Green Star Products Inc (GSPI)

[GreenOwner]

Most of Joe's claims cannot be substantiated.
Does anybody remember when Joe said that TVT Green could be poured around the San Andreas Fault to prevent Earthquakes? Joe is known for making false or exaggerated claims just to boost the stock price.
Here is another of his Golden Oldies: He predicted Dire warnings. Funny how we are now facing Dire Warnings of Climate Change and the Hottest Temperatures ever recorded, rather than a new Ice Age.
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On July 1 of last year, a news release datelined San Diego warned of "an unexpected Ice Age in months, not decades!" Global warming can bring an Ice Age any day now, said the release. The Gulf Stream could stop flowing abruptly. In short order, we could enter a mini-Ice Age lasting 300 to 500 years that "would be devastating!"

These dire warnings came from Joseph LaStella, president of Green Star Products of Chula Vista. Frightened out of my wits, I tried to reach LaStella by phone, fax, and e-mail. I received no response. In September, I tried again in vain.

But here's what I could glean from a variety of sources. Green Star owns 35 percent of American Biofuels, which has a plant in Bakersfield producing biodiesel fuel from soybean oil. The company boasts that it will get enhanced subsidies from the corporate tax bill passed in late October and that assembly member Shirley Horton of Chula Vista is working to get pro-biodiesel legislation passed in California.

On its website, Green Star's latest financial statement is for 2002. There is no explanation of why newer information is not available. Green Star boasted that it "increased its assets by $940,035 from December 31, 2001, to December 31, 2002. The company is on a strong turnaround mode." Sure enough, the balance sheet shows assets of that sum. But the outside auditor, in a report dated July 8, 2003, says, "The company has no assets, has suffered recurring significant losses," and has other deficiencies. Therefore, there is "substantial doubt as to the company's ability to continue as a going concern." So what happened to those assets between year-end 2002 and July 8, 2003?

The company had at year-end 2002 a cumulative deficit of $9 million. The stock sells for 4.5 cents a share.