SOURCE: Green EnviroTech Holdings Corp.

Green EnviroTech Holdings Corp.

August 23, 2011 09:25 ET

Green EnviroTech Holdings Corp. CEO Discusses Upcoming Second Quarter Report Filing

NEW YORK, NY--(Marketwire - Aug 23, 2011) - Green EnviroTech Holdings Corp. (www.greenenvirotech.com) (OTCBB: GETH) and its wholly-owned subsidiary, Green EnviroTech Corp., a waste plastics recovery, separation, cleaning, and recycling company, today released a statement from CEO and Chairman Gary M. De Laurentiis commenting on the 10Q filing.

"The Company announced today that it will file its second quarter financial report on Form 10-Q late. We want to ensure our shareholders that management expects to complete the filing within the next two weeks. Two main factors have contributed to the Company filing late. First, during the second quarter, we finalized the acquisition of a Hong Kong-based plastics brokerage company, Magic Bright LTD, with coverage in Europe and Asia and revenues over the past three years in excess of USD $28 million. The addition of this subsidiary and its six locations has added complexity to the quarterly report. Secondly, the new regulatory requirement to include XBRL into periodic financial reports is a new experience for the Company and its management team. Ensuring the Company properly consolidates and reports the financials of its new Hong Kong-based subsidiary and complies with new XBRL reporting standards has taken longer than planned. Therefore, the Company's symbol will have an 'E' attached to it until the filing is made. Going forward, we expect to improve the internal reporting procedures for timely reporting in the future."

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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