Green EnviroTech Secures $5 Million in Funding

Green EnviroTech Holdings Corp. and its wholly-owned subsidiary, Green EnviroTech Corp., a plastics recovery, separation, cleaning and recycling company, have signed a $5 million equity funding facility with Centurion Private Equity, an institutional investor managed by Roswell Capital Partners LLC.

Subject to executing definitive documents, Centurion has committed to purchasing up to $5 million of Green EnviroTech's shares upon Green EnviroTech obtaining an effective registration statement from the Securities and Exchange Commission.

Under the agreement, Green EnviroTech may periodically sell to Centurion shares of the company's common stock at a price based upon a 4 percent discount to the market price during the 30-month term of the agreement and at its discretion.

Green EnviroTech intends to use the proceeds to fund acquisitions and for working capital for its Riverbank, Calif., and Sheboygan, Wis., plant startups.

"We applaud the flexible funding facility from Centurion. They recognize the tremendous potential and environmentally greenness of our recycling technologies," says Gary DeLaurentiis, Green EnviroTech’s CEO.