NEW YORK, NY--(Marketwire - 09/28/09) - NYMET Holdings Inc. (Pinksheets:NYMH - News) (www.nymetholdings.com), 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 (www.eulerhermes.com) 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."
DISCLAIMER: CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
The results described herein cannot be guaranteed. 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 Inc.'s 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 Inc. 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 Inc. undertakes no duty to update any forward-looking statement(s) and/or to confirm the statement(s) to actual results or changes in NYMET Holdings Inc.'s expectations.
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