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GSAE PR- Nov.5 2008
November 5, 2008 - 5:01 AM EST
Green Star Alternative Energy, Inc. (Pink Sheets: GSAE) is pleased to announce that Notos d.o.o has been granted an ETSO Identification Code (EIC). This license provides Notos with the accreditation necessary to convey electricity through its Power Trading division.
In order to control the energy exchange balance, European Transmission System Operators (ETSO) must exchange market participants' data. This requires a uniform identification system. To this purpose ETSO has developed a code system named EIC (ETSO Identification Code). Each market participant has to have such a code which is valid across Europe.
Elektromreza Srbije, EMS, is the electrical transmission system and market operator in the Republic of Serbia. It is in charge of calculating cross-border capacities and the harmonization of all electrical conduction with neighbouring Transmission System Operators (TSO). EMS governs the allocation rights for utilizing cross-border transfer capacities of all tie-lines connecting the electrical power system of the Republic of Serbia and those of neighbouring countries.
Miodrag Andric, President of Notos, stated: "Obtaining the EIC is another step towards fulfilling the necessary requirements prior to signing an agreement with the National Grid Network of Serbia, EMS.”
J. M. De Castro, CFO of Green Star Alternative Energy, commented: “Green Star and Notos continue to execute the corporate plan by becoming participants in the profitable business of energy trading.”
About Green Star Alternative Energy (GSAE.PK)
Green Star Alternative Energy, Inc. is working to develop more than 300 megawatts of clean wind energy. To drive growth and revenue Green Star is focused on the development of wind energy, the import and export of electricity, the cultivation of agriculture on its wind farms, and the supply of greenhouse gas emission credits. The company is pursuing a significant opportunity to provide clean power to the growing Republic of Serbia and neighbouring European countries. With the pending acquisition of key wind farm and power trading company Notos, Green Star will become one of only a few companies licensed to trade electrical power into and out of Serbia, the only company in Serbia able to generate and export its own wind energy, and the nation’s first developer of wind power.
FORWARD-LOOKING STATEMENTS
This press release contains 'forward-looking statements'. These are statements concerning plans, objectives, goals, strategies, expectations, estimates, intentions, projections, developments, future events, or performance, underlying (expressed or implied) assumptions and other statements that are other than historical facts. In some cases forward-looking statements can be identified by the use of forward-looking words such as 'believes,' 'expects,' 'may,' 'will,' 'should,' or 'anticipates,' 'estimates,' or the negative of these words or other variations of these words or comparable words, or by discussions of plans or strategy that involve risks and uncertainties. Management wishes to caution the reader that these forward-looking statements, including, but not limited to, statements regarding the Company's plans, goals the estimates and assumptions, and the business strategy of the Company and other matters that are not historical facts are only predictions. No assurances can be given that such predictions and the estimates regarding mineral reserves, success of mining plans, or other projections will prove correct or that the anticipated future results will be achieved. Actual events or results may differ materially. Forward-looking statements should be read in light of the cautionary statements and risks that include, but are not limited to, the risks associated with a small company, the intense competition the company faces from others, and technological changes. Any one or more of these or other risks could cause actual results to differ materially from the future results indicated, expressed, or implied in such forward-looking statements.
Green Star Alternative Energy, Inc.
Jesse De Castro, CFO
1-866-955-GSAE (4723)
info@greenstarae.com
Source: Business Wire (November 5, 2008 - 5:01 AM EST)
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