GTSO Acquires Urban Mining Company Global Cell Buyers
SAN JOSE, Calif. -- October 31, 2012
GTSO Resources, the mining subsidiary of Green Technology Solutions, Inc.
(OTCBB: GTSO), achieved a major milestone in its quest to expand into the
booming urban mining business this week by completing the acquisition of
e-waste recycling start-up Global Cell Buyers (GCB).
Urban mining is the process of reclaiming materials such as gold, palladium,
rare earths and other valuable metals from discarded and obsolete electronics.
GCB’s current focus is the purchase of obsolete smartphones for resale or
recycling, but GTSO plans to enlarge the company’s intake capacity in order to
capitalize on additional lucrative waste streams, including tablet computers,
flat-screen televisions, laptops and other mineral-rich electronics.
The enormous growth potential of the urban mining sector initially attracted
GTSO to Global Cell Buyers. Consumers are now replacing smartphones roughly 18
months after purchase, and tablets are rapidly approaching a similar rate of
obsolescence. Traditional mining alone simply cannot affordably satisfy demand
for new gadgets.
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 expects that
its acquisition of GCB will be a major step toward capitalizing on that
“We have big plans for Global Cell Buyers,” said GTSO CEO Paul Watson. “This
acquisition is a big step for our company and our shareholders as we grow and
diversify our business.”
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 withDiamond V Associates.
For more information on these initiatives, please
AboutGreen 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
Follow us on Twitter atwww.twitter.com/gtsoresources.
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Safe Harbor Statement under the Private Securities Litigation Reform Act of
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meaning of Section 27A of the Securities Act of 1933, as amended, and Section
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Green Technology Solutions, Inc.
Paul Watson, 408-432-7285
President and CEO
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