SOURCE: Green EnviroTech Holdings Corp.

Green EnviroTech Holdings Corp.

April 13, 2011 18:36 ET

Green EnviroTech Holdings Corp. Engages AME Holdings Group, LLC to Assist in Securing $8 to $12 Million in Financing

NEW YORK, NY--(Marketwire - Apr 13, 2011) - Green EnviroTech Holdings Corp. ( (OTCBB: GETH) and its wholly-owned subsidiary, Green EnviroTech Corp., a waste plastics recovery, separation, cleaning, and recycling company, announced today an agreement with AME Holdings Group, LLC of New York to assist in securing $8 million to $12 million in financing for the Company.

Green EnviroTech intends to use the proceeds for working capital for the Company's planned Riverbank California plant development and in support of the recently acquired multi-million dollar operation in Hong Kong, Magic Bright Limited. Magic Bright is a waste plastics trading company that purchases and sells waste plastics globally and has a factory and warehousing in China. Based on the latest unaudited financial results for Magic Bright, Magic Bright reported over $16 million in profitable revenue through the first nine months of 2010. In Riverbank, California, Green EnviroTech anticipates operations to commence in the third quarter of this year. Green EnviroTech plans to process waste plastic from the agriculture industry, converting the waste plastic to crude oil using a patented and licensed technology that has been in production for over three years.

Gary DeLaurentiis, Green EnviroTech's CEO, stated: "AME's engagement, in conjunction with our recently announced commitment from Rowell Capital Partners, is expected to provide significant backing and support for the development of our state-of-the-art Riverbank recycling plant as well as provide the necessary capital to expand our recently acquired operation in Hong Kong. We look forward to updating shareholders throughout the year on Company progress in Riverbank and Hong Kong, as well as with our plans for a plant in Sheboygan, Wisconsin."

About AME Holdings Group, LLC

AME Holdings Group, LLC is a consulting firm focusing upon corporate finance, growth / expansion capital, mergers & acquisitions and strategic business solutions. AME focuses upon firms which have bonafide Intellectual Property (IP).

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. (OTCBB: WCRM).

Safe Harbor Statement:

This press release contains forward-looking statements. Any statements in this news release that are not statements of historical fact may be considered to be forward-looking statements. Written words, such as "may," "will," "expect," "believe," "anticipate," "estimate," "intends," "goal," "objective," "seek," "attempt," or variations of these or similar words, identify forward-looking statements. By their nature, forward-looking statements and forecasts involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the near future. For a discussion of these and further risks and uncertainties, please see our filings with the Securities and Exchange Commission. We file annual, quarterly and special reports, proxy statements and other information with the SEC. You may read and copy any reports, statements or other information that we file at the SEC's public reference room at 100 F Street, N.E., Washington, D.C., 20549. Please call the SEC at 1-800-SEC-0330 for further information on the public reference room. Our public filings with the SEC also are available from commercial document retrieval services and at the Web site maintained by the SEC at

Contact Information