OAKDALE, Oct. 21, 2013 (GLOBE NEWSWIRE) -- Green EnviroTech Holdings Corp. (OTC QB: GETH) is pleased to announce major event milestones for the company.
CEO Gary De Laurentiis stated, "We are pleased to announce that GETH has completed and executed an exclusive rights agreement, to represent / sell and install the Oil conversion systems developed by the Chinese equipment manufacturer. This portion of the technology is one component of the GETH patent pending process. The rights entitle us to the "Exclusive Global Expansion" of their portion of the technology. The joining of these two technologies has put us into an extremely robust global position utilizing this quality technology".
The manufacturer has also agreed to ship one system to GETH to install as a working demonstration, at a significant discount. GETH modified and added additional technology to the original pyrolysis equipment to reach the quality of oil they will be able to produce. The GETH process is unique due to the fact that the oil production is a higher grade of oil, which has been pegged at Brent Crude prices, which no other pyrolysis technology has been able to achieve. In addition the system produces "zero" emissions which enabled the company to apply to the California Air Board for the "permit to construct." The manufacturer currently has over 80 systems in operation around the world.
CEO Gary De Laurentiis also stated, "We are also pleased to announce that GETH is in the final stages, after five years of research and development, of obtaining all permits from state and local agencies. These events will enable GETH to display the technology and demonstrate that we can produce the quality of 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.
We have also identified a location for the first plant site and have made the initial deposit for the building. GETH also has a loan approved for the building. The transaction is expected to close once GETH has received all the necessary permits."
Finally, Mr. De Laurentiis stated, "We have been working with three financial institutions located in California and New York. This project is a global opportunity. We firmly believe that the number of systems that we can install globally could reach into the hundreds if not thousands based on capturing only 25% of the available materials for recycling that are currently sent to the landfill.
About: Green EnviroTech Holdings Corp.
Green EnviroTech Holdings (GETH) is an innovative technology company with a patent pending process for recycling waste tires and mixed plastics back into high-grade oil, suitable for blending into most products produced at a refinery. GETH Oil conversion technology converts plastic and tires to oil using electromagnetic induction pyrolysis and produces oil, carbon black, syngas, and steel. The use of electromagnetic induction pyrolysis facilitates a faster and stable process while causing essentially no environmental impact.
For further information about the Company, visit www.greenenvirotech.com and/or email info@greenenvirotech.com.
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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.