RIVERBANK, CA--(Marketwired - May 20, 2013) - Green EnviroTech Holdings Corp. (
The agreement calls for Khashoggi Holdings and its affiliate, the National Power and Water Company, to co-develop and market Petrosonics' petroleum desulfurization and heavy oil upgrade technology in the GCC. Under the terms of the Agreement, Khashoggi Holdings will receive 25% of the revenue generated under the GCC joint venture. Khashoggi Holdings will act as the licensor and provide capital for projects, as required.
Mr. Pascal Mahvi, Vice President of Petrosonics, LLC stated, "Mr. Motasam Almosasbellah Khashoggi, Vice Chairman of Khashoggi Holdings, has the reputation and expertise necessary to introduce Petrosonics patented technology to the Kingdom and Gulf States. The technology will enhance production of the Kingdom's heavy oil reserves while, also, providing significant cost savings for local refineries. Khashoggi Holdings' Gulf-wide presence is invaluable for rapid adoption of the technology in the region."
Saudi Arabia's published daily crude oil production capacity is roughly 10 million barrels. The Kingdom has 260 billion barrels of proven reserves and a combined domestic and foreign-owned refining capacity of 4 million barrels per day.
About Khashoggi Holdings
Khashoggi Holdings is a diversified investment and business development group. It is involved in various businesses throughout the Gulf, including power and energy, food, aviation, medical services, financial services, and real estate -- with a focus on infrastructure, including power and energy. Khashoggi Holdings allocates the necessary time and resources to create diversified, profitable, and industry leading businesses for the Kingdom of Saudi Arabia (KSA). The Company also partners in social responsibility activities, as we are strong believers in giving back to the community. For more information please visit our website: http://www.khashoggiholding.com/
About Petrosonics, LLC
Petrosonics, LLC is a privately held Nevada company. Petrosonics has a diverse internationally patented technology portfolio that include ultrasound assisted oxidative desulfurization and heavy oil upgrade. The technology is designed to meet worldwide low emission specification, which can be refinery based, desulfurization of multiple streams and also includes transmix and alternative "green oil" desulfurization processing. The technology has won the 2009 Financial News invention of the year for refinery processing. On May 2nd, 2013, Petrosonics, LLC and Green EnviroTech announced a Letter of Intent for a Global Joint Venture. Both Petrosonics and Green EnviroTech expect a definitive agreement to be concluded shortly. A copy of the announcement can be found here: http://www.marketwire.com/press-release/green...785812.htm
About Green EnviroTech Holdings Corp.
Green EnviroTech Holdings (GETH) is an innovative technology company with a patent pending for recycling tires and mixed plastics back into high grade oil, suitable for blending into most products produced at a refinery.
The GETH Process to convert plastic and tires to oil uses electromagnetic pyrolysis to produce GETH Oil, carbon black, syngas, and steel. The use of electromagnetic pyrolysis facilitates faster processing while causing no environmental impact. A standard twelve system plant, utilizing 6 systems for plastic and 6 systems for tire conversion, produces approximately 25,000 barrels of oil per month. The company, headquartered in California, was founded in 2008 by Gary De Laurentiis, an industry veteran and award winning plastic recycling process designer. For further information about the Company, visit www.greenenvirotech.com and/or email info@greenenvirotech.com
Safe Harbor Statement:
GETH cautions that statements made in press releases constitute forward-looking statements, and makes no guarantees of future performances and actual results/developments may differ materially from projections in forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the time statements are made.
Contact: Constellation Asset Advisors, Inc. Jens Dalsgaard Phone: 415-524-8500
