SOURCE: NYMET Holdings Inc.

September 08, 2010 17:16 ET

NYMET Holdings Inc. (NYMH) Executes Joint Venture for Demolition of Sugar Mill

NEW YORK, NY--(Marketwire - September 8, 2010) -  NYMET Holdings Inc. (PINKSHEETS: NYMH), a metals recycling and mining company with offices now in New York, Chicago, Canada, India and Chile South America, is pleased to announce our execution of a joint venture agreement with Proinvest Consultants International for the Demolition and recovery of a sugar mill located in Louisiana.

The Joint Venture provides for NYMET to participate in the logistics and sales portion of the project. The project is estimated to have approximately 8,000 Metric Tons of scrap metal.

Top line sales of 2,400,000 with gross profits of six figures are anticipated and the project should be concluded within 8 weeks.

The Joint Venture agreement also provides for future projects for NYMET to participate in.

Director of sales Ken Strassfield stated, "I am very pleased with the joint venture that we have finalized, we have several upcoming projects that will generate significant sales to our scrap metal division."

NYMET Mission:
To become the best raw, material supplier for the steel production sector using logistics, software, and selective, strategically acquired operation assets.

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