Green EnviroTech Holdings Corp. Signs Letter of Intent With Ebbros I Investment Group
19 Juli 2011 - 10:37PM
Marketwired
Green EnviroTech Holdings Corp. (OTCBB: GETH) announced today that,
further to their announcement of the company's intention to enter
into the tire recycling market by the establishment of two tire
recycling plants, they have signed a Letter of Intent (LOI) with
Ebbros I Investment Group, of Kansas City, Missouri. Under the
terms of the LOI, Ebbros will develop the plants, including all
infrastructures, install all necessary equipment and lease the same
back to GETH. Ebbros will also purchase all oil produced at the
plants, which is estimated to be in the region of 10,700 barrels
per month at each site.
The LOI further states that the lease-back agreement is to be
for a period of ten years or longer with GETH having a buy back
clause during this period for the purchase of the physical site and
equipment.
Ebbros has also indicated its intention to work with GETH on a
similar basis for all future tire to oil recycling plants.
Gary De Laurentiis, Chairman and CEO of GETH, said, "By
partnering with Ebbros, we will be able to get access to this new
market in a timely and efficient manner, delivering profit to the
bottom line far more rapidly than if GETH had to fund the project
entirely from new sources in the capital markets. This deal
represents a win for both parties, and importantly for shareholders
of GETH, it shows another revenue generating stream that will be
realized in a short period of time."
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:
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uncertainties, please see our filings with the Securities and
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Investor Relations Universal Consulting LLC
Philu@greenenvirotech.com 518-589-9007
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