SOURCE: Green EnviroTech Holdings Corp.
December 22, 2010 16:13 ET
Green EnviroTech Signs Lease and Opens New Riverbank, CA Corporate Offices
NEW YORK, NY--(Marketwire - December 22, 2010) - Green EnviroTech Corp., a plastics recovery, separation, cleaning, and recycling company, and a wholly-owned subsidiary of Green EnviroTech Holdings Corp. (OTCBB: WCRM), today announced it has signed a five year lease for its new office space, which is now open for business in Riverbank, CA. The office, led by CEO Gary DeLaurentiis and three additional office personnel, represents the companies' new corporate offices in California.
Green EnviroTech plans to use its Riverbank plant to convert agricultural film waste and scrap plastic into sweet crude oil. The planned 40,000 square foot facility is scheduled to open in the Spring of 2011. The company anticipates creating green collar jobs by harnessing the alternative domestic sources of oil, which provides tangible environmental and economic benefits for the country and for the local California communities.
A recent letter from the City of Riverbank's Local Redevelopment Authority (the LRA) outlined its support and enthusiasm for Green EnviroTech's decision to proceed with the development of its planned facility in Riverbank and for opening its corporate offices in their city. The LRA is preparing the Community Development Block Grant OTC Grant Application in support of the company. The grant provides for the creation and retention of jobs in a community with a higher than average unemployment rate. The LRA is working with the granting agency and the State's Department of Housing and Community Development to provide $5 million in funds over the next two years for site infrastructure improvements, business working capital, job training and equipment in the form of both grants and loans. In addition the LRA has indicated it is prepared to offer the company in-kind contributions totaling $2 million to support the project, including staff support, building improvements, local building and processing fees, electrical upgrades, rail improvements and infrastructure upgrades.
"We are extremely pleased to mark this major milestone of opening our corporate office in the great community of Riverbank, California," said Green EnviroTech CEO Gary DeLaurentiis. "The LRA has shown us terrific support as we continue to make it our mission to keep jobs in the U.S. and bring manufacturing back as a growth industry. We value the support we have received from the local government and look forward to becoming an active part of the local community."
About Green EnviroTech Corp.
Green EnviroTech Corp. is a large scale plastics recycling and recovery company which removes and cleans contaminants from recycled automotive vehicles to produce a compounded resin product. Its unique patented process significantly reduces the amount of shredder residue going to landfills by 40 percent, which creates considerable cost savings for metal recyclers and the environment. The company has developed strategic partnerships with metal recycling companies and plans to leverage its recovery and manufacturing processes to primarily focus 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).