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Provider: Reuters Investment Profile
Provider: Wright Reports
Provider: Wright Reports

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Green EnviroTech Holdings Corp Announces LOI for Global Joint Venture with Petrosonics, LLC

Thursday, 2 May 2013 09:14am EDT 

Green EnviroTech Holdings Corp announced entering into a Letter of Intent for the formation of a global joint venture with Petrosonics, LLC by using its patented new oil refining technology for upgrading wellhead, pipeline, refinery, transmix and oil recycling operations. Green The Company signed a Letter of Intent to invest, subject to entering into definitive agreements, an initial $14 million in to a joint venture operation with GreenOil, a European subsidiary of U.S. based Petrosonics, LLC. In consideration for assistance with capital formation and access to the public markets, Green EnviroTech Holdings will own 51% of the newly formed venture. The Petrosonics technology will work in synergy with Green EnviroTech's business creating a patented GreenOil process turning waste tires and plastic to high quality usable fuels. This relationship will also propel Petrosonics existing multiple patented and technologies into commercialization. 

Company Quote

3 Mar 2015