Form 8-K for GREEN ENVIROTECH HOLDINGS CORP.
5-Feb-2015
Entry into a Material Definitive Agreement, Financial Statements
ITEM 1.01 ENTRY IN A MATERIAL DEFINITIVE AGREEMENT
On January 30, 2015, the Company entered into an agreement with Cenco Leasing Co, a Texas corporation, whereby the Company granted an exclusive license, subject to certain conditions, to Cenco to develop the Company's proprietary technology to convert waste tires and plastics to oil, carbon and steel. The territory of the license is the states of California, Texas, Florida, Colorado, Kansas, Oklahoma, North Dakota, South Dakota, Nebraska, Missouri, Arkansas, Iowa, New Mexico, Nevada, Arizona and Utah. The Company has reserved the right to build a plant of its own in Ennis, Texas. The Company has also granted Cenco a non-exclusive right to build plants in Mexico. The agreement calls for Cenco to build a minimum of 200 of the Company's systems over a seven year period. The parties expect that there will normally be 10 systems in a single plant. Cenco will pay royalties in most cases of 5.5% of gross product sales, reduced to 3% in Mexico, New Mexico, Nevada, Arizona and Utah.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(c) Exhibits
10.1 License Agreement by and between the Registrant and Cenco Leasing Company, Inc. dated January 30, 2015. http://biz.yahoo.com/e/150205/geth8-k.html |
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