SOURCE: Green EnviroTech Holdings Corp.

Green EnviroTech Holdings Corp.

August 26, 2010 09:35 ET

Green EnviroTech Signs Deal With Agilyx for Exclusive Resell Rights of Oil Production

NEW YORK, NY--(Marketwire - August 26, 2010) -  Green EnviroTech Corp., a leading plastics recovery, separation, cleaning, and recycling company, and a wholly-owned subsidiary of Green EnviroTech Holdings Corp. (OTCBB: WCRM), announced today it has contracted with Agilyx, an alternative energy company that uses patented, proven and commercially viable technology to convert difficult-to-recycle waste plastics into synthetic crude oil, to resell all oil produced from its recycling process.

In keeping with its strategy to work with established key industry partners, Green EnviroTech plans to convert waste and scrap plastic into high-value energy products, including sweet crude oil. Formerly known as Plas2Fuel, Agilyx uses a continuous batch process to convert waste plastics into barrels of synthetic sweet crude oil. The process is scalable, versatile and environmentally positive, and Agilyx has been producing and selling crude oil on the open market for approximately two years. The agreement allows any and all types of plastic, comingled, dirty and/or contaminated materials to be processed in the Agilyx recycling system. Agilyx uses its patent pending process to "decompose" plastics back into hydrocarbons while separating undesirable organics (chlorine, bromine, etc.) entrained in the plastic. This allows for no combustion of waste plastic. Ultimately, ultra clean, "sweet" crude oil is produced, which in turn will be sold to oil refineries.

"We are extremely pleased to partner with industry leader Agilyx to help extend our large scale recycling and favorable carbon footprint efforts," said Gary DeLaurentiis, Chief Executive Officer, Green EnviroTech Corp. "This is truly a unique opportunity to produce oil in the U.S. without drilling into the ground while using 'no-value' materials that would normally go to landfills to produce the oil. The net-positive environmental impacts, creation of green collar jobs, production of domestic sources of oil and industry spanning economic benefits are combined using Green EnviroTech's expertise."

About Green EnviroTech Corp.

Green EnviroTech Corp. is a recovery, cleaning, and plastics recycling company which constructs large-scale, plastic recycling operations near automotive shredder locations nationwide. The company has developed strategic partnerships with metal recycling companies and plans to leverage both its patented and patent pending recycling and manufacturing processes to produce compounded resins for applications in specific manufacturing processes, primarily focusing on automotive and durable goods applications and the production of sweet crude oil. Green EnviroTech Corp is a wholly-owned subsidiary of Green EnviroTech Holdings Corp (OTCBB: WCRM).

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