SOURCE: NYMET Holdings Inc.

NYMET Holdings Inc.

August 03, 2009 08:00 ET

NYMET Holdings Inc. (NYMH) Announces the Acquisition of the C.A. Reed Sawmill

NEW YORK, NY--(Marketwire - August 3, 2009) - NYMET Holdings Inc. (PINKSHEETS: NYMH), an innovative metals and mining company headquartered in Port Jefferson, N.Y., announces the completion of an acquisition agreement with the Long Leeds Lumber Company to purchase the C.A. Reed Sawmill located in Bernice, Louisiana.

The acquisition contained the exclusive rights to demolish and recover all the ferrous and non-ferrous metals from the facility located near the Arkansas border. On April 27th, 2009, Young Engineering Services conducted a structural engineering report to assess the weight of the salvageable structural steel at the site. The scope of the investigation included an on-site inspection, measurements of the buildings and structural components, and a rough estimate of equipment weights.

Based on the information gathered during Young Engineering Services' assessment of the structure and subsequent calculations, it is Mr. Allen M. Young's opinion that the subject sawmill complex contains approximately 7,300 to 7,800 tons of structural steel that is available for salvage. This estimate did not include the additional non-ferrous metals, which are a major part of the acquisition. Sales of the non-ferrous metals are anticipated to significantly increase the overall total revenue of the Project.

The ferrous and non-ferrous metal sales are anticipated to generate revenue of approximately $2,000,000 and represents just one of the many major projects NYMET Holdings Inc. currently has underway.

The Young Engineering Services report can be viewed in full within the image included in this announcement.


The results described herein cannot be guaranteed. 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 Inc.'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 NYMET Holdings Inc. 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 Inc. 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 Inc.'s expectations.

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