Green EnviroTech Holdings Corp., a plastics recovery and recycling company, today updated shareholders on the company’s acquisition of Magic Bright Limited, a leading Hong Kong-based waste plastics recycling and trading company.

The $6 million deal is in line with Green EnviroTech’s goal of gaining a “significant portion” of the $50 billion global recycled plastic products market.

Green EnviroTech said both companies’ are working to integrate their products, technologies and customers to drive immediate value to investors.

“The acquisition of Magic Bright should be immediately beneficial to shareholders as the combined company will not only enjoy operational synergies, but also a vastly strengthened balance sheet with a solid asset base and significant recurring revenues for years to come,” Gary De Laurentiis, CEO and chairman of Green EnviroTech stated in the press release.

The deal will give Green EnviroTech immediate access to Magic Bright’s widespread distribution channels in Asia. MacBright has secured long-term distribution contracts in mainland China, which has driven annual gross revenues of more than $28 million for three consecutive years. The company anticipates revenues of $40 million after the acquisition on increased marketing and working capital.

Green EnviroTech said it does not expect the acquisition to negatively impact its 2011 GAAP EPS.

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