Green Energy Resources to Buy Stake in New England Pellet Mill
22 December 2009 - 1:45AM
Marketwired
Green Energy Resources (PINKSHEETS: GRGR) looks to purchase a fully
operational New England wood pellet mill. Terms of the purchase
were not disclosed and are subject to financing. The mill has
capacity to produce upwards of 10,000 tons monthly and could
generate approximately $24 million dollars annually in gross
revenues for the company. Green Energy Resources is a supplier of
the mill with wood biomass. The pellet mill has excellent
logistical location for export, and domestic supply. The Pellet
manufacturer is currently producing bagged pellets for the US
retail wood stove markets. The acquisition would greatly enhance
Green Energy's ability to meet a growing US commercial demand and a
very competitive European export market.
In other news, President Obama and other world leaders agreed to
international emissions reductions on Friday in Copenhagen,
Denmark. The breakthrough should pave the way for final passage in
the US Senate of the "Cap N Trade" bill which passed congress in
June. The accord is significant both in terms of anticipated green
jobs it will create in the US and because US power generators are
expected to move towards compliance in 2010. Green Energy Resources
predicts US Coal Power generators will eventually turn to co-firing
utilizing pellets by 2011.
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 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
www.wwfinancial.com
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