Salt Lake City, August 2, 2005: Paul Roszel, Chairman & CEO of RecycleNet Corporation (OTC: GARM) is pleased to announce the incorporation of Scrap China Corporation. Scrap China will add value to RecycleNet by facilitating trade of secondary commodities between North America and China.
In the year 2000, RecycleNet Corporation recognized the need for specific geographic web portals within its business and it established an online presence to correspond with each continent. The management of RecycleNet Corporation believed that the growing potential for business in Asia demanded separate attention, therefore implemented a strategy to establish a secondary commodity clearing house service in China. As a result, on June 15, 2005 a new business segment was formed, a Utah corporation, Scrap China Corporation.
Scrap China Corporation is a development stage company. The Company's plan is to set up a base of operations in China to facilitate the international trade of secondary commodities.
The incorporation of Scrap China launches a new chapter in the history of RecycleNet. Over the past ten years RecycleNet has excelled with their online secondary commodities exchange. This new venture will be the first step in achieving RecycleNet Corporation’s long-term goal of providing physical clearinghouse services to the recycling industry.
About RecycleNet
RecycleNet operates the Online Secondary Commodities Exchange. Founded in 1995, RecycleNet created a powerful platform to facilitate the international trade of secondary commodities. RecycleNet Corporation enables trade on a local, national and international basis with customized sites locating markets around the world in many different commodities. On any given day, there are in excess of $200 million in new listings for commodities within our exchanges.
For
further information contact:
Paul Roszel
RecycleNet Corporation
Tel.
(801) 531-0404
2005
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