NEW YORK, NY--(Marketwire - Apr 25, 2011) - Green EnviroTech Holdings Corp. (www.greenenvirotech.com) (
CEO De Laurentiis' comments are included in their entirety below:
"The Company has made significant progress with its business plan and objectives over recent months and the management team is highly satisfied with the overall progress of its objectives.
"The acquisition of Magic Bright, a plastic commodity broker based in Hong Kong which is now a wholly owned subsidiary of Green EnviroTech, was a major milestone that gave the Company both a solid asset base and significant revenues. Management expects to release more details on the operations and financials of Magic Bright in the near future via press and an 8K filing. In addition to providing the Company with a profitable, revenue generating subsidiary, this acquisition will also provide distribution outlets in Asia should they be required over the coming years.
"Our next anticipated milestone is the opening of our plant in Riverbank, California. Once completed, the plant will process agricultural plastic film and produce sweet crude oil that would be sold through our contract with Agilyx. With the recent rise in oil prices, our forecasted profit margins will increase significantly. We also have the full support of the City of Riverbank which has gone out if its way to encourage the opening and operation of the plant, from offering employment grants to introducing sources for State loans and CPCA bonds.
"Our planned Sheboygan, Wisconsin plant is our next area of focus. Once opened and operational, this plant will utilize our licensed technologies and will produce mainly recycled plastic, known as 'TPO,' along with sweet crude oil. All the oil will be sold to Agilyx through its contract as per the Riverbank plant. However the main plastic product, TPO, will be sold to Ravago who has entered into a letter of intent with the Company to process the recovered TPO from the plant and market it through their various sales channels. This will enable them to deliver, cost effectively, the end product to their customers directly from the plant. This again was a major milestone for the Company to be able to work with a global plastics company like Ravago (www.ravago.com). Additionally, the city and local businessmen are offering various incentives, to include loans and grants, in order for us to operate from Sheboygan and create much needed employment. We are again exploring a combination of equity, debt and lease financing to open the plant and the city has authorized up to US$ 30 Million in 'Tax Exempt' bonds that we are currently negotiating to have underwritten.
"We intend to continue growing and expanding through partnerships and joint ventures with other similar plants both nationally and worldwide. Any oil or TPO produced from joint ventures will also be sold through Agilyx and Ravago.
"Ravago is a major partner in our business plan and expansion. Our agreement with them is to sell all plastic, specifically 'TPO,' through Ravago, and we have also created a joint venture with them to open a plant in Texas. Ravago has agreed to provide equipment, at their expense, for all plants, whether the plants are wholly owned by Green EnviroTech or thru joint ventures, and we would sell any TPO produced at the plants through Ravago.
"Our competitive edge resides with our ability to reduce PCB contaminant levels in recycled plastic resin below the requirements of the EPA. Others have tried over the past decades to meet the standards set by the EPA but have always failed, where we have been able to succeed. We use various technologies already in commercial operation or we hold licenses for required patented technology for the life of those patents.
"The outlook for Green EnviroTech couldn't be more promising, with the closing of the Magic Bright acquisition and our progress on all fronts in the US."
About Green EnviroTech Corp.
Green EnviroTech Corp. is a large scale waste plastics recycling and recovery company which removes and cleans contaminants from recycled waste plastic to produce a compounded resin product. Its unique patented process significantly reduces the amount of shredder residue going to landfills up to 40 percent, which creates considerable cost savings for metal recyclers and the environment. The company has developed strategic partnerships with metal recycling companies and plans to leverage its recovery and manufacturing processes to primarily focus on automotive and durable goods applications and the production of sweet crude oil. Green EnviroTech Corp. is a wholly-owned subsidiary of Green EnviroTech Holdings Corp. (
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Contact Information:
Contact:
Investor Relations of Green EnviroTech Holdings Corp.
(888) 405-3160 ext. 1
www.STATcommgroup.com