|By Business Wire||
|September 10, 2012 05:00 AM EDT||
In a significant step forward in its mission to become a world leader in the booming urban mining sector, Green Technology Resources’ (OTCBB: GTSO) mining subsidiary GTSO Resources signed a letter of intent this week with Global Cellphone Buyers, an emerging U.S.-based e-waste recycling company.
“No other electronic devices in the world are discarded as frequently as cell phones—typically after only 18 months, on average,” said GTSO CEO Paul Watson. “These phones contain both valuable and toxic materials that should never end up in a landfill, and yet that’s what’s happening. The acquisition of Global Cellphone Buyers could potentially allow GTSO to optimize recovery of gold, lithium, rare earths and other elements from unwanted cell phones that would otherwise end up in the trash.”
“As the prices for these minerals continue to explode, we believe acquiring this company could become a very lucrative option for GTSO,” he added.
According to a recent report by industry analysts Frost & Sullivan, the global e-waste recycling market is predicted to grow to $1.86 billion by 2017 with a strong compound annual growth rate (CAGR) of four percent. GTSO has plans to grow right alongside the rapidly expanding industry, and is aggressively targeting new partnerships and acquisitions that will increase its footprint in the sector.
In addition to North America, GTSO Resources is pursuing new urban mining opportunities in developing nations such as Ghana and Chile, which often serve as dumping grounds for industrialized nations’ e-waste.
According to the letter of intent, GTSO has 90 days to conduct due diligence toward a potential definitive agreement with Global Cellphone Buyers.
For more information on these initiatives, please visit www.GTSOResources.com/investors.html.
Urban mining is a major pillar of GTSO’s plans to compete alongside major international corporations striving for sustainable manufacturing solutions, such as Sprint Nextel Corp. (NYSE: S) and Toyota Motor Corporation (NYSE: TM). The company is also exploring traditional mining opportunities in the U.S. and Africa through its joint venture with Diamond V Associates.
About Green Technology Solutions, Inc.
Green Technology Solutions, Inc. [www.gtsoresources.com] is a growth-oriented company exploring rare earth minerals and precious metals production around the world. To learn more, please visit our website at www.GTSOresources.com/investors.html.
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