NEW YORK, April 12, 2011 (GLOBE NEWSWIRE) -- Green EnviroTech Holdings Corp. () (OTCBB:WCRM) and its wholly-owned subsidiary, Green EnviroTech Corp., a plastics recovery, separation, cleaning, and recycling company, announced today the closing of a $5,000,000 Equity Funding Facility with Centurion Private Equity ("Centurian") an institutional investor managed by Roswell Capital Partners, LLC. Definitive documents have been executed whereby 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 covering the resale of such shares, subject to certain contractual limitations on the amount of Common Stock that the Company can put to Centurion which are set forth in definitive documents, including but not limited to limitations based upon the trading volume of Green EnviroTech's common stock.
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 3% 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: "This flexible funding facility from Centurion will enable us to quickly expand our ramp up operations. We have many exciting phases of our business plan underway and this facility will enable us to aggressively move forward. We are being recognized with the tremendous potential and environmentally 'greenness' of our recycling technologies from the corporate and governmental sides."
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
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CONTACT: Investor Relations of Green Envirotech Holdings Corp. (888) 405-3160 ext. 1 greenenvirotechir@statcommgroup.com www.STATcommgroup.com
