SAN JOSE, Calif.--(BUSINESS WIRE)-- GTSO Resources, the mining subsidiary of Green Technology Solutions, Inc. (OTCBB: GTSO), achieved a major milestone in its quest to expand into the booming urban mining business this week by completing the acquisition of e-waste recycling start-up Global Cell Buyers (GCB).
Urban mining is the process of reclaiming materials such as gold, palladium, rare earths and other valuable metals from discarded and obsolete electronics. GCB’s current focus is the purchase of obsolete smartphones for resale or recycling, but GTSO plans to enlarge the company’s intake capacity in order to capitalize on additional lucrative waste streams, including tablet computers, flat-screen televisions, laptops and other mineral-rich electronics.
The enormous growth potential of the urban mining sector initially attracted GTSO to Global Cell Buyers. Consumers are now replacing smartphones roughly 18 months after purchase, and tablets are rapidly approaching a similar rate of obsolescence. Traditional mining alone simply cannot affordably satisfy demand for new gadgets.
According to a recent report by industry analysts Frost & Sullivan, the global e-waste recycling market is predicted to grow to $1.86 billion by 2017 with a strong compound annual growth rate (CAGR) of four percent. GTSO expects that its acquisition of GCB will be a major step toward capitalizing on that growth.
“We have big plans for Global Cell Buyers,” said GTSO CEO Paul Watson. “This acquisition is a big step for our company and our shareholders as we grow and diversify our business.”
Urban mining is a major pillar of GTSO’s plans to compete alongside major international corporations striving for sustainable manufacturing solutions, such as Sprint Nextel Corp. (NYSE: S) and Toyota Motor Corporation (NYSE: TM). The company is also exploring traditional mining opportunities in the U.S. and Africa through its joint venture with Diamond V Associates.
For more information on these initiatives, please visit www.GTSOResources.com/investors.html.
About Green Technology Solutions, Inc.
Green Technology Solutions, Inc. [www.gtsoresources.com] is a growth-oriented company exploring rare earth minerals and precious metals production around the world. To learn more, please visit our website at www.GTSOresources.com/investors.html.
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Green Technology Solutions, Inc.
Paul Watson, 408-432-7285
President and CEO
Source: Green Technology Solutions, Inc.