E-Waste Systems has lost the lease on its Ohio location.
In a Dec. 2 ruling, a Hamilton County judge sided with the owner of the Springdale property leased by E-Waste Systems, Inc. (EWSI) and formally evicted the publicly traded company from the location.
According to court documents sent to E-Scrap News by the Hamilton County Clerk of Courts, the property’s owner, DCT Northwest, claimed EWSI failed to pay rent for the months of September and October and refused to leave the 44,000 square-foot location after receiving a “Notice to Leave the Premises” on Oct. 15.
The monthly rent for the property was just under $12,000, plus estimated operating expenses of $5,000, court documents detail. The lease was intended to last three years and it commenced in March 2014.
EWSI’s public relations department sent a statement to E-Scrap News regarding the eviction:
It is unfortunate that the EWSI-Cincinnati facility is forced to close at this time. We have been faced with a number of challenges that took our focus away from our main objective. We sincerely hope that we can change all of that and dedicate our energies on other areas of the business in order to make a comeback in the Cincinnati area. We feel it is only a temporary situation and we will be able to come back stronger than ever with the help of a very determined and dedicated core team remaining with the company.
EWSI, which also has locations in California and New York, says the New York location in particular “is not affected by the current situation in Cincinnati.” A Dec. 4 press release announced plans to further expand in New York and venture into India as well.
The company recently announced a reverse stock split “to permit the Company to obtain appropriate financing and make [its] capital structure more attractive to potential investors.”