Green Parts International, Inc. Provides Further Information on its International Operations
ATLANTA--Green Parts International, Inc. (Pink Sheets: GNPT) announced yesterday the addition of a Korean customer to its international customer base. Green Parts, in primarily the last 30 days has shipped nearly 200,000 dollars of the 5 million dollar commitment from their Korean customer. “With the launch of our Scrap Metal Division in June 2006 and the acquisition of a scrap operation in November of 2006, we have successfully integrated our two core operations. Integrating the two operations allows us to maximize the margins in buying a vehicle that is considered salvage. Furthermore, the soft dollar combined with global demand for scrap creates a very explosive growth opportunity for Green Parts which is on course to have another year of double digit growth in revenues and gross margins,” Said Asif Balagamwala, President and CEO.
As scrap metals become a worldwide commodity Green Parts is executing on its plan of becoming a global supplier of salvage materials whether in the form of auto parts, auto salvage or other scrap metals for recycling. The U.S. is the world’s largest scrap producer and a natural partner with emerging markets like Korea whose economy according to a recent article by a Hong Kong based economists at Lehman Brothers will grow 5.1% next year. Asif Balagamwala had this to say, “With a diversified customer base and pending contract negotiations with customers in the US as well as Korea, China, India, Bangladesh and Dubai I believe Green Parts is not only insulated against any US economic slow down but positioned for explosive growth in the global scrap and auto salvage industry.”
Green Parts International is located in Atlanta, Ga. More information about Green Parts International is available by visiting its website at www.greenparts.com
Forward Looking Statement
The contents of this Press Release may be deemed to include forward-looking statements within the meaning of United States securities laws and the Private Securities Litigation Reform Act of 1995. Forward-looking statements are only predictions and you should not rely on them. Actual results might differ materially from those projected in any such forward-looking statements. Forward looking statements involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by the forward-looking statements. We cannot guarantee future results, levels of activity, performance or achievements. In evaluating forward-looking statements you should consider various factors including risks inherent in the scrap metal business sector.