Green Environmental Technologies Inc. Announces Revocation of Cease Trade Order

Toronto, Ontario--(Newsfile Corp. - May 3, 2022) -  Green Environmental Technologies Inc. (the "Company" or the "Issuer") is pleased to announce that the Ontario Securities Commission ("OSC"), the British Columbia Securities Commission ("BCSC") and the Alberta Securities Commission ("ASC") have each issued an order (the "Orders") on May 2, 2022 revoking cease trade orders which were in effect since November 18, 2005, December 13, 2005, and September 13, 2006, respectively.

The Company does not have any definitive plans in place for the operation of the business at this time. However, the Company will proceed in a search for a business reverse take-over, merger, amalgamation or other form of combination.

Undertakings

Further to the Orders, the Company has provided an undertaking to the OSC, the BCSC and the ASC that the Company will not complete:

(a) a restructuring transaction involving, directly or indirectly, an existing or proposed, material underlying business which is not located in Canada,

(b) a reverse takeover with a reverse takeover acquirer that has a direct or indirect, existing or proposed, material underlying business which is not located in Canada, or

(c) a significant acquisition involving, directly or indirectly, an existing or proposed, material underlying business which is not located in Canada,

Unless:

(i) the Issuer files a preliminary prospectus and a final prospectus with the OSC and obtains receipts for the preliminary prospectus and the final prospectus from the OSC; and

(ii) the Issuer files or delivers with the preliminary prospectus and the final prospectus the documents required by Part 9 of National Instrument 41-101 General Prospectus Requirements ("NI 41-101") including a completed personal information form and authorization in the form set out in Appendix A of NI 41-101 for each current and incoming director, executive officer and promoter of the Issuer, and

(iii) the preliminary prospectus and final prospectus contain the information required by applicable securities legislation, including the information required for a probable restructuring transaction, reverse takeover or significant acquisition (as applicable).

The Company has also provided an undertaking to the OSC, the BCSC and the ASC to hold an annual meeting of shareholders within three months after May 2, 2022.

The Company will file a Material Change Report on SEDAR.

For more information, please contact

Green Environmental Technologies Inc.
Dominique Monardo, CEO
sheriquestion@gmail.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/122590