Green EnviroTech Holdings Corp. announced entering into a Letter of Intent for the formation of a global joint venture with Petrosonics, LLC by using its patented new oil refining technology for upgrading wellhead, pipeline, refinery, transmix and oil recycling operations. Green EnviroTech Holdings Corp.

signed a Letter of Intent to invest, subject to entering into definitive agreements, an initial $14 million in to a joint venture operation with GreenOil, a European subsidiary of U.S. based Petrosonics, LLC. In consideration for assistance with capital formation and access to the public markets, Green EnviroTech Holdings will own 51% of the newly formed venture. The Petrosonics technology will work in synergy with Green EnviroTech's business creating a patented "GreenOil" process turning waste tires and plastic to high quality usable fuels.

This relationship will also propel Petrosonics existing multiple patented and award winning technologies into commercialization.