Green EnviroTech Holdings Corp. Announces Hong Kong Expansion Plans to Build Upon Recent Acquisition With Over $28 Million in An
20 Juni 2011 - 6:14PM
Marketwired
Green EnviroTech Holdings Corp. (OTCBB: GETH), a company at the
forefront of waste plastics recovery and recycling, announced today
that CEO and Chairman Gary De Laurentiis and the CFO Wayne Leggett,
together with executives of Mosaic Capital LLC, Green EnviroTech's
investment bank, have travelled to Hong Kong to work on integrating
the recently acquired Magic Bright Ltd. into the Company. Magic
Bright Ltd. is a leading Hong Kong-based plastics recycling and
trading company with long term distribution contracts in mainland
China, and its revenues over the past three years have been in
excess of USD 28 million.
During the strategic meetings held in Hong Kong, the management
teams concentrated on expansion plans that would increase revenue
and profit from its newly acquired subsidiary.
Mr. De Laurentiis, CEO and Chairman of Green EnviroTech, said,
"The purpose of this visit is to ensure that Magic Bright Ltd.,
which is already a successful business contributing substantially
to Green EnviroTech's bottom line, achieves an annual revenue of
USD 40 million which I have alluded to in the past. We are working
closely with the senior management team here in Hong Kong to ensure
that this figure is reached and hopefully exceeded. Initial
indications are very encouraging, and I am extremely pleased with
our acquisition. I believe that the potential for growth in this
region is immense."
The transaction in which Green Envirotech Holdings Corp.
acquired Magic Bright Ltd. was valued at USD 6 million and was
financed with cash and stock. As well as a steady revenue stream,
the acquisition gives Green EnviroTech immediate access to a large
and expanding market.
About Green EnviroTech Holdings Corp.
Green EnviroTech Holdings Corp. is a plastics 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.
Safe Harbor Statement:
This press release contains forward-looking statements. Any
statements in this news release that are not statements of
historical fact may be considered to be forward-looking statements.
Written words, such as "may," "will," "expect," "believe,"
"anticipate," "estimate," "intends," "goal," "objective," "seek,"
"attempt," or variations of these or similar words, identify
forward-looking statements. By their nature, Forward-looking
statements and forecasts involve risks and uncertainties because
they relate to events and depend on circumstances that will occur
in the near future. For a discussion of these and further risks and
uncertainties, please see our filings with the Securities and
Exchange Commission. We file annual, quarterly and special reports,
proxy statements and other information with the SEC. You may read
and copy any reports, statements or other information that we file
at the SEC's public reference room at 100 F Street, N.E.,
Washington, D.C., 20549. Please call the SEC at 1-800-SEC-0330 for
further information on the public reference room. Our public
filings with the SEC also are available from commercial document
retrieval services and at the Web site maintained by the SEC at
http://www.sec.gov.
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Contact: Investor Relations Phil Uhrik Philu@greenenvirotech.com
518 589 9007
Green Envirotech (CE) (USOTC:GETH)
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