TraQiQ Announces the Signing of a Definitive Purchase Agreement to Acquire Recycle Waste Services
Troy MI, June 22, 2023 (GLOBE NEWSWIRE) — TraQiQ, Inc. (OTC QB: TRIQ) (the “Company” or “TraQiQ”), a leading diversified waste and recycling services provider, today announced that its wholly-owned subsidiary, Titan Trucking, LLC, has signed an agreement to purchase Recycle Waste Services LLC (“RWS”) as it continues to execute on the Company’s plan to shift and restructure its business operation to providing traditional and alternative environmental services.
RWS is an environmentally-responsible waste and recycling hauler and service provider based in Sylvania, Ohio. It specializes in waste facility management and the provision of roll off, long haul and waste diversion services throughout Northwest Ohio and Southeast Michigan.
“We are excited about adding RWS to the TraQiQ family of companies and look forward to having the RWS management team, including Ryan and Scott Stansley, join us in executing our plan to grow TraQiQ into a leading provider of environmental services through aggressive organic and acquisitive growth campaigns,” said Glen Miller, the Company’s Chief Executive Officer.
TraQiQ intends to rebrand itself as Titan Environmental Solutions, Inc. over the upcoming months, a name that represents its new focus. The completion of the RWS acquisition will provide significant synergies as well as an entry to the Ohio marketplace for the Company. “The transaction with TraqIQ will allow us to provide our current customers with the unprecedented level of service they have become accustomed to, while at the same time, providing RWS the runway and resources necessary to expand upon our offerings and capabilities for customers within both new and existing market areas” said Ryan Stansley, RWS’s President. O’Keefe’s investment banking group acted as the financial advisor to Titan Trucking on the RWS transaction.
The transaction is expected to close in the third quarter of 2023.
About TraQiQ, Inc.
TraQiQ is a service-oriented waste and recycling solutions company with a comprehensive package of waste reduction, collection, recycling, and technology-enabled solutions that meet and support customer demand. The Company is continuing to focus on the provision of cash flow-generating, cost-effective environmental solutions to consumers.
About Recycle Waste Services.
RWS is an environmentally-responsible waste and recycling hauler and service provider based in Sylvania, Ohio. RWS specializes in waste facility management and the provision of roll off, long haul and waste diversion services throughout Northwest Ohio and Southeast Michigan. Through the management of multiple waste processing facilities for both Fortune 500 and municipal customers and provision of its waste collection and hauling services, RWS achieved revenue of over $22,000,000 in 2022. Operating a fleet of over 150 pieces of equipment, RWS collected, processed and transported over one million tons of waste in 2022. RWS continues to work with recycling partners to allow them to maximize diversion of recyclable materials away from the landfill.
Cautionary Note Regarding Forward-Looking Statements
Statements contained herein that are not based upon current or historical fact are forward- looking in nature and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements reflect the Company’s expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. The potential risks and uncertainties include, among others, the risks listed in the Company’s most recent annual report on Form 10-K and other documents filed by the Company with the Securities and Exchange Commission. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission. Actual results, performance, prospects, and opportunities to may differ materially from those set forth in, or implied by, the forward- looking statements.
Please Contact: Glen Miller CEO
Tel: +1 248-775-7400 Email: [email protected]
SOURCE TraQiQ, Inc.