SOURCE: Green EnviroTech Holdings Corp.

Green EnviroTech Holdings Corp.

July 25, 2011 08:00 ET

Green EnviroTech Holdings Corp. Files to Withdraw S-1 Registration Statement

RIVERBANK, CA--(Marketwire - Jul 25, 2011) - Green EnviroTech Holdings Corp. (OTCBB: GETH) announced today that the Company has filed the necessary paperwork to request a withdrawal of the registration statement filed July 8, 2011 on Form S-1 with the U.S. Securities and Exchange Commission.

Gary De Laurentiis, Chairman and CEO of Green EnviroTech, stated, "Green EnviroTech has been aggressively executing on its business plan these past several months. In connection with the contemplated registration statement, we entered into an equity facility three months ago with Centurion, but since that time, the Company has identified more appropriate funding opportunities that better fulfill the specific needs of the Company. It was in the Company's best interest, therefore, to withdraw the registration statement accordingly. We want to thank Centurion and Roswell for their professionalism, assistance in the past few months and interest in the Company."

In April, Green EnviroTech signed a definitive agreement for a $5 million equity funding facility with Centurion Private Equity, an institutional investor managed by Roswell Capital Partners, LLC. Subject to executing definitive documents, Centurion was to commit to purchasing up to $5 million of Green EnviroTech's shares of common stock upon the Company obtaining an effective registration statement from the Securities and Exchange Commission.

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.

Safe Harbor Statement:
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