CELEBRATION, Fla., Jan. 22, 2013 /PRNewswire/ -- Green Earth Technologies, Inc. (GET) (OTC Bulletin Board: GETG.BB), the makers of G-OIL®, the world's first and only bio-based fully synthetic motor oil to receive American Petroleum Institute (API) certification, and G-CLEAN®, our US Environmental Protection Agency's (EPA) Design for the Environment (DfE) program certified products recognized for safer chemistry, celebrated a number of important milestones in 2012.
From Daytona Beach, Florida where it introduced G-OIL to NASCAR competition, to Dallas, Texas where G-OIL became an official Green Sponsor of the Texas Rangers, and to Las Vegas to the National Home and Hardware show, where its line of G-CLEAN products were featured, the Company's 2012 achievements covered a wide range.
"2012 continued to prove our concept, confirming the fact that if we created products that worked just as well as similarly claiming products at the same price and GET these products on the shelves of retailers, that consumers would choose the green option, especially one that is produced in America, because it is simply the better, more logical choice."
The Celebration, Florida-based Company made motorsports history by becoming the first and only API and USDA certified bio-based full synthetic motor oil to be used in NASCAR competition, sponsoring driver Tayler Malsam and the TriStar Motorsports Toyota Camry team for the 2012 NASCAR Nationwide Series. In replacing conventional oil with G-OIL in TriStar's racecars, GET proved that G-OIL could stand up to the rigors of NASCAR competition.
GET added a NASCAR version of their 0:30 commercial featuring the #19 Toyota Camry and voice over of EMMY Winning Actor Bryton McClure suggesting consumers "can change the world by changing their oil and, if G-OIL that is made from bio-based materials made and sourced in America can work in engines that compete at the NASCAR level(s) that rest assured, it will work in your engine(s) too."
In addition, GET teamed with the New Hampshire Motor Speedway (NHMS) on fan oriented Green sponsorship initiatives, including the Ultimate Pit Stop, whereby VIP Auto Part Consumers had the opportunity to be the grand prize winner, driving their personal car around NHMS' Miracle Mile prior to the G-OIL 100 and GET an oil change in the pits.
G-OIL was awarded 17 API certifications for its 2012 product lineup, news soon thereafter followed by an independent, third-party life cycle assessment that confirmed more than 67% reduction in environmental impacts in comparing G-OIL to conventional motor oils.
Featured in an episode of TWO GUYS GARAGE airing on SPEED CHANNEL multiple times during 2012, NASCAR Engine builder Pro Motor Engines demonstrated that G-OIL's capacity to reduce carbon footprint does not sacrifice performance. The Two Guys reported that G-OIL produced more power and reduced engine wear in back-to-back tests against the top competitors.
Three major projects were completed and ready for final testing, which includes (i) producing bio-base stock with >80% bio-content and ultimate biodegradability; (ii) making a biodegradable viscosity modifier that helps to lower the pour point, reduce the friction and wear, and improve the fuel economy; (iii) developing bio-based performance additive packages at lower cost to increase the compatibility with bio-base stocks and reduce the formulation time and testing cost. In addition, steps were made to secure a variety of equipment to bring more processes in-house to shorten lead times, minimize inventory levels and reduce costs across the board.
In December 2012, E&B Green Solutions completed a year of testing Green Earth Technology's degreasing, cleaning, and production enhancement products. E&B Green Solutions is the Company's global distributor of these products in the oil and gas market, exploiting the reputation and industry connections of its sister company E&B Natural Resources. Based in Bakersfield, California E&B Natural Resources is one of the largest independent petroleum producers in California and, in addition, has operations in Louisiana, Texas, Kansas, and Wyoming. As such, it serves as a sizeable applied laboratory for the field testing of GET's non-toxic and biodegradable well services product line:
- G-Clean® Storage Tank Cleaner was used to effectively clean several tanks. Shipping concentrated cleaner and diluting on site reduced shipping costs. Cleaning efficacy was maintained at dilution rates up to 100 parts water to 1 part cleaner, yielding very competitive cleaning solution costs. Unlike competitive products, G-Clean® Storage Tank Cleaner encapsulates volatile organic compounds (VOCs) and is safe for the people who apply it and for the environment. The demand for an effective storage tank cleaner will continue to increase, especially in California where producers must meet the requirements of Assembly Bill 1960.
