Green EnviroTech Holdings Corp. CEO Discusses Upcoming Second Quarter Report Filing
23 August 2011 - 3:25PM
Marketwired
Green EnviroTech Holdings Corp. (www.greenenvirotech.com) (OTCBB:
GETH) and its wholly-owned subsidiary, Green EnviroTech Corp., a
waste plastics recovery, separation, cleaning, and recycling
company, today released a statement from CEO and Chairman Gary M.
De Laurentiis commenting on the 10Q filing.
"The Company announced today that it will file its second
quarter financial report on Form 10-Q late. We want to ensure our
shareholders that management expects to complete the filing within
the next two weeks. Two main factors have contributed to the
Company filing late. First, during the second quarter, we finalized
the acquisition of a Hong Kong-based plastics brokerage company,
Magic Bright LTD, with coverage in Europe and Asia and revenues
over the past three years in excess of USD $28 million. The
addition of this subsidiary and its six locations has added
complexity to the quarterly report. Secondly, the new regulatory
requirement to include XBRL into periodic financial reports is a
new experience for the Company and its management team. Ensuring
the Company properly consolidates and reports the financials of its
new Hong Kong-based subsidiary and complies with new XBRL reporting
standards has taken longer than planned. Therefore, the Company's
symbol will have an 'E' attached to it until the filing is made.
Going forward, we expect to improve the internal reporting
procedures for timely reporting in the future."
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 518-589-9007
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