Green EnviroTech Sells "Permit to Construct" to WM Riverbank Recovery

Green EnviroTech Holdings Corp. (GETH), Riverbank, Calif., has sold the "permit to construct" for the Riverbank, Calif., proposed scrap plastics-to-oil processing facility to WM Riverbank Recovery LLC, Beaverton, Ore.

The planned 50,000-square-foot facility will convert difficult-to-recycle plastic scrap, starting with agricultural mulch film, fumigation film and irrigation drip tape, into crude oil using patented and commercially viable technology from Agilyx, Beaverton, Ore. This will be the company's first facility in California.

Green EnviroTech CEO Gary De Laurentiis states, "The sale of the permit to Agilyx will allow GETH to focus on the two major projects at hand. First is our proposed plant for waste plastic and tires to oil in Mississippi. This plant is planned to be funded by Ebbros I Investment Group, of Kansas City, Mo. Second is our proposed plant in Wisconsin to process shredder residue to oil and compounded plastic. The funding for this plant is planned to be with ACG Companies and the EB5 program. We have identified two locations in Wisconsin that meet the criteria for the EB5 program. We should have a definite location set within the next few weeks. Once the location is finalized the timeline to begin construction should be within six to eight months."

Brent Bostwick, chief commercialization officer with Agilyx says, "We are pleased to see that WM Riverbank Recovery LLC has been able to acquire the 'permits to construct' in Riverbank, Calif. Mr. De Laurentiis, the teams at Green EnviroTech Holdings and the Local Redevelopment Authority in Riverbank have all done a great job in developing the project to this stage."

Once operational later this year, the project will represent new employment opportunities, environmental stewardship and domestic energy production at a time and place where these attributes will bring tremendous value to the local community, Green EnviroTech says.

Green EnviroTech Holdings Corp. is a plastic and tire recovery and recycling company that removes contaminants from recovered plastic recaptured from end-of-life automobiles shredded for their metal. Green EnviroTech Holdings Corp. processes this recovered plastic to produce compounded plastic resin and light sweet crude oil as end products. The company says its patented process significantly reduces the amount of shredder residue going to landfills by up to 40 percent, creating considerable cost savings for metal recyclers.