- G-Clean® Oilfield Rig & Equipment Cleaner, like the tank cleaner, is delivered in concentrated form and diluted on site. This product has been used to clean work-over rigs, coiled tubing units, and pumping units. Efficacy is maintained even at dilution rates of 200:1 and reduced equipment cleaning time to 50% of those using caustic cleaners. The reduced cleaning time means lower labor costs and increased in service time for equipment. Likewise, unlike caustic cleaners, G-Clean® Oilfield Rig & Equipment Cleaner is safe for painted surfaces and polished aluminum. And finally, cleaning can be done in the field since any of the wash waste is ultimately biodegradable within 28 days. There is no concern when the waste migrates to the soil beneath the equipment.
- G-Clean® Well Wake Up has been used domestically and internationally. This product, used to stimulate under-producing wells, has been effective in eliminating both paraffin and asphaltene fouling of wells. The cleaning of well perforations far exceeds traditional treatments such as hot oil yielding dramatic increases in well production.
Green Earth Technologies also made important strides in distribution, securing European Community trademark registrations for G-OIL® and entering into its second agency distribution agreement in Europe.
The company also added distribution of the recently NASCAR Green designated G-CLEAN 1400 PSI Pressure Washer and cleaning accessories at Menards, offering a HOT "Green Friday" after Thanksgiving Day promotion of $89.95.
In June, GET appointed Walter Raquet, a seasoned executive with more than 40 years' experience, to its Board of Directors. President and CMO of GET Jeffrey Loch remarked, "Walter brings a wealth of public company and corporate strategy experience, including guidance to hyper-growth companies. His direction will prove invaluable to management and the board as we execute our strategic plan."
Looking ahead to 2013, GET announced that its G-CLEAN products have become an official NASCAR Green sponsor.
"NASCAR is synonymous with high performance and this partnership will allow us to reach millions of consumers who desire to keep their homes clean and green without giving up product performance or value," said Jeffrey Loch. "We also believe that the various NASCAR series offers the opportunity to reach these consumers, as well as providing the perfect environment in which to demonstrate the high performance of our oil products."
"If you see G-OIL on-the-hood, then G-OIL is under-the-hood," Loch added.
In addition, GET secured $6.25 million in 6% Secured Convertible Notes to strategically grow the business. These notes are convertible into shares of the Company's common stock at $0.17 per share and were issued with 50% warrant coverage to purchase additional shares of common stock over a five year period at $0.21 per share. The notes have a three year term and interest on the outstanding principal balance is payable quarterly in arrears in cash or shares of Common Stock at the discretion of GET. The financing did not have associated placement agency fees and was led by members of the Company's Board of Directors.
Green Earth Technologies 2012 Highlights
- G-OIL announces plans to make motorsports history as America's first and only API and USDA certified bio-based full synthetic motor oil to be used in NASCAR competition, sponsoring driver Tayler Malsam and the TriStar Motorsports Toyota Camry team in the 2012 NASCAR Nationwide Series.
- GET unveiled its 2012 product lineup of environmentally preferred lubricants, announcing 17 new API Certifications.
- Malsam and the TriStar Motorsports G-OIL Toyota Camry finished 6th at Daytona International Speedway in the opening race of the 2012 NASCAR Nationwide Series.
- Four races into the season, G-OIL and the Tri-Star Motorsports Toyota team placed two cars into the Top Ten in the 2012 NASCAR Nationwide Series standings.
- GET becomes the Environmentally Friendly Lubricants and Cleaners sponsor for the 2011 American League champion Texas Rangers, providing a variety of G-branded cleaners and lubricants for the Ranger's Ballpark ground crew and equipment.
- An independent life cycle assessment comparing G-OIL to conventional motor oils confirms more than a 60% reduction in environmental impacts. At the same time, NASCAR Engine builder Pro Motor Engines reports that G-OIL produced more power and reduced engine wear in back-to-back tests against the top competitors.
- GET expanded distribution of its G-OIL® bio-based Bar & Chain and Small Engine green Oil products, celebrating with live demonstrations at the National Hardware Show featuring STIHL® TIMBERSPORTS® Hot Saw Champion and G-OIL spokesman, Mike Sullivan.
- GET made G-OIL and G-CLEAN products more widely available as part of the Sherwin Williams "NASCAR Home Tracks" program to sell quality branded products to competitors at all levels.
- The company celebrated the expanded distribution by stepping into event title sponsorship at one of NASCAR's most historic tracks, Bowman Gray Stadium in Winston-Salem, North Carolina.
- GET secured European Community trademark registrations for its signature product, G-OIL, entering into its second agency distribution agreement in Europe.
