NEW YORK, March 24, 2011 (GLOBE NEWSWIRE) -- Green EnviroTech Holdings Corp. () (OTCBB:WCRM) and its wholly-owned subsidiary, Green EnviroTech Corp., a plastics recovery, separation, cleaning, and resin and oil producing company will supply compounded plastic resin to the automotive and consumer products industries. In addition, the company plans to construct large-scale recycling facilities near automotive shredder locations nationwide, and will operate plants with large national metal recycling partners. Using a co-developed patent-pending process the Company will produce compounded to spec (made to order) plastics ready to be re-introduced into commerce. Additionally, with another strategic partner, the company will convert the mixed stream of plastic from the recovery process as well as scrap plastic from other identified sources into crude oil.
CEO Gary De Laurentiis today stated, " I am so pleased with the progress we made last year. We've reached many milestones, and are on track to achieve our 2011 goals, and beyond. In truth, we are pioneers at the forefront of proven environmental technology." Each year, approximately 4,000,000 tons of shredder residue from the metal recycling companies containing recoverable and reusable plastics are now unnecessarily disposed in landfills according to the Institute of Scrap Recycling Industries, Inc.
Mr. De Laurentiis expanded, "Our 'TRASH TO CASH' innovations establishes our company as a leader in environmental technologies. We are the first and only company to license a series of patented, established and proven technologies from industry leaders under one umbrella. We convert waste plastics taken from shredded cars and other manufacturing and agricultural processes that create plastic as a waste product. This becomes the feedstock which we receive FREE. We then convert that material into high grade plastic resin and crude oil. Our platform of technology literally converts 'TRASH TO CASH'. Our plants will divert waste destined for landfill sites and transform it into valuable commodities that will be sold at or below market rates and produced in environmentally safe and earth saving conditions. With our processes and licensed technologies, we will accomplish what no other company has been able to do. Solve a problem of decontaminating plastic, non-tire rubber and fibers from the waste stream and collect the contaminants for proper disposal and reduce the volume that goes to the landfill."
In August, 2010, the Company formed Green EnviroTech Riverbank, Inc., a California Corporation in preparation for opening the Riverbank plant. The company is currently leasing space in Riverbank anticipating operations to commence in the third quarter of 2011, and will process plastic from the agriculture industry, converting the plastic to crude oil using a patented and licensed technology that has been in production for over three years.
A Wisconsin subsidiary was formed in preparation for a new plastics recovery plant. This plant will accept, without cost, non-metal waste generated by metal recyclers and remove three components from that waste and convert the three into crude oil and plastic compounded (remanufactured) to specifications for industry. Mr. De Laurentiis stated, "Working with our metal shredder/recycling partners, we intend to utilize our proprietary cleaning technology to take the Shredder Residue headed to landfills, stained with contaminants, and convert it into two streams of recyclable material with no remaining trace of contaminants. Plastics, rubber and additional metals can be recovered from the Shredder Residue while removing the contaminants, thereby creating a compounded plastic material ready to be re-introduced into commerce with significant operating margins."
On February 14, 2011, Green EnviroTech Holdings Corp. (the "Company") entered into a securities purchase agreement (the "Purchase Agreement") with Magic Bright Limited, a Hong Kong corporation. Magic Bright Limited is a plastics trading company that purchases and sells plastics globally and has a factory and warehousing in China.
Mr. De Laurentiis concluded by saying, "While the national and global demand for recovered plastics has increased dramatically over the past decade, the technology to efficiently and effectively recover plastic material from this residue stream has lagged, creating a tremendous amount of waste. We have a huge opportunity addressing this problem with a cost-effective recovery process. Our mission is to supply compounded plastic to businesses which currently desire or use recycled plastics -- and generate crude oil in the process.
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).
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