Green Equity Holdings Enters Into Letter of Intent With Strategic Energy Supplies Corp.
To Jointly Launch Brown Grease Feedstock Recycling Plants Nationwide
Sep. 28, 2010 (Marketwire) --
DEERFIELD BEACH, FL -- (Marketwire) -- 09/28/10 -- Green Equity Holdings, Inc. (OTCQB: CXTO) ("GEH") announced today that it has entered into a letter of intent with Strategic Energy Supplies Corporation ("SESC"), a Florida-based clean energy solutions provider, to jointly build and deploy brown grease feedstock recycling plants nationwide. GEH has also begun an extensive due diligence review, and subject to satisfactory findings, the Company anticipates entering into a definitive agreement for the proposed joint venture on or before October 31, 2010.
The definitive agreement is anticipated to provide the following: (i) SESC will initiate construction of not less than three (3) brown grease recycling plants within the first year of the entering into the proposed joint venture agreement; and (ii) GEH will be required to invest up to $1.5 million for each plant under construction in the first year, in exchange for scaled ownership interests in the proposed plant as follows: (i) a 70% ownership interest with respect to the first plant; (ii) a 60% ownership interest with respect to the second plant; and (iii) a 50% ownership interest with respect to the third plant and all additional plants thereafter.
GEH is particularly excited about the proposed joint venture agreement because, among other potential benefits, SESC is the owner of patent-pending Thermal Depolymerization2 grease trap waste technology. SESC's novel technology, under the proposed JV agreement, may be utilized by GEH under an exclusive licensing agreement with SESC to be entered into as part of the definitive agreement.
Brown trapped grease is collected from grease traps installed in commercial, industrial and municipal sewerage facilities worldwide. According to a Statewide Feasibility Study for a Potential New York State Biodiesel Industry in 2004, more than 475 million gallons of biodiesel can be produced from brown grease generated in the United States. Each GEH plant is designed to produce 650,000 to 1,000,000 pounds (295-450 tons) of organic solids that form soil additives or fuel sources.
Raymond Dias, Founder, President and Chief Executive Officer of GEH, said, "A key aim of this proposed joint venture is to capitalize on the next evolution of utilizing recyclable brown grease to create cost-effective and renewable alternative sources of energy. It is anticipated that suppliers of trapped brown grease will be able to turn an expense (transportation and legal disposal of brown grease) into a new revenue stream, with the joint venture partners (GEH and SESC) making a strategic investment in the high-growth green energy sector to increase shareholder value."
Additional details of the transaction are forthcoming.
About SESC
Strategic Energy Supplies Corporation (SESC) is a privately-held services provider of clean technology based on its patent-pending Thermal Depolymerization2 (TDP). TDP2 is a process using hydrous pyrolysis for the reduction of complex organic materials (usually waste products of various sorts, often known as biomass and plastic) into light crude oil. It mimics the natural geological processes thought to be involved in the production of fossil fuels. SESC operates one brown grease feedstock recycling plant in Florida, and is seeking joint venture partners to establish other plants nationwide. For more information, please see www.StrategicEnergySupplies.com.
About Green Equity Holdings, Inc.
Green Equity Holdings Inc. discovers, invests and/or acquires development-stage, high-growth businesses with novel solutions, clean technologies and eco-friendly products that serve the global alternative energy sector. Incorporated in 2002 in the State of Nevada, GEH is majority owned by Fusion Capital Investments Corporation. For more information, please visit www.greenequityholdings.com.
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here; however, readers should review carefully reports or documents the Company files periodically with the Securities and Exchange Commission.
Contact:
Green Equity Holdings, Inc.
Raymond Dias
President
Email Contact
Tel: 954-573-1709
Fax: 954-416-2883
Source: Marketwire (September 28, 2010 - 4:00 PM EDT)
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