- One of SPEED TV's most popular shows, Two Guys Garage, took performance enthusiasts, race fans, and Do-it-Yourselfers behind the scenes of the post-race engine teardown process of the #19 G-OIL Toyota Camry NASCAR Nationwide Series.
- GET appointed Walter Raquet, a seasoned executive with more than 40 years' experience, to its Board of Directors.
- Ben Kennedy Racing announced a partnership with GET for the balance of the 2012 NASCAR K&N East Series season in July, using G-OIL and G-CLEAN products to service Ben's race car.
- Recognizing the link between the environment and childhood health, GET's #19 Noah's Light / G-OIL Toyota Camry raced to promote awareness for the Noah's Light Foundation and the "Fast Forward" campaign for pediatric brain cancer research.
- Venezuelan Star Driver Alex Popow made his NASCAR debut driving the #19 G-OIL Toyota Camry at the NASCAR Nationwide Series event at Watkins Glen International, New York.
- G-OIL became the official entitlement partner of September's NASCAR K&N Pro Series East race at New Hampshire Motor Speedway (NHMS) as part of its involvement in the "Greening of NHMS," a series of initiatives designed to make the track more environmentally friendly. G-OIL was used in NHMS vehicles, including safety, maintenance, service, and landscaping equipment.
- GET announces that it will join NASCAR as an Official Green Partner, offering NASCAR fans green alternatives to use on their homes through their G-CLEAN line of pressure washers, environment-safe cleaning products, and degreasers for concrete, home siding and outdoor mold and mildew stain removal. The U.S. Environment Protection Agency's (EPA) Design for the Environment (DfE) program certified G-CLEAN products as effective and safer for human health and the environment.
- Menards introduces G-CLEAN Pressure Washer Bonus Pack on Black Friday (Green Friday), featuring GET's G-Clean 1400 PSI electric pressure washer which includes a turbo nozzle, 1 foam blaster applicator, 1 detergent injector, 3 dissolvable detergent pouches and 2 16oz bottles of foam blaster detergents. These G-CLEAN products are DfE certified.
- G-CLEAN participated in the NASCAR Home Tracks Contingency program whereby the logo will be featured on-track with a decal on each entry in the NASCAR Whelen All American Series, NASCAR Whelen Modified Tour, NASCAR Whelen Southern Modified Tour and NASCAR K&N Pro Series. Additionally, Green Earth Technologies signage will be prominently featured at Home Track racetracks across the country.
- GET begins to work closely with IPAC, a petroleum product and additive formulator, to develop unique, alternative ingredients as well as assisting in the creation of our own GREEN additives and components. They will also be a partner in the testing of our own "proprietary base ingredients" that allow us to render all petro-chemicals biodegradable and continue to assist as we move towards creating the greenest possible lubricant products.
ABOUT GREEN EARTH TECHNOLOGIES
Green Earth Technologies, Inc. (G.E.T.) (OTC Bulletin Board: GETG.BB) is a "totally green" clean tech company that combines domestically sourced renewable and reusable feed stocks with proprietary technologies molded around the four ideologies of being GREEN: biodegradable, recyclable, renewable and environment safe. Branded as G-OIL®, G-CLEAN® and G-MARINE®,
G.E.T. produces a full line of "clean & green" American made environmentally preferred lubricants and cleaning products that allows concerned consumers who care about the environment and American energy independence to do their part without sacrificing value or performance. Save the Earth - Sacrifice Nothing(R).
G.E.T. products are available online at Amazon.com and at a variety of retailers and lube centers, including: The Home Depot, Wal-Mart Stores Inc., Menards, Sherwin Williams Auto Refinishing Stores, Strauss Auto Stores, Canadian Tire Corporation, Fred Meyer, VIP, National Auto Stores, Lex Brodie's Tire Company, Honest One, Do It Best and participating ACE & True Value dealers. Please visit www.getG.com for the latest news and in depth information about G.E.T and their brands.
Statements made in this release that relate to future plans, events, financial results or performance are forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. These statements are based upon current information and expectations. Actual results may differ materially from those anticipated as a result of certain risks and uncertainties. Investors should also be aware that while the Company from time to time does communicate with securities analysts, it is against the Company's policy to disclose to them any material non-public information or other confidential commercial information. Investors should not assume that the Company agrees with any report issued by any analyst or with any statements, projections, forecasts or opinions contained in any such report.
SOURCE Green Earth Technologies, Inc.