Green EnviroTech Holdings, Corp. Letter to Shareholders02/23/2017 | Press Release
JAMESTOWN, CA--(Feb 23, 2017) - Green EnviroTech Holdings, Corp. ( OTC PINK : GETH ) is pleased to announce its achievements in 2016 and the business outlook for 2017 and beyond.
Last year was an extraordinary 12 months in the life of our company. Prior to 2016, the GETH team was dedicated to perfecting viable solutions for processing End of Life Tires and Waste Plastics. Over several years the team never lost their focus on the end game - to build a Processing Solution that would deliver profit for the company and exceptional financial returns to our shareholders.
In 2016, we turned the corner as we perfected a first generation End of Life Tire Processing Solution that is financially viable and ready for deployment. The last 12 months have been focused on completing all of the complementary steps that are required to make a project fundable, securing partners who can help to deploy our solutions, and engaging with funding institutions who will finance projects in the USA and around the world.
I joined GETH in 2016 as CEO and President of Smart Fuel Solutions, a majority owned private subsidiary of GETH. I feel enormously blessed to have arrived at the time when my talented colleagues' hard work was coming to fruition. Our team has built the platform upon which I now stand; we have reached this point because of their dedication, fortitude and perseverance. We are set to grow the company in 2017 and beyond. I have outlined below in more detail our achievements in 2016 and the business outlook for 2017 and beyond. I am very proud to be the CEO of GETH and share this letter with you.
Achievements in 2016: Focus - strengthening the foundations
GEN 1 End of Life Tire Processing Solution
1. Secured a process certification from an independent engineering company
2. Confirmed the financial returns from our GEN 1 End of Life Tire Processing Solution
3. Completed engineering designs of our technology for a 33,000 tons per year processing plant
4. Entered into feedstock agreements and end product offtake agreements, which mean that our GEN 1 solution is ready for deployment
5. Engaged in discussions with several different funding institutions to finance multiple projects in USA, in Mexico and around the world.
Carbon Finishing Plant
1. Defined the strategy for a Centralized Carbon Finishing Plant to service all of our USA Processing Plants
2. Completed engineering design for the Carbon Finishing Plant
3. Purchased a proven system for carbon finishing of reclaimed carbon black
4. Reached agreement on a site in Ohio for the Carbon Finishing Plant
5. Obtained Letters of Intent for the off take of the products from the Carbon Finishing Plant
GETH Management Team
1. Strengthened GETH team with the addition of Chris Bowers as President and CEO; Gary De Laurentiis will continue as Chairman and EVP Business Development
2. Appointed Jim Klein as VP Engineering; Wayne Leggett as VP Finance; Nick Drobac as VP Project Management
GETH Strategic Partners
1. Signed strategic partner agreements with BHP Engineering LLC and Schneider Electric
2. Signed JV agreement with MEAH Global to access project capital and new technologies
3. In discussions with Impulsa Business Accelerator to develop projects in Mexico, Central and South America
1. Converted $2,748,683 of debt into equity, of which $2,433,278 was converted @ $0.50 per share
2. Maintained low cost of operations during development stage
3. Maintained public filings on a timely basis
4. Management continued to fund the company in 2016 and made a major contribution to the acquisition of Carbon Finishing Plant equipment and engineering
I am very pleased with the progress we have made in 2016; we have laid foundations that we believe will let us build plants in the USA and in Mexico and begin to generate revenues in 2017. We are particularly pleased to have achieved the process certification, secured feedstock supply and sourced end product offtake agreements as these are the ingredients that enable funding of a Processing Plant. The GETH team and our strategic partners have done a superb job of advancing the Company strategy over the last 12 months.
President and CEO
Green EnviroTech Holdings Corp
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