the steel production sector using logistics, software, and selective, strategically acquired operating assets.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of any of the securities referred to in this news release in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.


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