SOURCE: NYMET Holdings, Inc.

September 07, 2010 16:53 ET

NYMET Holdings Obtains $50 Million in Investment Capital

NEW YORK, NY--(Marketwire - September 7, 2010) -  NYMET Holdings, Inc. (PINKSHEETS: NYMH), an international Metal recycling and mining company with offices now in New York, Chicago, Montreal, India, and Chile, announced it has entered into a definitive agreement with AGS Capital Group, a New York based value fund, to provide investment capital of up to $50 million through a Reserve Equity Financing Facility.

In the Reserve Equity Financing Agreement with New York based AGS Capital Group LLC (www.agscapitalgroup.com), AGS has committed to purchase shares of the Company's common stock for cash consideration up to an aggregate of $50 million after NYMET Form S-1 filing has become effective with the SEC. The Agreement does not prohibit the Company from raising additional debt or equity financings, other than financings similar to this agreement.

"The process of elevating NYMET to a senior exchange -- both as a growth company and as a publicly traded security -- is significantly enhanced by this new AGS facility," said NYMET's Chairman and President T. Benjamin Jennings. "The support of the AGS, combined with this facility, will enable NYMET to execute its acquisition and consolidation plan to further add significant shareholder value. The working capital will enable NYMET to execute its plan of acquisition and consolidation within the scrap metal and mining sector."

In accordance with the agreement, NYMET has retained the Law firm of Ken Denos PC, LLP to file a registration statement on Form S-1 with the Securities and Exchange Commission. Following the effectiveness of the registration statement, NYMET will seek listing on a higher exchange such as NASDAQ or NYSE.

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

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of any of the securities referred to in this news release in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.

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