E-Waste Systems, a leading provider of waste electric and electronic equipment processing services, announced that it has entered a definitive agreement to purchase Laptop Service Center, LLC d/b/a Computer Systems Solutions, a limited liability company based in Pennsylvania (“CSS”), and Surf Investments, Ltd. d/b/a CPU, a full life-cycle mobile computing resource. E-Waste Systems has of recent reorganized its operations to launch the process of creating a market-leading, integrated business in the fast paced Waste Electrical and Electronic Equipment (WEEE) industry, which targets businesses that are facing regulatory or other mandates to handle e-waste.
EWSI expects to acquire a number of high quality companies that possess strong management teams that have a shared commitment to help customers achieve an environmentally responsible and cost-effective compliance with disposal and e-waste recycling requirements. EWSI will be seeking to extend and leverage its customer relationships established by acquisitions through extension of services, applying best practices in professional management, and investing in cutting-edge technology.
Martin Nielson, Chairman & CEO, E-Waste Systems, stated, “We are extremely pleased to be able to announce the signing of this agreement and are honored by the prospects of working with Kimberly Crew of CSS/CPU. We believe the successful completion of this acquisition, along with other growth initiatives we are pursuing, will likely give us the qualifications needed to rapidly expand our global call to action, as well as seek a listing of our common stock on an exchange. We intend to prepare ourselves accordingly.
Kimberly Crew, Founder and CEO, CSS/CPU, commented, “We are very pleased to announce that CSS/CPU has entered into a definitive acquisition agreement with E-Waste Systems, which should provide the combined company, following the successful closing of this transaction, with the opportunity to expand both breadth of services and geographic reach. We are excited by EWSI’s strategy, which is designed to provide end-of-life solutions for managing the electronics reverse logistics pipeline.”
The closing for this agreement is subject to certain conditions, which include but are not limited to: the parties need to obtain certain authorizations, consents, and approvals that are necessary to achieve the transaction; the accuracy of the parties’ representations and warranties; the material performance for all of the obligations and agreements of the parties. The agreement possesses termination rights, which includes the right of either party to terminate the agreement if the closing does not happen by September 23, 2011 (as long as the terminating party has carried out its obligations according to the agreement) and to terminate on a material misrepresentation or a breach by the other party.
For more information on the company, visit their website at: www.ewastesystems.com
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