Waste Energy Signs LOI for $1.2M Tire Processing Center, Eyes $3-5M Revenue
WAST sits 35% above its 52-week low of $0.002.
Summary
Waste Energy signed a non-binding LOI to acquire a 10-acre tire processing operation for about $1.2 million, with the company taking a 51% stake in the acquisition entity. Management projects the facility could process 3-5 million tires annually and generate $3-5 million in revenue if the deal closes and operations ramp as expected. The company also says its previously announced Midland expansion remains on track to close. This is a meaningful step for a micro-cap with only $26K in cash and a $5M working capital deficit, though the LOI is non-binding and financing is not yet secured. The next update will come when definitive agreements are signed or the deal is abandoned.
At the time of this announcement, WAST was trading at $0.00 on OTC in the Industrial Applications And Services sector, with a market capitalization of approximately $519.3K. The 52-week trading range was $0.00 to $0.07. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: ACCESS Newswire.