RecycleNet Joint Venture in India
Salt Lake City, Utah July 7, 2006, RecycleNet Corporation announces the formation of a joint venture between RecycleNet Corporation, and Infotrek Syscom Ltd., a publicly traded company on the Bombay Stock Exchange (530643.BO). RecycleNet will provide its Exchange software for an Indian electronic exchange (www.e-exchangeindia.com).
The joint venture will be operated as E-Exchange India (www.e-exchangeindia.com) and will focus on the trade of used and scrap computers, televisions, telephones, CRT’s, other electronic and electrical equipment. E-Exchange India will facilitate both domestic and international trade of recycled electronics for a booming Indian economy. The introduction of the EU Directives for WEEE and RoHS (Waste Electronic and Electrical Equipment and the Reduction of Hazardous Substances) in Europe has set in motion a new standard that has had a ripple effect worldwide and caused a substantial increase in the awareness and activity international trade of electronic scrap.
This venture gives RecycleNet Corporation a strong relationship in India, which is currently one of the largest developing markets in the world for importing secondary commodities. E-exchange India will become a building block in RecycleNet’s BRIC (Brazil, Russia, India China) strategy. The Institute of Scrap Recycling Industries (ISRI) is planning its second ever trade mission and first to India for early 2007. RecycleNet Corporation was a key participant in ISRI’s first trade mission to China in September 2005.
About RecycleNet
RecycleNet Corporation operates a Secondary Commodities Exchange; its buy/sell/trade listing service went online in 1995. RecycleNet has consistently grown its core user base and serves over 3.8 million unique users each month from 150 countries worldwide. On an average business day there are in excess of $200 million USD in new listings submitted to our exchanges. Current total listings on the exchange exceeds $ 5 Billion USD. In addition to organic growth, RecycleNet Corporation continues to pursue its aggressive plans of merger, acquisition, joint ventures, and strategic alliance.
For further information contact:
RecycleNet Corporation
Paul Roszel
Telephone: (801) 531-0404
Email: info@recyclenet.com
www.recyclenet.com
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