Green Energy Resources

Green Energy Resources

April 06, 2006 06:51 ET

Green Energy Resources Renews China Initiative; Sets Stock Dividend Pay Date of May 9th

NEW YORK, NEW YORK--(CCNMatthews - April 6, 2006) - Green Energy Resources (PINK SHEETS:GRGR) has renewed its China initiative to purchase multiple woodchip carrier ships and deliver large volumes of environmentally certified wood biomass to that country. China plans to add 1.1 billion metric tons of new coal production by the end of 2008, according to China State Ministry officials. China, a Kyoto signer, is looking for large scale co-firing of its coal power generating facilities as an inexpensive, but effective method of green house gas and carbon emitting reduction goals. Co-firing is the environmentally friendly application of mixing biomass with coal to reduce greenhouse gases. Green Energy Resources through its office in Hong Kong, led by Mr. Andrew Tong, began negotiations with China Government officials in 2005. The purchase and financing agreement would include product delivery over a 15 to 20 year period of about 5 to 6 million tons (annually), valued at approximately $375 million dollars per year.

In 2005,China enacted a renewable energy policy. The governments plan strongly emphasizes biomass utilization and co-firing, similar to Germany in Europe. China put in place a government subsidy of approximately .03$ per kwh for 15 years, that includes co-firing. Co-firing is the most cost effective means, with the least capital investment to meet its international greenhouse house gas reduction obligations. China Government officials are assisting Green Energy Resources in negotiations with the country's largest ship builders.

In other company news, Green Energy Resources meeting NASDAQ compliance regulations, finalized the dividend record date as April 12th and the payment date of May 9th for its stock dividend to shareholders.

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 companies' 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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