SOURCE: Green Energy Resources

July 18, 2007 13:40 ET

Green Energy Resources (GRGR) Updates Shareholders and Plans an Open House at the Port This October

NEW YORK, NY--(Marketwire - July 18, 2007) - Green Energy Resources (PINKSHEETS: GRGR) has chartered a woodchip carrier to meet increasing order files. The new charter is for seven years ensuring a secure freight capacity to deliver product to its customers. Green Energy Resources will continue to increase exports as Letters of Interest and contracts negotiated in 2005 and 2006 move forward as power plants come on line. The ship has a 40,000 metric ton capacity and will make continuous voyages over the next seven years. The ship can make between 10 to 12 voyages annually, generating approximately $2-$3 million dollars in gross sales revenues per shipment. There are only 112 woodchip carriers in the world and each vessel contracted enables GRGR to come closer to its targeted goal of capturing of the 20% European import market by 2011. Green Energy Resources is currently seeking other ships. Export shipments and preparation remain ongoing.

Green Energy Resources will hold an open house at the port in New England this October for shareholders. The date and logistics have yet to be finalized pending security arrangements with the port and the ships' final loading date.

Carbon offsets and UTCS

Green Energy Resources has made steady progress offering cities and towns the UTCS system. Most recently GRGR met with the city of New York last Friday. No US city to date has employed UTCS but negotiations are ongoing as the Northeast regional emissions market is gearing up for 2009 to begin full cap and trade activity. Green Energy Resources' marketing plan offering to plant 1 million trees has generated enormous attention for the company.


A 15c211 was filed with the NASD in April . Green Energy Resources has not yet received approval from the NASD to be "Solicited." The current time span can take up to 6 months. GRGR has made all necessary Pink Sheets filings and is in full compliance to date.

Issued and Outstanding Shares reduced

The issued and outstanding shares has declined by 5.5 million shares to 49.5 million shares from over 55 million shares. 6.3 million shares were retired in June through the transfer agent. The float is at approximately 16.5 million shares.

Contact Information