SOURCE: NYMET Holdings Inc.

NYMET Holdings Inc.

July 15, 2010 08:35 ET

NYMET Holdings Inc. (NYMH) Announces the Election of Thomas Benjamin Jennings as President and Chairman of the Board of Directors

NEW YORK, NY--(Marketwire - July 15, 2010) - NYMET Holdings Inc. (PINKSHEETS: NYMH), an innovative metals and commodities trade company headquartered in Port Jefferson, N.Y., today announced the election of Thomas Benjamin Jennings as President and Executive chairman of the Board.

T. Benjamin Jennings has been elected President, Executive Chairman of the Board and Chief Development Officer of the principle NYMET Holdings Company effective immediately. Mr. Jennings brings with him over twenty years of operating, capitalizing and growing strong management teams with experience in the metal recycling and electronic recycling business. As the co-founder, Chairman, CEO and CDO of Metal Management, Inc., he raised over eight hundred million dollars in direct equity, bond financing and additionally successfully structured a two hundred and fifty million dollar Asset backed Loan. During his tenure at Metal Management he grew the top line revenue of the company to one point two billion dollars while sustaining over a billion dollars public equity valuation. Mr. Jennings accomplished this impressive successful track record in part by personally assembling a strong management team, achieving a thirty percent internal growth rate and concluding 37 acquisitions or mergers. He also created the first major diversified research and analytical team in the renewable metal industry including Goldman Sachs, Inc., Solomon, Smith Barney, Deutche Bank, Bear Stearns and a host of additional regional firms. This consolidation was the first of its kind within the renewable metal management industry and was done with a lean corporate staff of thirteen while decentralizing separate management teams in seventy locations with a total of over four thousand people worldwide. After leaving Metal Management, Mr. Jennings embarked on a hands-on approach to further educating himself about the IT sector and more importantly how technology could be used for improvement of managing a business by giving real time information immediately to who needed it while also allowing for ease in the integration of legacy IT infrastructures into existing core systems. He then implemented this business philosophy while building a very profitable software company, Cogility Inc., along with one of the largest online marketing companies, Think Inc., in the United States. After realizing the power of integrating these business practices he built an integrated company in metal recycling, electronics recycling and full IT integration with online marketing. After taking a short period off from his business endeavors, Mr. Jennings started researching young companies within the metal management sector with the intention of building the next largest international consolidation play in Wall Street history. All of these events developed into Mr. Jennings searching over the last eighteen months to find a young company like NYMET Holdings that shared in the vision and opportunities that he feels are the common ingredients for building the best metal recycling company in the world.

DISCLAIMER: CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS

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 confirm the statement(s) to actual results or changes in NYMET Holdings expectations.

Contact Information

  • Contact:
    NYMET Holdings Inc.
    Investor Relations
    (631) 923-1400