E-Waste Systems (OTC: EWSI) rose 2.9%, rallying on a second consecutive day to a share price of $0.35. Volume spiked along to a total of 625,672.00, bypassing its average of 47,416.00 for the day.
Investors may be seeing bounce potential in E-Waste Systems since the stock has been trading among its all-time low prices in the past week.
Despite its recent rally and volume accumulation, E-Waste Systems’ share price dropped a dismal 66.7% since the beginning of 2012. The stock started out the year rallying steadily and peaked on February 17th at a share price of $1.92 but continued to drop during subsequent months.
The recent rally and volume spike of this small cap stock may also be linked to the company’s recent news:
- June 14, 2012: E-Waste Systems announced that it has signed a non-binding letter of intent (LOI) to acquire an end of life electronics company in the Southeast USA, as part of its strategy to become a leading provider of e-waste services around the globe.
- June 14th, 2012: E-Waste Systems announced that Larry Magor has been elected chairman of the board of directors effective immediately.
- May 31st 2012: E-Waste submitted its Form 8-K/A .
- October 14, 2011: the company completed the acquisition of Tech Disposal through the purchase of all of the issued and outstanding capital stock of Tech Disposal pursuant to that certain stock purchase agreement dated September 21, 2011 by and among the company, Ikaria Holdings, LLC, an Ohio limited liability company and George Pardos, an individual resident of the State of Ohio, a sole shareholder of the Seller. As a result of the transaction, Tech Disposal became a wholly-owned subsidiary of the company.
Headquartered in London, where e-waste regulations are the most stringent in the world, E-Waste Systems aims to be a leading provider of e-waste services in key jurisdictions globally. Blumberg Associates estimates the e-waste sector at $55B annually, and legislation increasingly mandates that e-waste can no longer be landfilled. OEMs and retailers are increasingly responsible for end-of-life management of e-waste, while CSR demands highly compliant, professional solution providers.
The e-waste industry is highly fragmented, which E-Waste Systems views as an attractive environment for its acquisition strategy.
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