GreenShift Corporation (OTCBB: GSHF) today announced its acquisition of an 80 percent stake in Electronic Scrap Recycling Corporation (“ESRC”), an Indiana-based full service recycler of electronic components.
“E-waste recycling is a compelling challenge that we intend to address with our investment in ESRC,” said Kevin Kreisler, GreenShift’s chairman and CEO.
Under the terms of its agreement with ESRC, GreenShift acquired 80 percent of ESRC’s outstanding stock and received certain commercial rights in return for 1.6 million shares of GreenShift common stock and GreenShift’s provision of technology rights, strategic business development and other services.
ESRC currently provides full service electronic waste recycling, logistics and Certified Data Destruction services to public and private sector clients out of its 125,000 square foot facility in Elkhart, Indiana.
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