NYMET Holdings Inc. (PINKSHEETS: NYMH), a metals and mining company headquartered in Port Jefferson, N.Y., announced the successful execution of a Lease Purchase Contract to acquire a marine salvage and storage facility located in Stockton, Calif. The acquisition, which includes two waterfront parcels, as well as riparian rights, provides NYMET a strategic location to expand their Marine Salvage Division for scrap metal recovery.
The property, located on the waterfront of the San Joaquin River, in Stockton, Calif. will provide NYMET the ability to process and transport scrap metal derived from the salvage and ship breaking opportunities available on the west coast of North America. The facility provides access to the Delta waterway as well as the ability to park salvage barges.
In addition to being one of the last waterfront properties permitted for storage and marine salvage operations, the Property's proximity to Oakland's port also enables NYMET to export material to Asia extremely cost effectively. The facility, with its riparian rights, also allows NYMET to have barges parked at their facility and provides an enormous logistical advantage.
This acquisition marks yet another significant milestone for NYMET and their shareholders. The acquisition positions NYMET to recognize significant cash flow from their marine salvage operations.