Nettel Holdings Inc. announced 4 new long term contracts for its Tougi Metals division. In order to implement these contracts and eliminate any risk of payment to Tougi from these new buyers, a Letter of Credit (LC) has been issued from their respective financial institutions. This means that they have already paid for the steel they intend to buy, and the financial institution will guarantee payment. Tougi will get paid 5-8 days after the steel is shipped.

On 08/15/2008, Nettel Holdings Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.

Nettel Holdings Inc. reports progress on Tougi Scrap Metal Yard. At Puerto Rico yard, the company has installed ramps, docks, and heavy equipment to allow the processing and loading of 14 containers simultaneously (approximately 308 metric ton). In order to catch up with current demand the company has also recently started working 3 shifts (approximately 10-17 employees per shift). This would give us the ability to process and load up to 22 containers per day (approximately 484 metric ton). The current market price for HMS1 and 2 scrap metals is between $420-$470 per metric ton. The additional supply, plus the growing number of additional yards from other countries, will help us meet the demand of over 200,000 plus tons per month.