EnviroTech Holdings Corp. expands Hong Kong facility
Green EnviroTech Holdings Corp., a waste plastics
recovery and recycling company, announced that CEO and chairman
Gary De Laurentiis has travelled to Hong Kong to work on integrating
the recently acquired Magic Bright Ltd. into the company. Magic
Bright Ltd. is a Hong Kong-based plastics recycling and trading
company with long term distribution contracts in mainland China.
Meetings held in Hong Kong focused on expansion
plans to increase revenue from its newly acquired subsidiary.
The transaction in which Green Envirotech
Holdings Corp. acquired Magic Bright Ltd. was valued at $6 million
and was financed with cash and stock. As well as a steady revenue
stream, the acquisition gives Green EnviroTech immediate access
to a large and expanding market.