Green EnviroTech Holdings Corp (OTCMKTS:GETH) has recently released its 10-k annual filing which shows several developments. The share price almost tripled at its intra-day high climbing from $0.045 of yesterday’s close to a high of $0.12. It ended the day with a gain of 60% on heavy volume. Over 600,000 shares traded hands which is 123 times its daily average volume of 5,000 shares.
Several websites issued promotional material on the company as a hot pick for April 8th. The promoting websites include insiderstockprovider, pennystockprofit, and Buzz Stocks. All stated that this was the next hot pick that had game changing technology. Given the promotions around the stock, it could climb much higher but will eventually fall back down leaving investors holding the bag. This is not the first time Green EnviroTech Holdings Corp (OTCMKTS:GETH) has had promotional information sent on it.
GETH has not released any announcements for some time now. It has recently filed its 10-K Annual Report with the SEC for the year 2014. We disseminated the filing but not meaningful information was provided. The company seems to trying to become current with its reporting with the SEC and will likely announce a strategic partnership or something in the near future. Green EnviroTech Holdings Corp (OTCMKTS:GETH) is a development-stage technology company focused on the recovery, separation, cleaning, and recycling of plastics. The company’s GETH Process is a patent pending oil conversion process utilizing a mixture of plastic and tires. GETH intends to produce high grade of oil from plastics waste and tires.
The Company, formerly known as Wolfe Creek Mining, Inc., was incorporated in the State of Delaware on June 26, 2007. On November 20, 2009, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Green EnviroTech Acquisition Corp., a Nevada corporation, and Green EnviroTech Corp. (“Green EnviroTech”), a plastics recovery, separation, cleaning, and recycling company. Green EnviroTech is a Nevada corporation formed on October 6, 2008 under the name EnviroPlastics Corporation. On October 21, 2009, Enviroplastics Corporation changed its name to Green EnviroTech Corp. and on July 20, 2010, the Company changed its name to Green EnviroTech Holdings Corp.
Pursuant to the Merger Agreement, on November 20, 2009 (the “Closing Date”), Green EnviroTech Acquisition Corp. merged with and into Green EnviroTech, resulting in Green EnviroTech becoming a wholly-owned subsidiary of the Company (the “Merger”). As a result of the consummation of the Merger Agreement, the Company issued approximately 450,000 shares of its common stock to the shareholders of Green EnviroTech, representing approximately 45% of the issued and outstanding common stock of the Company following the closing of the Merger. Further, the outstanding shares of common stock of Green EnviroTech were cancelled. The acquisition of Green EnviroTech is treated as a reverse acquisition, and the business of Green EnviroTech became the business of the Company. Immediately prior to the reverse acquisition, Wolfe Creek was not engaged in any active business.
On March 27, 2013, the Company completed a 1 for 100 reverse split of its common stock. Share amounts in this report and previous reports subsequent to the reverse split have been retroactively adjusted where needed.
GETH is currently trading at a $1 million market valuation. The company has been attempting to become current with SEC through updating its filings. The recent advance in the stock looks to be based on promotional newsletters versus changes in its business model or new developments with the company. Stay tuned as we will update on new developments.
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Disclosure: we hold no position in GETH either long or short at the publication of this article.
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