Green EnviroTech Holdings (GETH) Announces Agreement for Saudi Arabia and the Gulf Cooperation Council (GCC)
20 Mai 2013 - 3:00PM
Marketwired
Green EnviroTech Holdings Corp. (OTCQB: GETH) announced today that
its previously announced Global Joint Venture with Petrosonics, LLC
has signed a letter of intent with Khashoggi Holdings of Jeddah,
Saudi Arabia, and its affiliate, the National Power and Water
Company, to co-develop, commercialize and implement Petrosonics'
patented breakthrough technology throughout Saudi Arabia, the UAE,
Qatar, Kuwait, Oman, and Bahrain (the Gulf Cooperation Council -
GCC).
The agreement calls for Khashoggi Holdings and its affiliate,
the National Power and Water Company, to co-develop and market
Petrosonics' petroleum desulfurization and heavy oil upgrade
technology in the GCC. Under the terms of the Agreement, Khashoggi
Holdings will receive 25% of the revenue generated under the GCC
joint venture. Khashoggi Holdings will act as the licensor and
provide capital for projects, as required.
Mr. Pascal Mahvi, Vice President of Petrosonics, LLC stated,
"Mr. Motasam Almosasbellah Khashoggi, Vice Chairman of Khashoggi
Holdings, has the reputation and expertise necessary to introduce
Petrosonics patented technology to the Kingdom and Gulf States. The
technology will enhance production of the Kingdom's heavy oil
reserves while, also, providing significant cost savings for local
refineries. Khashoggi Holdings' Gulf-wide presence is invaluable
for rapid adoption of the technology in the region."
Saudi Arabia's published daily crude oil production capacity is
roughly 10 million barrels. The Kingdom has 260 billion barrels of
proven reserves and a combined domestic and foreign-owned refining
capacity of 4 million barrels per day.
About Khashoggi Holdings
Khashoggi Holdings is a diversified investment and business
development group. It is involved in various businesses throughout
the Gulf, including power and energy, food, aviation, medical
services, financial services, and real estate -- with a focus on
infrastructure, including power and energy. Khashoggi Holdings
allocates the necessary time and resources to create diversified,
profitable, and industry leading businesses for the Kingdom of
Saudi Arabia (KSA). The Company also partners in social
responsibility activities, as we are strong believers in giving
back to the community. For more information please visit our
website: http://www.khashoggiholding.com/
About Petrosonics, LLC
Petrosonics, LLC is a privately held Nevada company. Petrosonics
has a diverse internationally patented technology portfolio that
include ultrasound assisted oxidative desulfurization and heavy oil
upgrade. The technology is designed to meet worldwide low emission
specification, which can be refinery based, desulfurization of
multiple streams and also includes transmix and alternative "green
oil" desulfurization processing. The technology has won the 2009
Financial News invention of the year for refinery processing. On
May 2nd, 2013, Petrosonics, LLC and Green EnviroTech announced a
Letter of Intent for a Global Joint Venture. Both Petrosonics and
Green EnviroTech expect a definitive agreement to be concluded
shortly. A copy of the announcement can be found here:
http://www.marketwire.com/press-release/green-envirotech-holdings-geth-announces-loi-global-joint-venture-with-petrosonics-llc-otcqb-geth-1785812.htm
About Green EnviroTech Holdings Corp.
Green EnviroTech Holdings (GETH) is an innovative technology
company with a patent pending for recycling tires and mixed
plastics back into high grade oil, suitable for blending into most
products produced at a refinery.
The GETH Process to convert plastic and tires to oil uses
electromagnetic pyrolysis to produce GETH Oil, carbon black,
syngas, and steel. The use of electromagnetic pyrolysis facilitates
faster processing while causing no environmental impact. A standard
twelve system plant, utilizing 6 systems for plastic and 6 systems
for tire conversion, produces approximately 25,000 barrels of oil
per month. The company, headquartered in California, was founded in
2008 by Gary De Laurentiis, an industry veteran and award winning
plastic recycling process designer. For further information about
the Company, visit www.greenenvirotech.com and/or email
info@greenenvirotech.com
Safe Harbor Statement:
GETH cautions that statements made in press releases constitute
forward-looking statements, and makes no guarantees of future
performances and actual results/developments may differ materially
from projections in forward-looking statements. Forward-looking
statements are based on estimates and opinions of management at the
time statements are made.
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Contact: Constellation Asset Advisors, Inc. Jens Dalsgaard
Phone: 415-524-8500
Green Envirotech (CE) (USOTC:GETH)
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