Green EnviroTech Holdings Corp., which is traded on the over-the-counter Bulletin Board, has sealed $5 million in equity funding from Centurion Private Equity, an institutional advisor managed by Roswell Capital Partners. Green EnviroTech is a plastics recovery, separation, cleaning, and recycling company.
Green EnviroTech Holdings Corp. (www.greenenvirotech.com) (OTCBB:WCRM) and its wholly-owned subsidiary, Green EnviroTech Corp., a plastics recovery, separation, cleaning, and recycling company, announced today the signing of a $5,000,000 Equity Funding Facility with Centurion Private Equity (“Centurian”) an institutional investor managed by Roswell Capital Partners, LLC. Subject to executing definitive documents. Centurion commits to purchasing up to $5 million of Green EnviroTech’s shares of common stock upon the company obtaining an effective registration statement from the Securities and Exchange Commission.
Under the Equity Funding Facility, Green EnviroTech may periodically sell to Centurion shares of the company’s common stock at a price based upon a 4% 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 the Riverbank California and Sheboygan Wisconsin plant startups.
Gary DeLaurentiis, Green EnviroTech’s CEO, stated: “We applaud the flexible funding facility from Centurion. They recognize the tremendous potential and environmentally ‘greenness’ of our recycling technologies.”
Paul Gorski, Senior Investment Officer at Roswell, added: “We are very excited to be working with Green EnviroTech and look forward to providing them with the necessary capital and support to achieve their potential in the coming years.”
Roswell Capital Partners, LLC is a fund management company focused on private equity investments in small-cap publicly traded securities. Since 1994, its members have served in the Private Equity Markets as the Principal or Investment Banker for over 125 public companies.
About Green EnviroTech Corp.
Green EnviroTech Corp. is a large scale plastics recycling and recovery company which removes and cleans contaminants from recycled automotive vehicles to produce a compounded resin product. Its unique patented process significantly reduces the amount of shredder residue going to landfills up to 40 percent, which creates considerable cost savings for metal recyclers and the environment. The company 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. (OTCBB:WCRM).