OAKDALE, Feb. 25, 2015 (GLOBE NEWSWIRE) -- Green EnviroTech Holdings, Corp. (OTC Pink: GETH), an innovative waste-to-energy technology company, is pleased to announce the signing of an exclusive licensing agreement with Cenco Leasing Company, Inc., a Texas corporation lead by oil and gas investor Courtney Rogers. Cenco plans to utilize GETH's technology to design, construct, own and operate 200 pyrolysis and refining systems in California, Texas, Florida, Iowa, and other interior states in the US. Green EnviroTech has agreed to license the technology and all associated intellectual property. The agreement has a term of 30 years plus optional extensions.
Cenco plans a first plant consisting of a single system in California. The agreement calls for the plant to be operational within 12 months of the effective date, at which point a spec product will be sent to ConocoPhillips (NYSE: COP) for approval as per the "off take" agreement in place. If successful, Cenco plans to expand plant construction in California to 50 additional systems within 5 years. Provided that all performance goals are hit, Cenco will earn a permanent license in the State of California. The contract outlines additional performance goals for plant construction and exclusivity in Texas, Florida, Iowa, and the remaining interior states. Ultimately, Cenco plans to construct roughly 200 systems domestically over the next seven years.
In exchange for licensing their technology, GETH will receive 5.5% of gross product sales, reduced to 3% in New Mexico, Arizona, Nevada, Utah, and Mexico.
Gary De Laurentiis, CEO & Chairman of Green EnviroTech stated, "We are extremely pleased to partner with Courtney Rogers. He is a long-time shareholder of GETH's and an important figure in the Company's development. In his capacity as a partner in Ebbros Energy LLC, Mr. Rogers obtained the contract for us whereby Conoco has agreed to purchase our oil products. Their confidence validated our process. We are confident that he will be able to execute his plan.
To view the entire agreement, please visit us at http://greenenvirotech.com/ and click on the 'News Tab'. For more information about our technology, we invite you to view our updated Technology page.
About Green EnviroTech Holdings Corp.
Green EnviroTech Holdings (GETH) is an innovative waste-to-energy technology company that holds patents pending 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 (NYSE: COP). The GETH process helps solve a number of America's pressing environmental issues. Each GETH system converts approximately 650,000 tires per year into over 19,000 barrels of oil and other valuable byproducts (Syngas, Carbon and Steel). The process is also capable of converting 14,400,00 pounds of mixed, unrecycled post-consumer plastics per system per year and produces approximately 36,000 barrels of oil. The GETH process produces no harmful emissions and has no negative environmental impact.
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