SOURCE: NYMET Holdings Inc.

September 21, 2010 08:59 ET

NYMET Holdings Inc. (NYMH) Iron Ore Shipment Nears Completion

NEW YORK, NY--(Marketwire - September 21, 2010) -  NYMET Holdings Inc. (PINKSHEETS: NYMH), an international metal recycling and trading company, Headquartered in New York and Chicago with representive offices in Montreal, India and Chile, announced today loading progress and departure for the first shipment of 50,000 metric tons of Iron ore.

As previously announced, the contract provides for the export of 1 million metric tons of iron Ore. The contract has an expected yield north of 120 million dollars 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 SVP, further stated, "We expect to have the loading of the vessel completed with approximately 50,000 Metric tons; we anticipate vessel departing within the next few weeks." Mr. Gulmi further stated, "With the new production capabilities now in place we can increase our shipment capabilities to 100,000 metric tons per month; second shipment preparation is now being coordinated for October."

T. Benjamin Jennings stated, "NYMET had dispatched Mr. Gulmi for well over a month to Chile to coordinate and oversee operations. As first shipment is now preparing for departure we look forward to increasing the monthly shipment quantities which will have a substantial benefit to Q4 results."

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

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