The goal of the agreement is to build shredder residue recycling plants throughout the United States.
Green EnviroTech Holdings, Riverbank, Calif., and ACG Consulting, St. Louis, have signed a letter of intent (LoI) to form a joint venture limited liability company for the purpose of owning and developing shredder residue recycling plants.
According to a release, each recycling plant will be organized as a wholly owned subsidiary of the joint venture.
ACG has specialized expertise in the employment-based EB-5 Visa Program administered by the United States Citizenship and Immigration Services under the Immigration Act of 1990. The EB-5 program provides a legal vehicle for raising funds via a securities subscription agreement with foreign nationals, which are offered and sold only to persons who are not citizens of the United States and who are physically located outside the United States in reliance upon Regulation S under the Securities Act of 1933, as amended.
Gary De Laurentiis, chairman and CEO of GETH, says, "The joint venture with ACG will allow the management of GETH to focus on building SR plants with the expertise of ACG's financing through the EB-5 program. We are excited to have such a valued JV partner within the environmental sector. In addition to our LoI with ACG we continue to work with Mosaic Capital LLC, the company's investment banker, as part of our overall capital raise of $22 million."
Green EnviroTech Holdings Corp. is a plastics and tires recovery and recycling company that removes contaminants from recovered plastic recaptured from end of life automotive vehicles shredded for their metal.
The company processes the recovered plastic to produce compounded plastic resin and light sweet crude oil as end products. Its unique patented process significantly reduces the amount of shredder residue going to landfills by up to 40 percent creating considerable cost savings for metal recyclers while also dramatically reducing the volume of materials going to the landfill.