RIVERBANK, Calif., May 14, 2012 -- Green EnviroTech Holdings Corp. (GETH.PK) announces today that the tire and plastic to oil samples sent to a major oil company have been accepted as a quality that they will purchase. The oil company stated that their lab results showed all of the qualities of the crude oil samples received to be within typical specifications for their refinery.
CEO Gary M De Laurentiis stated, "This is another huge leap forward for GETH and our tire and plastic to oil project with Ebbros Energy LLC. This is the final piece of what was needed to move forward with our first plant. We are finalizing our agreement with Ebbros so we can move from the non-binding LOI to a finance and purchase agreement next week. Terms of a purchase agreement between Ebbros and the oil company are now being negotiated as to the delivery point and financial terms. We anticipate the contract to be completed in the next few weeks."
De Laurentiis added, "We are now working with a California commercial realtor and have identified a site and are negotiating the rental terms. Once the terms are finalized and we have the address we will apply for the required permits. We have been in contact with the agencies able to permit the site we have chosen and have had initial discussions that have been positive and we believe the permits can be completed in the next few months. The equipment could be ready to deliver at approximately the same time table as the permits being issued. We are very encouraged at the progress we have made over the past year with this technology and our ability to get an Oil company to accept what we will produce. Additionally, GETH has secured feed stock supplies of tires and plastic for the area where we intend to locate. With huge volumes of waste tires and plastic going to the California landfills we foresee the plant growing from its initial start-up to consume an enormous amount of waste tires and plastic that has no value and is not recycled."
To review the conversion technology please visit: www.YouTube.com Type in "Green EnviroTech Holdings Waste Tires to Oil" and click on the tab for the three videos.
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About Green EnviroTech Holdings Corp. Green EnviroTech Holdings Corp. is a plastics and tires recovery and recycling company which removes contaminants from recovered plastic recaptured from end of life automotive vehicles shredded for their metal. Green EnviroTech Holdings Corp. processes this recovered plastic to produce compounded plastic resin and light sweet crude oil as end products. Its unique patented process significantly reduces the amount of shredder residue going to landfills by up to 40 percent creating considerable cost savings for metal recyclers while also dramatically reducing the volume of materials going to the landfill. The Company has developed long term strategic partnerships that allow it to receive feedstock at near zero cost and has also leveraged its patented technology to ensure guaranteed sale of 100% of its production output thereby creating a sustainable and high margin business model. A valuable by-product of the Green EnviroTech process is commercial grade, sweet crude oil that will also be sold to industry at market prices. For more information please visit www.greenenvirotech.com.
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