NYMET Holdings Inc. (NYMH) Announces Sales of Non-Ferrous Metals to Commence From the Reed Saw Mill Project Press Release Source: NYMET Holdings Inc. On Tuesday September 22, 2009, 12:41 pm EDT NEW YORK, NY--(Marketwire - 09/22/09) - NYMET Holdings Inc. (Pinksheets:NYMH - News), an innovative metals and mining company headquartered in Port Jefferson, N.Y., announces the commencement of sales of non-ferrous metals from the Reed Saw Mill Project, located in California.
At time of press, NYMET is ready to announce that the demolition portion of this Project has been completed. Furthermore, the waste stream separation of the non-ferrous metals has commenced, which will increase the Company's revenue. In addition to scrap steel being sold from the site, NYMET has also received its first purchase order for non-ferrous metals.
NYMET received their first purchase order for non-ferrous metals on Friday, September 18th from Top Dollar Scrap, a local recycling yard. Top Dollar is under contract to pick-up 10 truckloads of aluminum scrap derived from the demolition of the saw mill facility. NYMET anticipates the completion of this Project to be within 45 days. Furthermore, NYMET, as of today, has successfully delivered and had accepted over 45 truckloads, containing 1,000 tons of scrap steel, to the La Place facility in Louisiana, thus completing the first purchase order between NYMET and Bayou Steel. Additional purchase orders from Bayou Steel are anticipated in the near future for additional amounts of material.
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NYMH Announces the Retirement of 240,000,000 Common Shares Click Here to Read the Featured Report about this Company
NEW YORK, NY--(Marketwire - 09/25/09) - NYMET Holdings Inc., an innovative metals and mining company headquartered in Port Jefferson, N.Y., announces the retirement of 240,000,000 common shares.
NYMET Senior Vice President, Edward R Gulmi, stated, "The 240,000,000 common shares were retired without any type of consideration of any sort being provided to the associated shareholder. This cancellation results in a total of 76,766,533 common shares being issued and outstanding with 50 million of those being restricted shares."
In further discussing the share structure and what it means to shareholders, Mr. Gulmi went on to state, "According to Yahoo Finance's Industry Snapshot, the Steel and Iron Industry trades at an average P/E ratio of 41 times earnings. If we generate the targeted and anticipated net earnings of $5,000,000 in the upcoming year, then, to trade at proper valuation with our peers, we would have over a $200,000,000 market capitalization. With the recently reduced, current number of shares issued and outstanding, that would translate into a $2.67 share price. Now I'm not saying that is where our stock price will be in the upcoming year and I would strongly urge shareholders and potential new shareholders to do their own thorough due diligence but I am comfortable stating that I believe there is a great deal of potential upside from the $0.15 share price and $11,500,000 market cap point where we are today."
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NYMH Announces Euler Hermes Credit Insurance Approval Click Here to Read the Featured Report about this Company
NEW YORK, NY -- (MARKET WIRE) -- 09/28/09 -- NYMET Holdings Inc , an innovative metals and mining company headquartered in Port Jefferson, N.Y., announced today that the Company has been approved for credit invoice insurance from insurance giant Euler Hermes .
The approval was obtained as part of a credit facility in association with SinoMetal Resources Inc. , a private international metals trading company, located in Montreal, Canada.
SinoMetal's decision to engage with NYMET was in an effort to purchase scrap metal for their clients located in China. SinoMetal brings to NYMET access to numerous steel manufacturers and steel distributors located in China. SinoMetal maintains a substantial client base throughout China of numerous steel manufacturers such as Minmetals and Sino Steel, two of the largest steel producers in China, as well as a major Chinese steel distributor. The strategic alliance between NYMET and SinoMetal will allow NYMET to more aggressively expand its presence in the Chinese Steel Markets.
Mr. William Dollard, Chairmen and Director of NYMET , stated, "The Euler Hermes approval, in conjunction with NYMET's relationship with SinoMetal, provides NYMET a significant advantage in buying power throughout the marketplace. Moreover, having NYMET's trade finance package insured by Euler Hermes will guarantee necessary finance instruments, such as letters of credit for potential clients. NYMET management is now planning to utilize the finance package to increase the purchase of material for sale to clients in China."
Euler Hermes is one of the world's best credit insurance providers. The Euler Hermes Group helps companies to safeguard and grow their distinct businesses. Mark D. Klok, President of NYMH, stated: " NYMET's trade finance package with Euler Hermes marks a significant achievement for the Company and will significantly help us expand our presence in the International markets. We look forward to and anticipate additional relationships and projects with SinoMetal Resources, as well as other major international companies, throughout the year."
Click Here to Read the Featured Report about this Company
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