SOURCE: Green Energy Resorces

November 07, 2005 07:40 ET

Coal Partnership Propels Green Energy Resources; 'GRGR' 2005 Dividend Looms

HUNTINGTON, NY -- (MARKET WIRE) -- November 7, 2005 -- Green Energy Resources (OTC: GRGR) has agreed to a partnership with one of the UK 's best established utility suppliers, a coal company. The prestigious company will add credibility and clout to Green Energy Resources' ability to contract with large-scale utilities. The partnership keeps both companies independent, with no plans for a merger. The partnership will be formally announced at an upcoming picture and media ceremony in the UK.

The strategic partnership positions Green Energy Resources for unlimited growth and profitability in the short and long-term future . It protects and insulates Green Energy Resources against potential competitors, while simultaneously recognizing Green Energy Resources as a current force in the renewable energy market place. The plan facilitates GER's prospects of a planned IPO on the London exchange in 2006, with greater visibility for the UK financial community.

The coal utility industry produces 52% of total power generation worldwide, larger than oil and gas combined. The strategic partnership opens the door for wide-scale co-firing, the mixing of biomass with coal in an environmentally friendly, low-cost capital investment means, to reduce harmful green house gases. Co-firing is expected to have a positive impact on Green Energy's plan to create a tradeable woodchip commodity, paralleling coal prices on commodity market exhanges. Green Energy Resources CEO Joseph Murray said, "The partnership is the culmination of a great deal of work and ties many different company initiatives together. It brings focus on our dynamics and leadership in the renewable energy industry in a wide ranging spectrum."

In other company news,Green Energy Resources fiscal year ends on November 30th, and is awaiting word on whether it can issue a planned dividend to its share holders, in light of the UK IPO in early 2006.Green Energy Resources wants to reward its investors in its 2nd consecutive profitable year . Final determination on a dividend wont be known until late December or early January 2006.

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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