(GRGR) Lands 5-Year $144 Million Sale to Export Woodchips to China
Green Energy Resources (PINKSHEETS: GRGR) The New York City-based company located on Madison Avenue in Manhattan announced it has agreed to a 5-year export sale of woodchips to China. The deal is valued at approximately $28 million per year. The sale includes annual reviews to keep pace with high oil and transportation prices. Green Energy Resources plans to ship pine woodchips from throughout the southeast and northeast United States destined for Fohzou, China. Shipments are planned to get underway in the 1st qtr of 2008. At least 1 of the planned ports will need to make some equipment improvements to handle the volume. Green Energy Resources will also look to find ports in California and the Northwest US.
CEO returns 3.4 Million share dividend.
CEO, Joseph Murray has returned the 3.4 million share dividend received back to the transfer agent for cancellation. The Green energy Resources CEO reports he is also actively buying company shares on the open market on a daily basis. Total number of shares purchased is undisclosed.
About Green Energy Resources
Green Energy Resources is a renewable alternative energy company. Its principal business is the export of woodchips, wood fibers, wood pellets, briquettes and other alternative fuels for use in power generation plants to reduce green house gas emissions. The company is an environmentally friendly "green company." GRGR has no debt, operates on self-generated revenues and currently is exporting wood pellets for co-firing to Europe. The company has shown a profit in its first three years of operation and will show a profit for 2007. Green Energy Resources recently opened an office in London at Trafalgar Square. The company plans to provide audited financials beginning January 2008.
Except for historical information contained herein, the statements in this release are forward-looking statements that are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause the company's actual results in future periods to differ materially from forecasted results. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings and other risks.
CONTACT:
Green Energy Resources
Joseph Murray
631-375-7921
joe.murray@greenenergyresources.com
www.greenenergyresources.com
or
Worldwide Financial Marketing, Inc. USA
Investor Relations
Int'l: 1-954-360-9998
Nat'l: 1-866-360-9998
Info@wwfinancial.com
Source: Marketwire (December 10, 2007 - 6:46 AM EST)
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