Global Green Solutions Inc. is becoming a leader in the development of alternative energy resources and greenhouse gas reduction technology.
A remarkable new ecotechnology that tranforms algae to biofuel feedstock is garnering a high level of attention.
San Diego, CA -- October 1, 2008 -- Responding to its recent successes and the fast growing demand for clean renewable energy, Global Green Solutions Inc. (GGRN) has restructured company operations to focus on its commercial stage Global Greensteam business. Greensteam converts waste biomass to renewable steam for industrial processes and electrical power co-generation.
With its innovative technology and customer value-focused business model, Greensteam has generated tremendous interest worldwide. GGRN currently has signed and pending contracts with blue chip industrial companies, including Aera Energy LLC, a large California oil and gas producer, and SAPPI Ltd., one of the world's leading pulp and paper companies.
"Greensteam is at the forefront of waste biomass-to-energy systems for industrial applications," said Doug Frater, president and CEO of GGRN. "We can displace fossil fuel and produce steam more efficiently and economically, with lower emissions, than other available technologies. This has led us to determine that we need to aggressively capitalize on Greensteam's competitive advantages. There is a strong and immediate market need for sustainable economic and environmental renewable energy solutions."
To maximize working capital for its Greensteam projects, GGRN has agreed to sell its 50% ownership in Vertigro Algae Technologies LLC (VAT) to Valcent Products Inc.Under the terms of the agreement, subject to closing within 60 days, GGRN will receive $5M and five million common shares of Valcent Products Inc. GGRN may purchase on commercial business terms VAT technologies when integrated with Greensteam and specific biomass power generation applications.
"The sale of our interest in VAT allows GGRN to meet its immediate funding requirements for its Greensteam business," said Elden Schorn, Chairman of GGRN's Board of Directors. "However, we remain well positioned in the algae biofuels sector through our significant equity in Valcent and our strategic relationship for applications of the VAT technology."
Global Green Solutions Inc. www.globalgreensolutionsinc.com develops and implements ecotechnology solutions for renewable energy and reduction of greenhouse gas emissions. Global Green Solutions Inc. is a U.S. public traded company (GGRN:OTCBB, Cusip 37947A), with offices in San Diego, El Paso, New York, Vancouver, Brussels, London and Johannesburg.
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