SOURCE: Green EnviroTech Holdings Corp.

Green EnviroTech Holdings Corp.

August 31, 2010 10:57 ET

Green EnviroTech Plans Asian Distribution Channel Launch Through Acquisition of Multimillion Dollar Hong Kong Based Plastics Broker

NEW YORK, NY--(Marketwire - August 31, 2010) -  Green EnviroTech Corp., a leading plastics recovery, separation, cleaning, and recycling company, and a wholly owned subsidiary of Green EnviroTech Holdings Corp. (OTCBB: WCRM), announced today that the Company is expecting to receive an independent third party valuation on Magic Bright Limited, a potential acquisition candidate in the Asian market, within the next ten business days. The audit of Magic Bright Limited is being conducted by public accounting firm ZYCPA Company Limited of Hong Kong. Magic Bright is a Hong Kong based plastics Trading Company with historical annual revenues of up to $52 million. Green EnviroTech entered into a non-binding letter of intent to acquire Magic Bright, with the objective of developing a significant distribution channel into the large Asian and European plastics markets for Green EnviroTech's recycled plastics. Based on the satisfactory results of the pending independent third party valuation, Green EnviroTech intends to move to a mutually agreeable purchase agreement.

"With our planned 50,000 square foot facility scheduled to open in the first quarter of next year in Riverbank, California and one planned for Wisconsin, this acquisition would open a significant distribution channel for our recycled plastics in the large Asian and European plastics markets as well as bring a mature, profitable multimillion dollar operation into the Green EnviroTech family," said Gary DeLaurentiis, Chief Executive Officer, Green EnviroTech Corp. "We look forward to receiving the final valuation on Magic Bright and finalizing the acquisition."

About Green EnviroTech Corp.
Green EnviroTech Corp. is a recovery, cleaning, and plastics recycling company which constructs large-scale, plastic recycling operations near automotive shredder locations nationwide. The company has developed strategic partnerships with metal recycling companies and plans to leverage both its patented and patent pending recycling and manufacturing processes to produce compounded resins for applications in specific manufacturing processes, primarily focusing 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).

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