Green 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.