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Green Equity Holdings, Inc. to Focus on Oil and Gas Industry

^{Published on 2011-02-28 05:40:40 - Market Wire}
 

DEERFIELD BEACH, FL--(Marketwire - February 28, 2011) - Green Equity Holdings, Inc. (OTCQB: [ CXTO ]) announced today its new business direction, which will focus on the acquisition of proven oil and gas reserves. As a result, the Company has terminated its proposed joint venture with Strategic Energy Supplies Corporation and will not pursue a formal agreement with Evolution Fuels, with whom the company had entered into a Letter of Intent on October 8, 2010.

After careful consideration, Green Equity Holdings has determined that the oil and gas industry presents a much greater and more viable investment opportunity compared to alternative energies. The alternative energy business does not offer the type of monetization and upside potential that the Company had originally hoped.

With the prices of oil and gas skyrocketing, and demand for natural resources outpacing its world supply, the oil and gas industry represents a new hotbed of opportunity for the Company. Green Equity Holdings is currently interviewing experienced management teams with proven track records and evaluating assets within the energy sector that can be purchased using the Company's common and preferred stock. Raymond Dias, president of Green Equity Holdings, Inc., said, "I feel this is the best direction to build shareholder wealth by utilizing our stock to acquire proven reserves, which will increase the Company's net worth and generate revenues."

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.