SOURCE: Green Energy Resources

January 19, 2010 09:42 ET

Green Energy Resources Signs 2-Year $55 Million Woodchip Supply Contract for Turkey; Offers US Green Cards to Foreign Investors in Exchange for $1 Million Investments Under Federal Program

NEW YORK, NY--(Marketwire - January 19, 2010) - Green Energy Resources (PINKSHEETS: GRGR) signed a 2-year $55 million supply contract to deliver woodchips to Turkey. Shipments are scheduled to commence in March of this year. The Pine Woodchips will be sourced from Virginia, North Carolina and Texas. The contract is the 2nd signed with Turkey in the last 3 months for a combined $72 million dollars in planned exports.

Green Energy Resources is offering foreign investors willing to put at least $1 million in the company an expedited US Green card under the federal EB-5 visa program. Foreign investors are granted legal permanent residency after two years. Green Energy Resources will also provide investors a top executive position with company. The US program was established in 1990 but has attracted substantial interest from US companies in the last year as a result of the recession and a streamlining of the rules. Green Energy Resources is positioned to expand globally and welcomes international investors.

In other news, GRGR is expecting to begin the domestic supply of woodchips to major US coal power generators in March. Permits for co-firing have been filed with the US EPA and testing is expected through 2010.

Green Energy Resources is an environmentally friendly company, sourcing its wood from storm damage, urban wood waste streams and tree farms. The company has no substantial debt. The company continues to move forward with a planned coal acquisition subject to financing. Company executives are in ongoing discussions to finalize a deal by the end of January.

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, ship availability, fuel costs and other risks.

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