Business & Finance
Business and Finance
Business and Finance
Tue, September 15, 2009 NYMET Holdings Inc.: NYMET Holdings Inc. (NYMH) Announces the Successful Acquisition of Two Ferry Barges for Salvage
NEW YORK, NY--(Marketwire - September 15, 2009) - NYMET Holdings Inc. (
NYMET Holdings and Parker Oceanic executed a Purchase Agreement for the purchase of two ferry barges. These historic vessels were originally launched in 1927, as the M/V Fresno and the M/V Willapa, which has since has been re-named the M/V San Leandro. The ferry barges were originally owned by the Southern Pacific Railroad system and served the San Francisco Bay Area. After servicing those waters for over ten years, new bridges were built over San Francisco Bay, effectively making the ferry services obsolete. During the 1940s the Puget Sound Navigation Company, in hopes of improving their service, purchased both of the steel electric ferries from Southern Pacific. In 2006, both Ferries were sold to Parker Oceanic and subsequently transported to Stockton, California where they have been slated for salvage of scrap steel. The ferries are vastly similar; both having a similar hull sizes of approximately 250 feet x 60 feet x 19 feet. Further, both ferries are predominantly made of steel plate with an estimated weight of 2,000 combined tons. NYMET Holdings has already begun the pre-salvage process, which should take an estimated 15 days. Once the pre-salvage process is complete, the entire salvage operation is expected to be finalized within the following 60 days.
In discussing the Project, Senior Vice President of Corporate Development James Gardner estimated the total revenue to be around $650,000 with a net profit of approximately $200,000. Mr. Gardner commented that this would be the first of many salvage operations utilizing NYMET's new port facility in Stockton, California. The facility will be used regularly in the future to load and transport the processed scrap material to clients worldwide.
DISCLAIMER: CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
The results described herein cannot be guaranteed. This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this news release other than statements of historical fact are "forward-looking statements" that are based on current expectations and assumptions. These expectations and assumptions are subject to risks and uncertainty, which could affect NYMET Holdings Inc.'s future. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the statements, including, but not limited to, the following: the ability of NYMET Holdings Inc. to provide for its obligations, to provide working capital needs from operating revenues, to obtain additional financing needed for any future acquisitions, to meet competitive challenges and technological changes, and other risks. NYMET Holdings Inc. undertakes no duty to update any forward-looking statement(s) and/or to confirm the statement(s) to actual results or changes in NYMET Holdings Inc.'s expectations.
