OAKDALE, May 1, 2014 (GLOBE NEWSWIRE) -- Green EnviroTech Holdings Corp. (OTCQB: GETH) is pleased to announce today a significant reduction in company debt through the exchange of restricted common stock for the elimination of the debt.
Gary De Laurentiis, CEO stated "We are very pleased with the progress our company is making on a multitude of fronts. As a result, I chose to exchange hard dollars owed to me by the Company into additional restricted shares @ $1.00 per share. I believe wholeheartedly in the future of Green Envirotech and will continue to demonstrate my confidence as such. "
On April 25, 2014, the Company issued 821,108 shares of restricted common stock to Gary De Laurentiis, the Company's Chief Executive Officer, in exchange for the cancellation of $821,108 in debt owed to Mr. De Laurentiis.
To view the 8K filing of Green EnviroTech Holdings Corp. please follow this link:
http://www.sec.gov/Archives/edgar/data/1428765/000109181814000152/geth042920148k.htm
About Green EnviroTech Holdings Corp.:
Green EnviroTech Holdings (GETH) is a green innovative conversion technology company, which holds a patent pending process for converting waste tires and mixed plastics, destined for landfills, into high-grade oil. The company has received a contract to purchase GETH oil from ConocoPhillips.The GETH process helps solve America's environmental issues. Each GETH system converts approximately 545,000 tires per year into 17,220 barrels of oil and by-products (Syngas, Carbon and Steel). The process also converts 12,000,000 pounds of mixed post-consumer plastics per year, not currently recycled, and produces 32,500 barrels of oil and by-products. The GETH process produces no emissions.
For further information about the Company, visit www.greenenvirotech.comand/or email info@greenenvirotech.com.
Media services by: Vitello Capital Ltd and S.T.A.T. Group LLC
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.