Green Energy Resources (GRGR) Contracts With China for 200,000 Tons of Woodchips Valued at over $20 Million
27 October 2009 - 12:45AM
Marketwired
Green Energy Resources (PINKSHEETS: GRGR) plans to supply China
with approximately 200,000 tons of woodchips valued around $20
million. Green Energy Resources plans to use a US west coast port.
The contract was originally signed by both parties in February of
2008. Rapidly escalating fuel, freight and container prices halted
the order before operations could get underway last year in the
peak of the fuel price run up that culminated in near $150 per
barrel oil prices. The contract doubles the original quantity from
100,000 tons to 200,000 tons. Green Energy Resources looks to make
the first shipment in November or December of this year. Shipping
freight rates have been cheaper in the Pacific Basin as opposed to
the Atlantic in 2009. Green Energy Resources is in the process of
re-negotiating multiple contracts abrogated in 2008 due to fuel/
freight market conditions.
INDIA; Green Energy Resources received a Letter of Intent from
India earlier this month to supply upwards of 7 million tons of
woodchips annually valued at approximately $576 million. Green
Energy Resources continues to make progress in regard to locating
available shipping freight options, Discussions remain ongoing;
Ogdensberg, NY; Oct 7, 2009 Green Energy Resources had sought to
utilize the upstate NY port for woodchip exports. Negotiations
between Green Energy Resources and the Ogdensberg Port Authority
were well chronicled throughout this past spring and summer and
reported in the Ogdensberg Times located in Watertown NY.
Negotiations centered around dredging the port beyond its 27 foot
depth (not deep enough to carry woodchips); a truck dump for
suppliers to deliver woodchips and insurance values. The Ogdensberg
Port Authority erroneously stated Green Energy Resources defaulted
on the contract. Green Energy Resources terminated discussions with
written notice on September 24th. No contract was actually in
effect to begin receipt of woodchips by Green Energy Resources.
MERGER; Green Energy Resources is an environmentally friendly
company obtaining supplies from recycled woods, storm damage, urban
wood waste streams and tree farms for the renewable energy
industry.. The company's 2nd qtr financials should be released in
the next few weeks. Merger and Acquisition negotiations with an
undisclosed energy company remain ongoing.
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 companies' 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, ship availability, fuel costs and other risks.
Contact: Green Energy Resources 631 375 7921
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