RECYCLENET ANNOUNCES ACQUISITION
May
3, 1999
Mikael
Prydz, CEO of RecycleNet Corporation is pleased to announce
the acquisition of Andela Products Ltd. (Richfield Springs,
New York).
Andela
Products Ltd. is involved in strategic marketing programs
for recyclable commodities and has developed a unique Internet
based service. RecycleNet anticipates the acquisition of
Andela Products Ltd. will add in excess of $1 million to
RecycleNet's revenue over the first year.
RecycleNet
is pleased to welcome Cynthia Andela to the RecycleNet team.
Ms. Andela's responsibilities will be split between her
existing commitments with Andela Tool & Machine Inc.
(an OEM recycling equipment manufacturer of which she is
a principle) and Andela Products Ltd. Ms. Andela's unique
technical and marketing expertise strategically complements
the existing strength's held by the RecycleNet team.
Since
the addition of John Robb to the RecycleNet team in the
first quarter of 1999, RecycleNet's customer base has increased
by over 40%. RecycleNet's "finely tuned" Internet
operations are led by John, Paul and George.
This
news release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform
Act of 1995 (the "Act"). In particular when used
in the preceding discussion, the words "plan",
"confident that", "believe", "expect",
"anticipate", "intent to" and similar
conditional expressions are intended to identify forward-looking
statements within the meaning of the Act and are subject
to risks and uncertainties, and actual results could differ
materially from those expressed in any forward-looking statements.
Such risks and uncertainties include, but are not limited
to, market conditions, competitive factors, the ability
to successfully complete additional financing, and other
risks.
RecycleNet
Corporation provides "Global Access to
Recycling Markets" (GARM) through
Recycler's World, a dynamic Internet portal that facilitates
e-commerce trading.
RecycleNet
Corporation trades OTC BB: GARM
Recycler's World: www.recycle.net
For
further information contact:
Mikael
Prydz - CEO
RecycleNet Corporation
Tel.
(519) 767-2913
1999
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