Green Environmental Technologies Inc.

Green Environmental Technologies Inc.

August 26, 2005 16:05 ET

Green Environmental Technologies Inc. Releases Interim Financial Statements as at June 30, 2005

TORONTO, ONTARIO--(CCNMatthews - Aug. 26, 2005) - On August 23, 2005, Green Environmental Technologies Inc. (TSX VENTURE:GEI)("GEI"-Tier 2-TSXV; "Green Environmental" or the "Company") released its Interim Financial Statements as at June 30, 2005.

Green Environmental announces the following significant items are contained in the Interim Financial Statements as at June 30, 2005:

- Green Environmental has taken a write-off of $550,000 on the goodwill it carries on its books for its acquisition of Enpar Corrosion Control Inc. After careful review by the company and its financial advisors, it was felt that due to the reduced revenue stream and profitability of this asset, it is important to carry the asset at this reduced value to correctly reflect its fair market value.

- A loan between a subsidiary of Green Environmental, Arbor-Tech Inc., and the Canadian Imperial Bank of Commerce continues to be in default. The Company is in negotiations to cure the default. The Company anticipates that a cure for the default will occur in the fourth quarter of 2005.

- The Company's continued existence as a going concern is dependent upon its ability to continue to obtain adequate ongoing debt and/or equity financing with creditors, officers, directors and stakeholders. In addition the Company must also ultimately remain profitable.

Please note that Interim Financial Statements as at June 30, 2005 have been filed with the Ontario Securities Commission and are 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
    (416) 804-0280