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GSAE PR- Oct. 29 2008
October 29, 2008 - 4:10 AM EDT
Green Star Alternative Energy Announces Notos to Develop Power Trading Software
Green Star Alternative Energy, Inc. (Pink Sheets: GSAE) is pleased to announce that Notos d.o.o is developing a new and proprietary power trading software. This software will be created with cooperation from the University of Belgrade’s Electro-Technical Faculty and the Faculty of Organizational Sciences. It will be powered by advanced algorithmic technology and will be compatible with the current DAMAS software used by Elektromreza Srbije, EMS - the electrical transmission system and market operator in the Republic of Serbia.
The University of Belgrade’s ETF software team has received international acclaim for their programming capabilities. The group placed sixth in last year’s ‘Imagine Cup’ – the world’s premier student technology competition that is sponsored by the United Nations Educational, Scientific and Cultural Organization (UNESCO) and by Microsoft. The international event hosted fifty-five teams from around the world that represented the brightest minds in software design. This group will assist Notos in producing a proprietary software that will improve power trading efficiency and logistics.
Miodrag Andric, President of Notos, stated: “We wish to improve Notos’ position and capabilities within the power trading market. To that end, we will be developing new software that will provide us with greater effectiveness and competitive advantage.”
J. M. De Castro, CFO of Green Star Alternative Energy, commented: “The Company recognizes the need to differentiate itself from its competitors. We will continue to develop products and strategies that will set us apart.”
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 (October 29, 2008 - 4:10 AM EDT)
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