GETH Announces the Conversion of Approximately 2MM of Debt into Warrants to Further Strengthen Its Balance Sheet
September 08 2016 - 9:00AM
Marketwired
GETH Announces the Conversion of Approximately 2MM of Debt into
Warrants to Further Strengthen Its Balance Sheet
JAMESTOWN, CA-(Marketwired - Sep 8, 2016) - Green EnviroTech
Holdings, Inc. (OTC PINK: GETH), in an effort to fortify the
Company's balance sheet, the Company is pleased to announce to its
Shareholders, and in connection with an 8-K filed on September 7,
2016 with the Securities and Exchange Commission, that it has
converted $2,000,000 of debt owed to current and former employees,
as well as to strategic partners into Warrants.
The issuance of these Warrants in consideration for services
provided to the Company, as well as for promissory notes previously
issued by the Company to noteholders, provides the Company with
financial flexibility by allowing it to leverage the use of
resources outside of capital to fully satisfy certain compensations
owed. In turn, this will allow for the Company to direct more
capital towards furthering many of the objectives outlined in their
press release dated August 1, 2016, which includes finalizing deals
with additional strategic partners and progressing deals through
the business pipeline it has developed.
Furthermore, the Company's Chairman and CEO, Gary De Laurentiis,
believes that the agreements the Company reached with its current
and former employees, and strategic partners for the issuance of
Warrants in lieu of monetary compensation demonstrates their
confidence and surety in the direction of the Company:
"We believe that these agreements demonstrate confidence in the
GETH technology and the future potential of the Company. These
individuals perceive the increase in value the Company may
experience as it continues to achieve various milestones and move
forward with its initiatives over the next several months."
Gary De Laurentiis further remarked, "While we are excited and
truly appreciative of the trust and commitment that our current and
former employees are demonstrating in the future of our Company; we
understand and accept the responsibility that comes with this trust
and commitment, and pledge to continue to drive the growth and
success of our Company through the acceleration of our
initiatives."
Forward-Looking Statements 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.
About Green Enviro Tech Holdings Green Enviro Tech Holdings,
Inc. (GETH) is a pioneer in sustainable development. Our mission is
to find practical, economical solutions that will clean up the
environment. Our technologies will convert waste into valuable
products and help to protect the planet.
Contact Information
Contact: Public Relations and Media Contact: LCG Headquarter
Office 702.333.4886 www.lcginfo.com
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