Green EnviroTech Holdings Corp Signs Letter of Intent With Ebbros I Investment Group

Green EnviroTech Holdings Corp announced that, further to their announcement of the Company's intention to enter into the tire recycling market by the establishment of two tire recycling plants, they have signed a Letter of Intent (LOI) with Ebbros I Investment Group, of Kansas City, Missouri. Under the terms of the LOI, Ebbros will develop the plants, including all infrastructures, install all necessary equipment and lease the same back to GETH. Ebbros will also purchase all oil produced at the plants, which is estimated to be in the region of 10,700 barrels per month at each site. The LOI further states that the lease-back agreement is to be for a period of ten years or longer with GETH having a buy back clause during this period for the purchase of the physical site and equipment.