GREEN ENVIROTECH HOLDINGS CORP. (OTCMKTS:GETH) Files An 8-K Regulation FD Disclosure
Item 7.01 and Item 9.01 of this report, including the exhibit, is
being furnished to Item 7.01 and Item 9.01 of Form 8-K and
General Instruction B.2 thereunder. Such information shall not be
deemed filed for purposes of Section 18 of the Securities
Exchange Act of 1934, as amended, or otherwise subject to the
liabilities of that section, nor shall it be deemed incorporated
by reference in any filing under the Securities Act of 1933, as
amended.
ITEM 5.02ELECTION OF DIRECTORS; APPOINTMENT OF
OFFICERS
Green EnviroTech Holdings Corp. announces it has appointed Mr.
Chris Bowers, 56, as its new President and Chief Executive
Officer. Mr. Bowers has also been appointed to serve as a member
of the Companys Board of Directors. Mr. Bowers will continue in
his role as President of the Companys subsidiary, Smart Fuel
Solutions. Mr. Gary De Laurentiis will continue in his roles as
Chief Financial Officer and Chairman and will be leading the
business development activity for the Company.
Mr. Bowers is an experienced executive, entrepreneur, angel
investor and consultant whose work has carried him all over the
world. Mr. Bowers was the founder and CEO of LytOil from 2013 to
2015, the founder and director of Chris Bowers Capital from 2012
to 2013, and was at Applied Materials where he served as the
Chief of Staff, General Manager of Corporate Services, and
Vice-President of Corporate Initiatives from 2008 to 2012. Prior
to that, Mr. Bowers spent nearly two decades in the high tech
industry working with senior leaders in many companies, including
the President and CEO of Philips Electronics. During his business
career, Mr. Bowers has established, grown and downsized country
operations, founded and led consulting practices, led numerous
company functions, and has been involved in numerous merger and
acquisition transactions and integrations. In the last few years
Mr. Bowers has also been directly involved in philanthropy and
charitable work with Stanford Hospital and with Santa Clara
University in its Miller Center for Social Entrepreneurship and
in its Business School. Mr. Bowers has also continued this same
work with Second Harvest Food Bank and with The Tech Awards. Mr.
Bowers started his career with the British military, serving for
5 years with the UK Special Forces. Mr. Bowers has an MBA from
the University of Warwick.
The Company believes that Mr. Bowers breadth of business and
leadership experience makes him well-suited to serve as a
director of the Company.
Since the beginning of the 2015 fiscal year, Mr. Bowers has
provided the Company with two $500K working capital lines. The
first credit line in the amount of $500K was dated August 15,
2016 and is due December 31, 2016, unless extended. The interest
rate of this line of credit is 1% per month with $5K per month of
interest only payments. This credit line is convertible into
shares of common stock of the Company at a conversion rate of
$0.20 per share. The second line of credit is dated November 14,
2016 and has the same terms as the first. The current balances on
these lines of credit are $500,000 and $300,000, respectively,
which are also the largest aggregate amounts outstanding on those
lines of credit since they were initiated.
ITEM 9.01FINANCIAL STATEMENTS AND EXHIBITS
The following is filed as an exhibit to this report:
|
Exhibit Number* |
Title of Document |
Location |
||
| Item 99 | Miscellaneous | |||
| 99.01 | Press release dated December 13, 2016 | 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. |
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 down -0.030 at 0.270 with 18,764 shares trading hands.