GETH Signs Letter of Intent with ACG Consulting

Green EnviroTech Holdings Corp. (GETH), based in Riverbank, Calif., has signed a letter of intent to create a joint venture with ACG Consulting LLC, a division of ACG Cos. of Irvine, Calif. 
 

The nonbinding LOI puts forth that GETH and ACG will form limited liability companies for the purpose of owning and developing shredder residue recycling plants throughout the United States. Each plant will be organized as a wholly owned subsidiary of the joint venture. 
 

ACG specializes in the EB-5 visa program, which provides a legal vehicle for raising funds via a securities subscription agreement with foreign nationals that are offered and sold only to persons who are not citizens of the United States and who are physically located outside the United States.
 

Once raised, the funds would be loaned to each of the JV's recycling plants. As part of the agreement, ACG will provide the capital to the joint venture for the plant projects, about $30 million for each site. GETH will provide the material and the technology to recycle and convert the residue using its “PlastExtract” process as well as management experience and all sales of its plant-produced crude oil and compounded plastic resin.
 

Gary De Laurentiis, chairman and CEO of GETH, says, “The JV with ACG will fund GETH's second planned plant and all additional plants going forward. With the amount of shredder residue that currently ends up in landfills each year being about 4 million tons, which equates to 920,000 tons of reusable plastic, we could potentially build 40 of these plants."