updated 3/28/2011 7:17:16 AM ET 2011-03-28T11:17:16

NEW YORK, March 28, 2011 (GLOBE NEWSWIRE) -- Green EnviroTech Holdings Corp. (www.greenenvirotech.com) (OTCBB:WCRM) and its wholly-owned subsidiary, Green EnviroTech Corp., a plastics recovery, separation, cleaning, and recycling company, announced today the signing of a $5,000,000 Equity Funding Facility with Centurion Private Equity ("Centurian") an institutional investor managed by Roswell Capital Partners, LLC. Subject to executing definitive documents. Centurion commits to purchasing up to $5 million of Green EnviroTech's shares of common stock upon the company obtaining an effective registration statement from the Securities and Exchange Commission.

Under the Equity Funding Facility, Green EnviroTech may periodically sell to Centurion shares of the company's common stock at a price based upon a 4% discount to the market price during the 30 month term of the agreement and at its discretion.

Green EnviroTech intends to use the proceeds to fund acquisitions, and for working capital for the Riverbank California and Sheboygan Wisconsin plant startups.

Gary DeLaurentiis, Green EnviroTech's CEO, stated: "We applaud the flexible funding facility from Centurion. They recognize the tremendous potential and environmentally 'greenness' of our recycling technologies."

Paul Gorski, Senior Investment Officer at Roswell, added: "We are very excited to be working with Green EnviroTech and look forward to providing them with the necessary capital and support to achieve their potential in the coming years."

Roswell Capital Partners, LLC is a fund management company focused on private equity investments in small-cap publicly traded securities. Since 1994, its members have served in the Private Equity Markets as the Principal or Investment Banker for over 125 public companies.

About Green EnviroTech Corp.

Green EnviroTech Corp. is a large scale plastics recycling and recovery company which removes and cleans contaminants from recycled automotive vehicles to produce a compounded resin product. Its unique patented process significantly reduces the amount of shredder residue going to landfills up to 40 percent, which creates considerable cost savings for metal recyclers and the environment. The company has developed strategic partnerships with metal recycling companies and plans to leverage its recovery and manufacturing processes to primarily focus on automotive and durable goods applications and the production of sweet crude oil. Green EnviroTech Corp. is a wholly-owned subsidiary of Green EnviroTech Holdings Corp. (OTCBB:WCRM).

The Green EnviroTech Holdings Corp. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=8732

Media Services by: EquityDigest.com & Microcap1.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 .

CONTACT: Investor Relations of Green Envirotech Holdings inc.
         (888) 405-3160  ext. 1
         greenenvirotechir@statcommgroup.com
         www.STATcommgroup.com

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 5.09%
$30K home equity loan FICO 5.19%
$75K home equity loan FICO 4.67%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.34%
13.32%
Cash Back Cards 17.82%
17.81%
Rewards Cards 17.07%
17.06%
Source: Bankrate.com