GREEN ENVIROTECH HOLDINGS CORP. (OTCMKTS:GETH) Files An 8-K Entry into a Material Definitive Agreement
ITEM 1.01ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On March 29, 2017, Green EnviroTech Holdings Corp. entered into a
lease and working capital credit facility with Caliber Capital
Leasing LLC and its assignee, Real Estate Acquisition Development
Sales, LLC (READS). Under the agreements, READS is providing an
initial commitment of up to $2.5 million for the construction of
the Companys first processing line in its centralized Carbon
Finishing Plant in Ohio, which the Company will then lease from
READS and operate. The lease will have an initial term of seven
years, after which the Company will have the option to purchase
the facility from READS or renew the lease. The Company
anticipates receiving the initial draw on that $2.5 million and
beginning work on the Ohio facility immediately. The agreements
provide for up to an additional $97.5 million in financing,
subject to successful due diligence and underwriting, to be used
for construction of additional facilities.
ITEM 8.01OTHER EVENTS
On March 30, 2017, Green EnviroTech Holdings Corp. issued a press
release announcing its entry into these agreements, a copy of
which is attached as Exhibit 99.01.
ITEM 9.01FINANCIAL STATEMENTS AND EXHIBITS
The following are filed as exhibits to this report:
|
Exhibit Number* |
Title of Document | Location | ||
| Item 10 | Material Contracts | |||
| 10.24 |
Letter Agreement between Caliber Capital Leasing LLC and Green EnviroTech Holdings Corp. dated September 22, 2016, and executed March 29, 2017 |
To be filed | ||
| 10.25 |
Master Equipment and Building Related Lease Agreement between Real Estate Acquisition Development Sales, LLC, and Green EnviroTech Holdings Corp., executed March 29, 2017 |
To be filed | ||
| Item 99 | Miscellaneous | |||
| 99.01 | Press release dated March 30, 2017 | Attached |
| * |
All exhibits are numbered with the number preceding the decimal indicating the applicable SEC reference number in Item 601 and the number following the decimal indicating the sequence of the particular document. Omitted numbers in the sequence refer to documents previously filed as an exhibit. |
About GREEN ENVIROTECH HOLDINGS CORP. (OTCMKTS:GETH)
Green EnviroTech Holdings Corp., formerly Wolfe Creek Mining, Inc., is a green technology company. The Company has developed a process to produce Brent Grade type oil by using reactor conversion technology, the Green Envirotech (GETH) Process, by utilizing a mixture of waste plastic and waste tires. The conversion process uses pyrolysis technology with additional distillation applications. The GETH Process is a system to convert waste plastics and end of life tires to oil. The process uses electromagnetic pyrolysis to produce oil and syngas when processing the plastic feedstock. The process produces oil, carbon black, steel and syngas along with approximately 45% by weight yield of oil, when processing tires. The use of electromagnetic pyrolysis facilitates gasification. A full-scale plant processing tires consumes approximately 200 tons of feedstock per day and produces over 200,000 barrels of blend-stock oil yearly. GREEN ENVIROTECH HOLDINGS CORP. (OTCMKTS:GETH) Recent Trading Information
GREEN ENVIROTECH HOLDINGS CORP. (OTCMKTS:GETH) closed its last trading session up +0.090 at 0.180 with 190,926 shares trading hands.