NEW YORK, NY--(Marketwire - 09/16/09) - NYMET Holdings Inc. (Pinksheets:NYMH - News) (www.nymetusa.com), an innovative metals and mining company headquartered in Port Jefferson, N.Y., announced that they have entered into a Purchase Contract for ferrous scrap metal with Coppola Asia Limited, a scrap dealer based in Hong Kong with major distribution throughout the Pacific Rim.
Mr. Robert Edwards, Executive Account Representative for NYMET Holdings, stated that the Purchase Contract calls for the sale of 1,000 metric tons of HMS 1 & 2 heavy melting scrap steel material. The material is expected to be delivered to Coppola Asia Limited over the next several weeks. This relationship will help develop NYMET's entry into the Hong Kong market. NYMET's management has concluded the logistics and organized the necessary requirements to begin loading and shipping the contracted material later this week. Coppola will have the ability to buy more material once this initial sale is completed. The total 1,000 metric tons of material will commence delivery this week and represents only a fraction of the overall potential the two companies have together.
About Purchaser:
Coppola Asia Limited (HK), established in 2007, is located in central Hong Kong. Coppola specializes in the importing of steel scrap. Coppola has stable suppliers in North and South America, as well as Europe, and sells their products to steel mills in Hong Kong, Taiwan, Vietnam, and China. Further, they have both yard and dock unloading facilities in Hong Kong and China.
Edward R. Gulmi, Senior Vice President of NYMH, stated: "This initial Purchase Contract is a significant achievement for the Company. This transaction allows NYMET to expand its customer base within the Asia markets and we and anticipate additional Purchase Contracts from new customers throughout the upcoming 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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