In an amended 8-K filing with the U.S. Securities and Exchange Commission, Green EnviroTech Holdings Corp., Riverbank, Calif., has announced the details of its acquisition of Magic Bright Ltd., a Hong Kong-based plastics recycling and trading company.
According to Green EnviroTech, the transaction is being financed with cash and stock and will help the company achieve its goal of capturing more of the global market for products derived from shredder residue. Green EnviroTech says the acquisition will provide it with the scale and resources to deliver products that address the $50 billion global market for recycled plastic products.
Through the acquisition, Green EnviroTech says it will gain immediate access to Magic Bright's distribution channels in Asia, including China, where the demand for recycled plastics remains strong.
Gary De Laurentiis, CEO and chairman of Green EnviroTech, says, "The acquisition of Magic Bright should be immediately beneficial to shareholders, as the combined company will not only enjoy operational synergies but also a vastly strengthened balance sheet with a solid asset base and significant recurring revenues for years to come."
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