JAMESTOWN, CA--(Marketwired - Sep 8, 2016) - Green EnviroTech Holdings, Inc. (OTC PINK: GETH), in an effort to fortify the Company's balance sheet, the Company is pleased to announce to its Shareholders, and in connection with an 8-K filed on September 7, 2016 with the Securities and Exchange Commission, that it has converted $2,000,000 of debt owed to current and former employees, as well as to strategic partners into Warrants.
The issuance of these Warrants in consideration for services provided to the Company, as well as for promissory notes previously issued by the Company to noteholders, provides the Company with financial flexibility by allowing it to leverage the use of resources outside of capital to fully satisfy certain compensations owed. In turn, this will allow for the Company to direct more capital towards furthering many of the objectives outlined in their press release dated August 1, 2016, which includes finalizing deals with additional strategic partners and progressing deals through the business pipeline it has developed.
Furthermore, the Company's Chairman and CEO, Gary De Laurentiis, believes that the agreements the Company reached with its current and former employees, and strategic partners for the issuance of Warrants in lieu of monetary compensation demonstrates their confidence and surety in the direction of the Company:
"We believe that these agreements demonstrate confidence in the GETH technology and the future potential of the Company. These individuals perceive the increase in value the Company may experience as it continues to achieve various milestones and move forward with its initiatives over the next several months."
Gary De Laurentiis further remarked, "While we are excited and truly appreciative of the trust and commitment that our current and former employees are demonstrating in the future of our Company; we understand and accept the responsibility that comes with this trust and commitment, and pledge to continue to drive the growth and success of our Company through the acceleration of our initiatives."
GETH cautions that statements made in press releases constitute forward-looking statements, and makes no guarantees of future performances and actual results/developments may differ materially from projections in forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the time statements are made.
About Green Enviro Tech Holdings
Green Enviro Tech Holdings, Inc. (GETH) is a pioneer in sustainable development. Our mission is to find practical, economical solutions that will clean up the environment. Our technologies will convert waste into valuable products and help to protect the planet.