Green Environmental Technologies Inc.
TSX VENTURE : GEI

Green Environmental Technologies Inc.

August 22, 2005 17:17 ET

Green Environmental Technologies Inc. Notice To Shareholders

TORONTO, ONTARIO--(CCNMatthews - Aug. 22, 2005) - Green Environmental Technologies Inc. (TSX VENTURE:GEI)("GEI"-Tier 2-TSXV; "Green Environmental" or the "Company") announces that Green Environmental was served with a lawsuit along with forty-three other defendants on July 21, 2005 by Fareport Capital Corporation for twelve million dollars. The majority of the allegations relate to the forty-three other defendants. The suit alleges amongst other things that Green Environmental, formerly known as The E21 Group Inc., preformed work for Fareport Capital Corporation in the amount of $500,000, through a consulting services agreement on or about April of 1998, that was unsatisfactory to Fareport Capital Corporation. The suit goes on to allege improprieties in a private placement of shares of The E21 Group Inc. to Fareport Capital Corporation were not properly constituted.

Green Environmental has retained the services of Groia and Company, a professional law firm, to defend these allegations. Green Environmental believes that the suit is without merit, and will aggressively defend against these allegations. The Company further reports that none of the Company's current officers or directors were involved with either The E21 Group Inc. or Fareport Capital Corporation during the relevant time period.

Please note that a material change report will be filed with the Ontario Securities Commission and that the Company is fully cooperating with the Commission.

This disclosure is for information purposes only and will be posted on SEDAR.

The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release.

Contact Information

  • Green Environmental Technologies Inc.
    Mr. Mark Appleby
    President
    (416) 804-0280
    (416) 368-6827 (FAX)