RIVERBANK, May 29, 2013 (GLOBE NEWSWIRE) -- Green EnviroTech Holdings Corp. "GETH" (OTCQB: GETH) is extremely pleased to announce the definitive formation of its global joint venture with Petrosonics, LLC. The signed agreement sets forth that Green EnviroTech Holdings now owns 51% of the newly formed venture of Petrosonics, LLC. All parties agreed to the marketing, sale and exploitation of the patents held by Petrosonics and its affiliates on a worldwide basis.
A copy of the agreement filed with the SEC can be seen here: http://www.sec.gov/Archives/edgar/data/1428765/000109181813000235/ex101.htm
Green EnviroTech Holdings Corp. CEO Gary De Laurentiis stated, "We are elated to have completed this milestone event and we are extremely pleased with the team we have assembled. We expect to communicate regularly with the investment community in the weeks ahead as we continue our anticipated success."
Petrosonics was recently awarded multiple patents in 42 countries for the world's most cost-effective, oil-industry corroborated process for removing sulfur from crude oil and refined fuels. The process uses sonic energy (ultrasound) to agitate (cavitate) and open fuel molecules from the inside out, exposing hard-to-extract sulfur. During cavitation, the fuel molecule is sheered open, allowing oxygen to bond to the impurities in the fuel. Following oxidation, sulfur, nitrogen elements and trace metals, no longer able to bond to the product, fall out of the product stream, resulting in much more valuable EPA-compliant end-product.
When properly employed, the process can add dollars per barrel to the value of crude oil and, potentially, facilitate the reopening of production of a million or more barrels a day of capped, high-sulfur crude oil in the U.S. When tested in a refinery setting, it was proven to be a lower cost alternative to advanced hydro treating, saving upwards of a billion dollars of equipment cost in a new, 300,000 barrel a day refinery. It is also suitable for retrofitting the 80 percent of the world's refineries which have yet to make the investment to produce lower sulfur fuels for sale at the pump.
Petrosonics has over 200 patent claims pending and granted, before the United States Patent and Trademark Office. The first six claims were granted on July 25, 2006, becoming United States Patent No. 7,081,196. Related patents were granted in the EU, Australia, Russia, Kazakhstan, China, India, Indonesia, Egypt, and Mexico. There are hundreds of additional claims both awarded and pending in Algeria, Australia, Brazil, Canada, China, Columbia, Ecuador, the European Union (the U.K, Ireland, Sweden, Estonia, Latvia, Lithuania, Denmark, Germany, Poland, the Czech Republic, Slovakia, Hungary, Romania, Bulgaria, Greece, Austria, Slovenia, Italy, the Netherlands, Belgium, Luxembourg, France, Spain, Portugal, Cyprus, French Guiana, Guadeloupe, Martinique, Réunion, the Azores, Madeira, and the Canary Islands), Egypt, India, Indonesia, Japan, Kazakhstan, Mexico, and Norway. Discounting territories, patent protection now exists in 42 countries. Those 42 countries account for 55 percent of all crude oil production, 30-50 percent of all crude oil reserves, and 40 percent of the world's refineries. All of these countries are signatories to the Patent Cooperation Treaty (PCT).
Global Market, Broad Application
The target market includes some 650 refineries; all trans mix facilities and all wellhead and pipeline operations.
Ultrasound Assisted Oxidative Desulfurization (UAOD) is a more flexible, effective, lower total cost of ownership, "clean tech" alternative to hydro treatment (HDS); it is also effective when used in combination with HDS desulfurization. The process yields significant energy savings over HDS and is more effective in removing sulfur and nitrogen, the leading causes of petroleum related pollution. When used on heavy oils and crude, the API is increased, volume is expanded, hydrogen content is enhanced and higher desulfurization rates, relative to energy input, are achieved. Treatment of residual fuels also results in a reduction in con carbon and API uplift. FCC gas desulfurization results without loss of octane. Refiners realize cost savings and debottleneck lowers the cost of hydrogen and catalyst. Augmentation allows for increased space velocities and subsequent volume increases. In some cases, it could severely reduce hydrogen uptake to pre ULSD levels. This technology enhances the performance of the FCC feed hydro treater, eliminating the need for FCC gasoline post treatment, thereby improving yields, lengthening cycle lengths and decreasing stack emissions.
Of the aforementioned 650 refineries worldwide, 150 have been converted to ULSHDS units producing less than 15 PPM diesel. The remaining either have low severity HDS units or no desulfurization capacity at all due to cost prohibitive nature of HDS in small-scale applications. In the case of small refineries, Petrosonics' technology is an alternative. In those cases where refineries are currently using ULSHDS units, added UAOD technology would debottleneck HDS unit capacity, allowing for the treatment of newly regulated streams such as locomotive and marine fuels.
About Petrosonics, LLC
Petrosonics, LLC is a privately held Nevada company. Petrosonics has a diverse internationally patented technology portfolio that include ultrasound assisted oxidative desulfurization and heavy oil upgrade. The technology is designed to meet worldwide low emission specification, which can be refinery based desulfurization of multiple streams and also includes transmix and alternative "green oil" desulfurization processing. The technology has won the 2009 Financial News invention of the year for refinery processing. On May 2nd, 2013, Petrosonics, LLC and Green EnviroTech announced a Letter of Intent for a Global Joint Venture. A copy of the announcement can be found here: http://www.marketwire.com/press-release/green-envirotech-holdings-geth-announces-loi-global-joint-venture-with-petrosonics-llc-otcqb-geth-1785812.htm
About Green EnviroTech Holdings Corp.
Green EnviroTech Holdings (GETH) is an innovative technology company that has developed a patent pending oil conversion processing tires and mixed plastics. The "GETH Process" revolutionizes the disposal of tires and plastic waste, cleans up our landfills, and produces a high grade of oil. The GETH oil does not need to be reprocessed and can be blended into most products produced at a refinery.
The GETH Process to convert plastic and tires to oil uses electromagnetic pyrolysis to produce GETH Oil, carbon black, syngas, and steel. The use of electromagnetic pyrolysis facilitates faster processing while causing no environmental impact. A standard twelve system plant, utilizing 6 systems for plastic and 6 systems for tire conversion, produces approximately 25,000 barrels of oil per month.
The company, headquartered in California, was founded in 2008 by Gary De Laurentiis, an industry veteran and award winning plastic recycling process designer.
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CONTACT: For information, please contact: Constellation Asset Advisors, Inc. Jens Dalsgaard Phone: 415-524-8500
Source:Green EnviroTech Holdings Corp.