Green EnviroTech Holdings, Corp. signs a $100 million lease and working capital credit facility from READS Leasing and Credit...
March 30 2017 - 6:29AM
Marketwired
Green EnviroTech Holdings, Corp. signs a $100 million lease and
working capital credit facility from READS Leasing and Credit, LLC;
and secures the first commitment and immediate draw of $2.5
million
JAMESTOWN, CA-(Marketwired - Mar 30, 2017) - Green EnviroTech
Holdings, Corp. (OTC PINK: GETH) is pleased to announce that it has
secured the first commitment and draw of $2.5 million on a $100
million lease and working capital credit facility from READS
Leasing and Credit, LLC. The Company will receive the first draw of
$2.5 million from this finance facility immediately; and will
deploy this capital to build the first line in our centralized
Carbon Finishing Plant in Ohio. GETH will utilize the remainder of
the finance facility to build two GEN 1 End of Life Tire Processing
Plants in the USA and undertake additional projects. All of these
projects will be subject to the successful due diligence and
underwriting of each project.
READS Leasing and Credit, LLC works with various strategic
partners in the sustainable technology space. Their desire is to
incorporate the world's best technologies into their projects.
Technologies such as waste to energy, water, and green building
systems to name a few.When asked about receiving this commitment
for financing projects, Chris Bowers, CEO of GETH, stated, "I am
very pleased to announce that we have secured this significant
project funding facility and agreed the first draw on the funds to
construct the first of many processing lines in our centralized
Carbon Finishing Plant. This means that GETH we expect to generate
revenues in Q4 2017, a major milestone in the development of the
company." He further commented, "The centralized Carbon Finishing
Plant will act as a 'hub' through which we will upgrade the
reclaimed carbon black from our Tire Processing Plants, the first
of which will be built in 2017 using this finance facility. We are
very grateful to Rod Kagy at MEAH Global who introduced us to Rich
Woods at READS Leasing and Credit, LLC and who has been
instrumental in advancing this funding to closing. Our interactions
with Rich have been very productive and we look forward to enjoying
a long term partnership as we strive to achieve our ambitious goals
for the company."
Gary De Laurentiis, Chairman of GETH, added, "I am very proud to
be able to announce this huge achievement for the company. It
justifies the years of effort by the GETH team to perfect our GEN 1
End of Life Tire Processing Solution and we look forward to
building our GEN 1 End of Life Tire Processing Plants in 2017 and
beyond."
Rod Kagy, Managing Director of MEAH Global, remarked, "We are
genuinely thrilled to have worked with the team of GETH and Rich
Woods of READS to help bring this to fruition. Rich has proven to
be an excellent partner not only in bringing capital to projects
but also in his knowledge of how to structure deals to achieve the
best outcome for all parties."
And Rich Woods, MD of READS Leasing and Credit, LLC, added, "I
am pleased to be able to provide a funding facility that will kick
start the growth of GETH in the USA and beyond. GETH has a
compelling vision and a very experienced team who I believe will be
able to capitalize on the exciting opportunity ahead. I would like
to thank Rod for making the introductions and his hard work on the
project, and I look forward to a long-lasting and successful
partnership with GETH."
About GreenEnviroTech Holdings
GreenEnviroTech Holdings, Corp.
(GETH) is a pioneer in sustainable development. Our mission is to
find and implement practical, economical solutions that will clean
up the environment. Our technologies will convert waste into
valuable products and help to protect the planet. We will create
local jobs and stimulate economic growth in the communities where
we do business.
About MEAH Global, LLC
MEAH Global is a Private Development
Company that has created "SYNERGIZE", a fully Sustainable Economic
Development System. Our goal is to help create economic engines
that power healthy ecosystems that eliminate poverty.
About READS Leasing and Credit, LLC
READS Leasing and Credit,
LLC is an opportunistic Real Estate Acquisition, Development,
Marketing & Sales Organization with a time horizon of 2 to 15
years. We will use cash, securities and tax free exchanges to
create a geographically and mixed-use diverse Real Estate portfolio
which optimize returns and reduces overall risk.
For more information on GETH:
www.greenenvirotech.comFor more
information on MEAH:
http://www.meahglobal.com/For more information
on READS Leasing and Credit, LLC:
www.readsllc.com
Forward Looking Statement
This press release contains
forward-looking statements that relate to future events, including
our ability to raise capital, or to our future financial
performance, and involve known and unknown risks, uncertainties and
other factors that may cause our actual results, levels of
activity, performance, or achievements to be materially different
from any future results, levels of activity, performance or
achievements expressed or implied by these forward-looking
statements. You should not place undue reliance on forward-looking
statements since they involve known and unknown risks,
uncertainties and other factors which are, in some cases, beyond
our control and which could, and likely will, materially affect
actual results, levels of activity, performance or achievements.
Any forward-looking statement reflects our current views with
respect to future events and is subject to these and other risks,
uncertainties and assumptions relating to our operations, results
of operations, growth strategy and liquidity. We assume no
obligation to publicly update or revise these forward-looking
statements for any reason, or to update the reasons actual results
could differ materially from those anticipated in these
forward-looking statements, even if new information becomes
available in the future.
For a discussion of these risks and uncertainties, please see
our filings with the Securities and Exchange Commission. Our public
filings with the SEC are available from commercial document
retrieval services and at the website maintained by the SEC at
http://www.sec.gov. Contact InformationCONTACT INFORMATION
Public Relations and Media Contact:
LCG
Headquarter Office
702.333.4886
www.lcginfo.com
Green Envirotech (CE) (USOTC:GETH)
Historical Stock Chart
From Nov 2024 to Dec 2024
Green Envirotech (CE) (USOTC:GETH)
Historical Stock Chart
From Dec 2023 to Dec 2024
