Gold Hill Resources Inc. (fka GULD)

[Rhubarb]

51% ownership of all energy assets
December 22, 2008 - 2:30 AM EST
Green Star Alternative Energy and Notos Sign Joint Venture Agreement
Green Star Alternative Energy, Inc. (Pink Sheets: GSAE) announces a joint venture with Notos d.o.o. – Serbian wind energy and power trading company – and Sirius Regulus d.o.o., Serbian real estate holding company. Many months of due diligence and negotiations have culminated in a strategic partnership that will give Green Star 51% ownership of all energy assets developed within this alliance.

Due to the complex nature of foreign ownership of companies within the Republic of Serbia, Green Star was required to develop an approach that would progress the business mandate while navigating the many corporate regulations. Green Star, Notos, and Sirius Regulus will collectively form a company in the Netherlands. This structure will give Green Star the best economic and tax benefits.

The initial Letter of Intent called for 30 million shares to be issued for the acquisition of Notos and Sirius Regulus. Green Star has negotiated to not issue any shares to Notos and Sirius Regulus, thus eliminating a 53% dilution of the share structure. The new agreement presents Green Star with control of the business enterprise through a 51% ownership of the joint venture. Sirius Regulus will make available the land required for the Belo Blato project and future real estate needed for expansion. Notos will supply the licensing, management, and expertise to construct the wind power facilities. Green Star’s responsibility will be to arrange the financing necessary to develop the wind farms. The contract maintains that all funding shall be paid back to Green Star before the sharing of profits.

Miodrag Andric, President of Notos, stated: “The partnership between Notos and Green Star will usher in an era of wind energy development for the Republic of Serbia. Together, the two companies will form the core of regional clean energy production. The opportunity available to Notos and Green Star is immense.”
J. M. De Castro, CFO of Green Star Alternative Energy, commented: “The collaboration between Green Star and Notos has been underway for many months, and I am pleased to report that the two companies are now formally engaged in a joint venture. The deal is complete and has been configured to provide our shareholders a significant increase in shareholder value. Green Star is committed to developing clean and very profitable electricity from wind energy.”

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