Green Environmental Technologies Inc.

Green Environmental Technologies Inc.

March 02, 2005 12:29 ET

Green Environmental Technologies Inc. Moves To Close Proposed Private Placement And Reserves Stock Options


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: GREEN ENVIRONMENTAL TECHNOLOGIES INC.

TSX VENTURE SYMBOL: GEI

MARCH 2, 2005 - 12:29 ET

Green Environmental Technologies Inc. Moves To Close
Proposed Private Placement And Reserves Stock Options

TORONTO, ONTARIO--(CCNMatthews - March 2, 2005) - Green Environmental
Technologies Inc. (TSX VENTURE:GEI)(Tier 2-TSXV; "Green Environmental"
or the "Company") wishes to update shareholders as to the proposed
Private Placement as previously announced on December 13th,2004. The
Company has entered into a Private Placement Agreement to receive up to
$60,000 in new funds for the Company. The private placees will subscribe
for 600,000 Units of GEI. Each Unit of GEI consists of one (1) common
share of the Company and one (1) share purchase warrant. The price of
each common share will be $0.10; these shares will be subject to a
statutory hold period. The share purchase warrants entitle the holder to
acquire one (1) additional common share of GEI at a price of $0.10 for a
period of two (2) years following the closing of the transaction. There
will not be a "Finders Fee" paid upon closing of the transaction. The
transaction will close upon TSX Venture Exchange approval.

Green Environmental intends to use the proceeds from the private
placement to retire debt.

The Company has also reserved 1,000,000 stock options at a price of
$0.10 per share. The stock options will expire in five years or as per
the terms of the stock option agreements.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Green Environmental Technologies Inc.
    Mr. Mark Appleby
    Chairman, President & Chief Executive Officer
    (416) 804-0280
    The TSX Venture Exchange has neither approved nor disapproved of the
    contents of this press release.