SOURCE: Green Star Products, Inc.

Green Star Products, Inc.

December 29, 2009 10:00 ET

Green Star Products' Review of 2009

Special Shareholder Meeting in February 2010

SALT LAKE CITY, UT--(Marketwire - December 29, 2009) - The President of Green Star Products, Inc. (PINKSHEETS: GSPI), Joseph LaStella, P.E. Ret., today issued his year-end comments on current projects.

Mr. LaStella stated, "This year has been very challenging for many small companies like Green Star. Although the Company is diversified in operations, and therefore can achieve commercial goals in several key markets, we have had limited success this year.

"Green Star derives its income from a variety of sources, including: engineering consulting; fabrication and construction for joint venture projects; technology licensing and royalties; research and development projects; and, production and commercialization of green products.

"The Company's income spans several industries, including ethanol and biodiesel biofuel production; algae biomass production and its derivatives; advanced lubrication; and alternative transportation (electric and hybrid vehicles).

"Green Star prides itself for adopting a financial strategy which provides funds for ventures at the project level by technical consortium associations. The Company provides engineering, fabrication and R&D services; and receives income, equity and sometimes royalties. Green Star is involved in several major projects which may qualify for U.S. Department of Energy (DOE) funding at the consortium level.

"This year, Green Star made its most significant effort to obtain government grants for its consortium's projects. Unfortunately, DOE's multiple fundings in 2009 showed a clear preference for special interest groups that have received DOE funds in the past! However, we suspect this might change in 2010 with still billions of dollars of DOE funds to be alloted to additional alternative energy programs wherein Green Star and its associates have clearly demonstrated advanced systems. The DOE has shown its awareness of the consortium's strengths by listing them in the various applications submitted throughout 2009.

"Green Star is also exploring the possibility of completing the 'Algae-to-Biodiesel' program with a private funding (utilizing no Federal help).

"GSPI's core business is Alternative Fuels (biodiesel and ethanol) and Algae-to-Biofuel Technology; and also the TVT Advanced Lubrication Division. Electric vehicle production is not Green Star's core business, it is Global Green Cars' (GGCI) core business. Green Star owns 9.5% of GGCI, which is a privately held company. GSPI provided GGCI with technological and strategic support due to its past experience in the production of electric vehicles.

"Global Green Cars is currently under a hostile take over scheme contrived by Brooks Agnew, a former VP of Engineering of Green Star Products. Global Green Car's problems will not impact Green Star directly in any way. If GGCI can straighten out their internal problems, Green Star will continue to support them. In any case, Green Star does not have any exclusive technology transfer arrangement with GGCI and will pursue other opportunities with electric vehicle companies to share Green Star's wealth of technical knowledge, historical experience and manufacturing expertise.

"Green Star has continued its involvement in the Algae Production and Algae-to-Biodiesel arena. Just 4 years ago, Green Star and Biotech Research (BTR) were pioneering the resurgence of algae cultivation as a viable source of biomass for alternative fuels. Algae has now become a main stream interest for industry and research institutions. Algae-related activities will receive funding in the next decade for universities and start up companies alike.

"Green Star Products and its Consortium Partners have invested many millions of dollars to achieve substantial research and development in algae, biofuels and alternative energy projects. Green Star for many years has been involved with numerous universities and research centers, including national laboratories.

"GSPI and BTR completed one of the largest algae production demonstration projects with in-house funding in 2007. Please see extensive algae demo report on Green Star's Web site (

"Although the Company does not have the financial resources of Exxon Mobile and British Petroleum (BP), who have recently joined in the rat race for algae commercialization, Green Star and its consortium partners are on the cutting edge of algae production and algae research. GSPI has proven its technology works and may lead the industry in algae commercialization.

"As GSPI has stated in the past, industrial algae production makes sense to solve many current problems (i.e., CO2 mitigation; wastewater treatment; non-food source of biofuels; source of animal feed and human food; necessary to increase fish farming and other aquaculture; source of specialty chemicals, pharmaceuticals and nutrients; etc.) as well as play a more important role for humanity's future.

"The Company further reports that its Advanced Lubrication Division -- Green Star TVT -- is moving forward with major field testing that started in 2009 and will continue through early 2010. New opportunities for TVT lubricants include railroads, aircraft, military and oil drilling. Please see new Green Star TVT Web site at

"In conclusion, Green Star Products is one of the few low-priced public stocks that actually showed a net profit for the years 2007 and 2008. The Company posted approximately $4,459,000 in combined revenue of 2007 and 2008; and a net profit of $693,000 in the same years, with a P/E ratio of 16. See GSPI.PK at

"The Company will not show any net profits for 2009, however, based on possible earnings from several existing projects, we expect Green Star to return to profitability and experience its best revenue year ever in 2010."

Mr. LaStella also stated that Green Star will be scheduling a Special Shareholder Meeting in February 2010 to review the Company's opportunities for 2010 and beyond.

About Green Star Products

Green Star Products, Inc. (PINKSHEETS: GSPI) is an environmentally friendly public company dedicated to creating innovative cost-effective products to improve the quality of life and clean up the environment. GSPI and its Consortium are involved in the production of green sustainable goods including renewable resources like algae biodiesel and clean-burning biofuels, cellulosic ethanol and other green products, as well as lubricants, additives and devices that reduce emissions and improve fuel economy in vehicles, machinery and power plants. For more information visit, or call 1-800-741-7648 and 1-800-340-9784, fax 619-789-4743, or email

Forward-looking statements in the release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the company's products, increased levels of competition, new products and technological changes, dependence on third-party suppliers, and other risks detailed from time to time in the company's periodic filings.

Contact Information

    Joseph LaStella
    Green Star Products, Inc.
    619-789-4743 (fax)