Green EnviroTech Holdings Corp. announced the signing of an exclusive licensing agreement with Cenco Leasing Company Inc. Cenco plans to utilize GETH's technology to design, construct, own and operate 200 pyrolysis and refining systems in California, Texas, Florida, Iowa, and other interior states in the US. Green EnviroTech has agreed to license the technology and all associated intellectual property.

The agreement has a term of 30 years plus optional extensions. Cenco plans a first plant consisting of a single system in California. The agreement calls for the plant to be operational within 12 months of the effective date, at which point a spec product will be sent to ConocoPhillips for approval as per the "off take" agreement in place.

If successful, Cenco plans to expand plant construction in California to 50 additional systems within 5 years. Provided that all performance goals are hit, Cenco will earn a permanent license in the State of California. The contract outlines additional performance goals for plant construction and exclusivity in Texas, Florida, Iowa, and the remaining interior states.

Ultimately, Cenco plans to construct roughly 200 systems domestically over the next seven years. In exchange for licensing their technology, GETH will receive 5.5% of gross product sales, reduced to 3% in New Mexico, Arizona, Nevada, Utah, and Mexico.