SOURCE: NYMET Holdings

August 31, 2010 08:43 ET

NYMET Holdings Inc. (NYMH) August 31st, 2010 -- Vessel Arrives, Loading Process Commences as Part of $120 Million Purchase Contract

NEW YORK, NY--(Marketwire - August 31, 2010) -  NYMET Holdings Inc. (PINKSHEETS: NYMH), an international metal recycling and trading company, with offices located in New York, Chicago, and India, announced the arrival of the vessel at port of loading and loading process has begun. The vessel was nominated to export the first shipment of 50,000 metric tons of iron ore to China. First Shipment is valued at approximately $7 million.

As previously announced, the contract provides for the export of 1 million metric ton of iron ore. The contract has an expected yield north of $120 million with net income approaching eight figures. The Contract also provides formula based market adjustments so that the risk of price fluctuation is mitigated while maintaining a consistent margin for our shareholders.

Edward R. Gulmi, Executive VP, further stated, "The Vessel's arrival was a tremendous achievement for NYMET. Personally, I was very impressed with the organization of the port and the loading process. I arrived at the port for the vessel arrival; the vessel was approximately 600 feet in length."

NYMET had dispatched Mr. Gulmi for over a month to Chile to coordinate and oversee operations. The loading process has commenced and we anticipate the first shipment to depart at the end of September.

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. www.nymetholdings.com

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

Contact Information

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