SOURCE: Green Energy Resources

October 13, 2008 07:56 ET

Green Energy Resources Building Asset Base While Remaining Debt Free

"GRGR" Is First Participant in FEMA's PA-Pilot Hurricane Recovery Program

HOUSTON, TX--(Marketwire - October 13, 2008) - Green Energy Resources (PINKSHEETS: GRGR) is working to acquire as much as one million tons of hurricane wood in Southeast Texas. Green Energy Resources is the first company to actively work with a storm contractor under FEMA'S new PA-Pilot program implemented in 2008 . The PA-Pilot program ( is intended to recycle storm damaged wood. The program was implemented in part through the efforts Green Energy Resources has made over the last five years to pressure and create public awareness to recycle storm damaged wood. It is a market change from the traditional dump and burn policy of the past. The wood provides hard saleable and bankable assets to the company's bottom line. The inventory is being offered to buyers in the US, Internationally and in Texas under the newly implemented biomass supplier incentive program, offering upwards of 30 million dollars in grants. The wood is being obtained at no cost and gives the company pricing flexibility on future contracts.

Green Energy Resources will be featured in an upcoming article in the Houston Chronicle newspaper detailing recovery efforts in the region. It was recently featured in the July issue of Biocycle magazine. Green Energy Resources like many other companies this year, has been hit hard by shorters, and rough market conditions contributing to lower stock values. The over 70% increase in fuel prices suspended certain contracts as circuit breakers on shipping automatically kicked in. The company is currently renegotiating contracts as shipping conditions return to normal terms. The company is not leveraged, has no debt, has not raised public capital, and operates on its own self-generated revenues.

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.

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