NEW YORK, Feb. 24, 2011 (GLOBE NEWSWIRE) -- Green EnviroTech Holdings Corp. (OTCBB:WCRM) and its wholly-owned subsidiary, Green EnviroTech Corp., a leading plastics recovery, separation, cleaning, and recycling company, announces that the company has successfully received Bridge Financing, details of which can be found in an 8k filed with the SEC on January 27th, 2011. Proceeds of this transaction will be used to further the company's development of its recycling facilities in Wisconsin and California. Legend Securities, Inc., a FINRA licensed broker dealer, was the placement agent on the transaction.
Gary De Laurentiis, CEO, Green EnviroTech stated, "We are pleased to have worked with Legend Securities on this transaction. Their management team recognizes the opportunity our company has to revolutionize the plastics recycling industry and the capital which they raised will enable us to move toward bringing our facilities online."
The Company also wanted to clarify an item on its prior release of adding Mr. Perches to Green EnviroTech management team. Mr. Perches has served as an advisory board member to California State University Hayward School's Department of Industrial Technology.
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).
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