SOURCE: Green EnviroTech Holdings

Green EnviroTech Holdings

May 16, 2013 09:00 ET

Green EnviroTech Holdings Announces Agreement for First Refinery License

First Revenue Stream for GETH's Recently Announced Global Joint Venture With Petrosonics, LLC

RIVERBANK, CA--(Marketwired - May 16, 2013) -  Green EnviroTech Holdings Corp. "GETH" (OTCQB: GETH) announced today that its previously announced Global Joint Venture with Petrosonics, LLC has entered into an agreement with Texas based International Refinery Consultants (IRC), along with its financiers, and has signed a Memorandum of Understanding (MOU) this week with Petrosonics, LLC to license Petrosonics' patented breakthrough technology for Africa's newest, state of the art, 200,000 barrel per day (BPD) "Cameroon Atlantic Refinery Project," located in Kribi, Cameroon, Africa.

Michael Eppler, President and CEO of IRC, stated, "The Cameroon Atlantic Refinery is intended to be Africa's showcase and a leading-edge, high tech, 'green' facility' as one of the most efficient and cost-effective refineries in the world. To that end, we are pleased to select Petrosonics' technology, given its potential to be the cleanest, most cost effective and easiest way to achieve 10 parts per million (PPM) or less sulfur product at the pump of any of the technologies we reviewed."

Petrosonics, LLC CEO Dr. Mark Cullen stated, "This new refinery, designed to produce product for export to Europe and Africa, will likely avoid $1 billion of equipment expense and experience a potential US $54MM per stream cost advantage over its competitors, by using fractionated desulphurization. After having recently completing multiple years of patent protection work, including years of patent defense against some of the largest energy firms in the world, it is very gratifying now to see the technology finally used in a commercial setting. And, we are particularly gratified to be able to work with a firm of IRC's caliber, on the ground floor of new construction project. What we will learn from this project will likely impact our efforts positively to retrofit the 500 or so existing refineries lacking advanced hydrotreating."

About International Refinery Consultants and Refinery Technology Inc.

Headed by CEO and President, Michael Eppler, International Refinery Consultants (IRC) is a Houston based corporation providing oil and gas consultation, project development and project management services internationally.

Their associated company for the Cameroon Refinery is Refinery Technology Inc. (RTI) headed by CEO and President Peter Klumpp. RTI provides cutting edge refinery process solutions and is also based in Houston, Texas.

Links detailing the project can be found here:

http://www.petroleumafrica.com/en/newsarticle.php?NewsID=14459

http://www.downstreamtoday.com/%28X%281%29S%28eisdvv45dnc4al45wml4o5jq%29%29/news/article.aspx?a_id=37406&AspxAutoDetectCookieSupport=1

About Petrosonics, LLC

Petrosonics, LLC (privately held) was recently awarded multiple patents in 42 countries for the world's most cost-effective, oil-industry corroborated process for removing sulfur from crude oil and refined fuels. The process uses sonic energy (ultrasound) to agitate (cavitate) and open fuel molecules from the inside out, exposing hard-to-extract sulfur. During cavitation, the fuel molecule is sheered open, allowing oxygen to bond to the impurities in the fuel. Following oxidation, sulfur, nitrogen elements and trace metals, no longer able to bond to the product, fall out of the product stream, resulting in much more valuable EPA-compliant end-product. When properly employed, the process can add dollars per barrel to the value of crude oil and, in a refinery, is a lower cost alternative to advanced hydro treating. On May 2nd, 2013, Petrosonics, LLC and Green EnviroTech announced a Letter of Intent for a Global Joint Venture. Both Petrosonics and Green Envirotech expect a definative agreement to be concluded shortly. A copy of the previous announcement can be found here: http://www.marketwire.com/press-release/green-envirotech-holdings-geth-announces-loi-global-joint-venture-with-petrosonics-llc-otcqb-geth-1785812.htm

About Green EnviroTech Holdings Corp.

Green EnviroTech Holdings (GETH) is an innovative technology company with a patent pending for recycling tires and mixed plastics back into high grade oil, suitable for blending into most products produced at a refinery.

The GETH Process to convert plastic and tires to oil uses electromagnetic pyrolysis to produce GETH Oil, carbon black, syngas, and steel. The use of electromagnetic pyrolysis facilitates faster processing while causing no environmental impact. A standard twelve system plant, utilizing 6 systems for plastic and 6 systems for tire conversion, produces approximately 25,000 barrels of oil per month. The company, headquartered in California, was founded in 2008 by Gary De Laurentiis, an industry veteran and award winning plastic recycling process designer.
For further information about the Company, visit www.greenenvirotech.com and/or email info@greenenvirotech.com

Safe Harbor Statement:

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.

Contact Information

  • Contact:

    Constellation Asset Advisors, Inc.
    Jens Dalsgaard
    Phone: 415-524-8500