OAKDALE, Sept. 9, 2013 (GLOBE NEWSWIRE) -- Green EnviroTech Holdings Corp. (OTC QB: GETH) is pleased to announces several milestone events for the company. A link is provided for the complete release.
CEO Gary De Laurentiis stated, "We are pleased to announce that the Company is in the final stages, after four years of research and development, of obtaining all permits that will allow us to build our first plant. This will enable us to showcase the technology and demonstrate that we can produce the quality oil we set out to produce and deliver to ConocoPhillips (NYSE: COP). We believe that once the demonstration plant operates the cost of capital and our ability to leverage the equipment financing will be favorable to the company and shareholders.
The company has agreed to the finalized terms to purchase a 12,600 sq. ft. building. The demonstration plant site has nearly completed all necessary steps to secure the permits with the city and the regional air board.
To secure financing for the first plant, GETH has been working with several finance groups in California and New York. A term sheet has been delivered for $12MM loan, interest only for 2 years based on the completion of their due diligence. This financing would allow GETH to build their first multi system plant in California after the start up of the demonstration plant.
A more in-depth description and pictures of the current milestones that have been occurring at GETH can be found at: http://bit.ly/17J7ZWp and/or
About: Green EnviroTech Holdings Corp.
Green EnviroTech Holdings (GETH) is an innovative technology company with a patent pending for recycling tires and mixed plastics back into high grade oil, suitable for blending into most products produced at a refinery. http://www.greenenvirotech.com
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 preventing the negative environmental impact commonly associated with the process. A standard twelve system plant, utilizing six systems for plastic and six systems for tire conversion, produces approximately 25,000 barrels of oil per month. The company, headquartered in Oakdale, California, was founded in 2008 by Gary De Laurentiis, an industry veteran and award winning plastic recycling process designer.
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Safe Harbor Statement:
GETH cautions that statements made in press releases constitute forward-looking statements, and makes no guarantees of future performances and actual results/developments may differ materially from projections in forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the time statements are made.
CONTACT: Jens Dalsgaard, President Constellation Asset Advisors, Inc. Incline Village, Lake Tahoe, NV 89450 (775) 771-5808 office www.ConstellationAA.com
Source:Green EnviroTech Holdings Corp.