SOURCE: Green Energy Resources

December 28, 2006 08:03 ET

2006 a Major Success for Green Energy Resources

$35 Million in Sales Contracts Highlights '06

NEW YORK, NY -- (MARKET WIRE) -- December 28, 2006 -- Green Energy Resources (PINKSHEETS: GRGR) proclaimed 2006 a "very successful year." Green Energy Resources negotiated woodchip contracts totaling in excess of $35 million. Shipments are to begin in 2007 and include a $25 million contract to Turkey, and a $16 million contract to the Netherlands to name a few. Shipments were not able to get underway in 2006 due to a change in international regulations regarding wood importation from North America. The EU imposed a new regulation this past July and Turkey in November. Both regulatory hurdles have been resolved and the orders are awaiting ships to make delivery. Green Energy Resources remains on track to capture 20% of European biomass import market by 2011.

The UTCS software package was completed on schedule in 2006 and is fully operational. The company has been holding demonstrations to states, utilities, shareholders, and other interested concerns, including last week's demonstration in New York City on December 21st. Green Energy Resources acquired the domain name to UTCS (www.utcs.com) and is well positioned to capitalize on it. The company has taken updated legal actions to protect and secure its intelectual properties and made filings for its trademarks and logos. Green Energy Resources anticipates generating revenues from the UTCS software in 2007.

Financially, Green Energy Resources remains well positioned and secure. The company has adequate revenues to meet all its obligations. Green Energy Resources has no debt, has not raised any public funds and issued a 5% dividend to its shareholders in 2006. The float remains at approximately 15 million shares with 50 million shares issued and outstanding. 2006 Year-end financials will be released in January and commence regular quarterly reporting.

Government grants: The US Government has made millions of dollars available for the renewable energy industry and more are expected under the new congress in 2007. Green Energy's products and exports could qualify for renewable energy grants including exports, eco-green coal, and the UTCS software to cities and towns. Green Energy Resources will aggressively persue the grants as a part of its 2007 revenues.

Green Energy Resources has initiated a partnership with Kinder Morgan at two US port facilities. One in the US Gulf and the other on the Atlantic coast. The Gulf Coast facility will begin January 2007 and the Atlantic facility in 2008. The company is working with 3 other privately owned US ports as well.

The company has re-positioned Joseph Mcgowan to financial consultant rather than as its CFO. The CFO position was created contingent on the London AIM listing and was only effective upon the actual listing. Mr Mcgowan tendered a resignation but will continue work on the companys financials and the 15c211 Filings.

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.

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