SOURCE: NYMET Holdings, Inc.

September 14, 2010 11:56 ET

Nymet Holdings, Inc. Adopts Share Repurchase Plan

Company Also Announces Changes in Leadership

NEW YORK, NY--(Marketwire - September 14, 2010) -   Nymet Holdings, Inc. (PINKSHEETS: NYMH) ("Nymet" or the "Company"), a metals recycling and mining company with representative offices in New York, Chicago, Montreal, India, and Chile, announced the adoption of a repurchase plan to buy back shares of its common stock in the open market.

The Company expects that any repurchases of its shares will be executed through a single designated broker but will not include block purchases and will not be effected as the opening trade in the Company's shares or within the final 30 minutes of any trading day.

The Company also announced that T. Benjamin Jennings has been appointed as its Chief Executive Officer. Mr. Jennings, currently the Executive Chairman of the Company, succeeds Mark D. Klok who intends to focus on other commercial ventures in his executive capacity. Mr. Jennings will retain his role as Executive Chairman but has been succeeded in his role as the Company's Chief Development Officer by Edward R. Gulmi, who is also the Company's President and founder.

Mr. Jennings, age 46, has over 20 years of operating and management experience directly in the metal recycling industry. After 9 years of being an investment banker, principally focused on the waste and general recycling industry, Mr. Jennings co-founded Metal Management Inc. serving as Chairman and CEO. During his tenure he completed over 37 acquisitions operating in seventy locations and multiple countries throughout the Western Hemisphere. He grew Metal Management's monthly production at one point to levels in excess of one million tons per month of ferrous metal processing and more than two hundred million pounds of non-ferrous metal production servicing every steel mill in the world as well as a large amount of the non-ferrous manufacturing base both domestically and globally. Mr. Jennings raised over $800 million in debt and equity capital both directly and through underwriters including Goldman Sachs, Solomon, Smith Barney and Deutsche Bank ultimately building the company into the largest metal recycling company in the world with top line revenues in excess of $1.2 billion and a market capitalization of more than $1 billion as a public company on the NYSE. After leaving Metal Management, Mr. Jennings went on to build successful businesses in the integration software market, search engine optimization business and ultimately building the largest independently owned electronics recycling and services business with revenues north of $200 million in less than twenty-four months.

Discussing the share repurchase plan, Mr. Jennings stated: "NYMET's continued progress and expansion has provided an excellent opportunity to demonstrate our confidence in the Company and also provides a more favorable balance between market supply and demand for our shares. We believe the use of available cash for share repurchases is a prudent use of the Company's resources and a benefit to our long term shareholders." 

Commenting on the leadership changes, Mr. Jennings continued: "Today's key leadership appointments are just some of the new developments at the Company as we prepare to continue NYMET forward progress and transformation into a global leader in the scrap metal and recycling industry. We greatly appreciate the efforts of Mr. Klok in leading the Company during a critical period of its growth and wish him well in his other executive endeavors."

About Nymet

Nymet Holdings, Inc.'s mission is to evolve into the best raw material supplier for the steel production sector using logistics, software, and selective, strategically acquired operating assets. Additional information on the Company may be obtained from its website at www.nymetholdings.com.

DISCLAIMER: CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS

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 the Company's 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 the Company 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. The Company undertakes no duty to update any forward- looking statement(s) and/or to confirm the statement(s) to actual results or changes in the Company's expectations.

Contact Information

  • Contact:

    Nymet Holdings, Inc.
    Investor Relations
    (631) 923-1400