GREEN ENVIROTECH HOLDINGS CORP. (OTCMKTS:GETH) Files An 8-K Unregistered Sales of Equity Securities
ITEM 3.02—UNREGISTERED SALES OF EQUITY SECURITIES
On January 16, 2019, we and Gary DeLaurentiis agreed to convert $137,000 of his accrued, but unpaid compensation into 137,000,000 restricted shares of our common stock, using a conversion price of $0.001 per share.
No general solicitation was used in the above securities transaction. These securities were issued in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder as not involving any public offering.
ITEM 5.02—DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF
DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY
ARRANGEMENTS OF CERTAIN OFFICERS
On January 15, 2019, Chris Bowers resigned as our president, chief executive officer, and director to focus on other professional and philanthropic endeavors. Mr. Bowers’ resignation was not the result of any disagreement between Mr. Bowers and the company on any matter relating to our operations, policies, or practices. Mr. Bowers will remain as a consultant to the company.
Also on January 15, 2019, our board of directors appointed Gary De Laurentiis as the new chief executive officer. Mr. De Laurentiis was our chief executive officer from 2009 through 2016 and has been chairman of the board of directors since July 2009. Mr. DeLaurentiis has been active in the plastics recycling business for nearly 30 years. In partnership with the Chinese government, he designed and built his first plastics recycling plant in 1987. In the years since, he has designed, remodeled, built, and operated plants in Mexico, North Carolina, Ohio, Florida, California, and Canada for both local governments and private industries. From 1992 to 1995, Mr. De Laurentiis worked directly with the state government in Campeche, Mexico, living on-site for 18 months while directing the entire project. In 1996, an Ohio-based group recruited Mr. De Laurentiis to open a shuttered recycling plant. Mr. De Laurentiis started ECO2 Plastics Inc. in 1999 and left Eco2 Plastics in September 2008 to start Green EnviroTech. We and Mr. De Laurentiis have not yet entered into an employment agreement, but the parties intend for Mr. De Laurentiis to be paid a salary of $360,000 per year.
On January 15, 2019, our board of directors appointed Robert J. Anderson to fill the vacancy created by Mr. Bowers’ resignation. Mr. Anderson has been involved in the recycling industry since 1964. From 2013 to 2016, Mr. Anderson was the assistant to the president of International Reclamation, Inc., and from 2002 through 2016, Mr. Anderson was the owner of Central New York Reclamation, specializing in recycling tires. Mr. Anderson has also worked independently as in international finance consultant since 2001. The board concluded that Mr. Anderson should serve as a director based on his significant experience in the recycling and finance industries.
ITEM 9.01—FINANCIAL STATEMENTS AND EXHIBITS
The following is filed as an exhibit to this report:
| * | 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. |
GREEN ENVIROTECH HOLDINGS CORP. Exhibit
EX-99.01 2 ex99-01.htm For Immediate Release: Green EnviroTech Holdings Corp. Announces Officers and Board Departures and Additions JAMESTOWN,…
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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.
