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NYMET Holdings Inc. (NYMH) Announces Commencement of Ferry Barge Project Salvage and Recycling

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  Published in Business and Finance on Wednesday, November 18th 2009 at 7:08 GMT by Market Wire
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NEW YORK, NY--(Marketwire - November 18, 2009) - NYMET Holdings Inc. (PINKSHEETS: [ NYMH ]), an innovative metals and mining company, headquartered in Port Jefferson, N.Y., today announced the commencement of salvage operations for the M/V San Leandro and the M/V Fresno on the San Joaquin River.

With concentrated efforts by its contractors, Enterprise Marine Co. and B'NEATH THE WAVES, all required equipment has been mobilized at NYMET's port facility and the heavy-duty crane barges have dispatched the ferries to begin the recycling and recovery process. Enterprise Marine spokesperson and owner Loren Beldso stated, "The mobilization of all our equipment is now complete and we are ahead of schedule, however there is still a significant amount of work and salvage to be done in Delta."

This Project marks the first of many salvage operations that will utilize NYMET's port facility. NYMET has begun to research additional vessels that need salvaging in the area. NYMET believes that this facility will provide long-term sustainability and substantial revenues for the Company. Further, the facility will also be used to load and transport scrap metal to NYMET clients both domestically and overseas.

About the Stockton, CA Port Facility

The facility is located on the waterfront of the San Joaquin River in Stockton, CA. This location provides NYMET with the ability to process scrap metal material from ferry barges and other vessels. Further, the facility also acts as a staging and loading area, giving NYMET the ability to transport material to the Oakland Port as well as local steel mills.

The Stockton Port is one of the last waterfront properties in California that is allowed to operate as a storage and marine salvage facility. The property's proximity to the Oakland Port enables NYMET to cost effectively export material to Asia. The facility's riparian rights permit NYMET to have barges docked and stored at the facility.

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 conform the statement(s) to actual results or changes in NYMET Holdings Inc.'s expectations.