RIVERBANK,Calif., March 23, 2012 /PRNewswire/ --Green EnviroTech Holdings Corp. (Pinksheets: GETH) has sold the "permit to construct" for the Riverbank, California proposed waste plastic to oil processing facility to WM Riverbank Recovery , LLC, Beaverton, OR.
The planned 50,000 square ft. facility will recycle difficult-to-recycle plastic waste starting with agricultural mulch film, fumigation film and irrigation drip tape (LDPE) into crude oil utilizing patented, proven and commercially viable technology from Agilyx. This will be the company's first facility in California and will utilize the Agilyx technology.
CEO Gary De Laurentiis stated, "The sale of the permit to Agilyx will allow GETH to focus on the two major projects at hand. First is our proposed plant for waste plastic and tires to oil in Mississippi. This plant is planned to be funded by Ebbros I Investment Group, of Kansas City, MO. Second is our proposed plant in Wisconsin to process shredder residue to oil and compounded plastic. The funding for this plant is in planned to be with ACG Companies and the EB5 program. We have identified two locations in Wisconsin that meet the criteria for the EB5 program. We should have a definite location set within the next few weeks. Once the location is finalized the timeline to begin construction should be within 6 - 8 months. Funding for both plants have LOI's signed and negotiations are in the process to finalize the funding."
Brent Bostwick, Chief Commercialization Officer with Agilyx stated, "We are pleased to see that WM Riverbank Recovery, LLC has been able to acquire the 'permits to construct' in Riverbank, California. Mr. De Laurentiis, the teams at Green EnviroTech Holdings and the Local Redevelopment Authority in Riverbank have all done a great job in developing the project to this stage."
The project once operational later this year will represent new employment opportunities, environmental stewardship and domestic energy production at a time and place where these attributes will bring tremendous value to the local community.
About Green EnviroTech Holdings Corp.
Green EnviroTech Holdings Corp. is a plastics and tires 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 visitwww.greenenvirotech.com.
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Please visit our web site:
www.greenenvirotech.com
For investor questions please email
Ericn@greenenvirotech.com
For more information regarding GETH filings go to:
http://1.usa.gov/GETHfilings
For more information regarding the EB-5 Program:
http://1.usa.gov/EB5Program
For more information regarding Agilyx please visit their website:
http://www.agilyx.com
SOURCE Green EnviroTech Holdings Corp.
