SOURCE: Green EnviroTech Holdings Corp.

Green EnviroTech Holdings Corp.

June 20, 2011 12:14 ET

Green EnviroTech Holdings Corp. Announces Hong Kong Expansion Plans to Build Upon Recent Acquisition With Over $28 Million in Annual Revenue

NEW YORK, NY--(Marketwire - Jun 20, 2011) - Green EnviroTech Holdings Corp. (OTCBB: GETH), a company at the forefront of waste plastics recovery and recycling, announced today that CEO and Chairman Gary De Laurentiis and the CFO Wayne Leggett, together with executives of Mosaic Capital LLC, Green EnviroTech's investment bank, have travelled to Hong Kong to work on integrating the recently acquired Magic Bright Ltd. into the Company. Magic Bright Ltd. is a leading Hong Kong-based plastics recycling and trading company with long term distribution contracts in mainland China, and its revenues over the past three years have been in excess of USD 28 million.

During the strategic meetings held in Hong Kong, the management teams concentrated on expansion plans that would increase revenue and profit from its newly acquired subsidiary.

Mr. De Laurentiis, CEO and Chairman of Green EnviroTech, said, "The purpose of this visit is to ensure that Magic Bright Ltd., which is already a successful business contributing substantially to Green EnviroTech's bottom line, achieves an annual revenue of USD 40 million which I have alluded to in the past. We are working closely with the senior management team here in Hong Kong to ensure that this figure is reached and hopefully exceeded. Initial indications are very encouraging, and I am extremely pleased with our acquisition. I believe that the potential for growth in this region is immense."

The transaction in which Green Envirotech Holdings Corp. acquired Magic Bright Ltd. was valued at USD 6 million and was financed with cash and stock. As well as a steady revenue stream, the acquisition gives Green EnviroTech immediate access to a large and expanding market.

About Green EnviroTech Holdings Corp.
Green EnviroTech Holdings Corp. is a plastics recovery and recycling company which removes contaminants from recovered plastic recaptured from end of life automotive vehicles shredded for their metal. Green EnviroTech Holdings Corp. processes this recovered plastic to produce compounded plastic resin and light sweet crude oil as end products. Its unique patented process significantly reduces the amount of shredder residue going to landfills by up to 40 percent creating considerable cost savings for metal recyclers while also dramatically reducing the volume of materials going to the landfill. The Company has developed long term strategic partnerships that allow it to receive feedstock at near zero cost and has also leveraged its patented technology to ensure guaranteed sale of 100% of its production output thereby creating a sustainable and high margin business model. A valuable by-product of the Green EnviroTech process is commercial grade, sweet crude oil that will also be sold to industry at market prices. For more information please visit www.greenenvirotech.com.

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