Green EnviroTech Holdings Corp. and its wholly-owned subsidiary, Green EnviroTech Corp., have announced that they have received bridge financing. Proceeds of the transaction will be used to further the company's development of its recycling facilities in Wisconsin and California. According to a release, Legend Securities Inc. was the placement agent on the transaction.
Gary De Laurentiis, CEO of Green EnviroTech says, "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."
Green EnviroTech is a recycling and recovery company that removes and cleans contaminants from recycled automotive vehicles to produce a compounded resin product. The company says its patented process significantly reduces the amount of shredder residue shipped to landfills by as much as 40 percent. To meet its goals, the company says it 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.
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