SOURCE: Green Energy Resources

February 20, 2008 08:46 ET

Green Energy Resources Signs $15 Million Sale of Woodchips to China

'GRGR' Grows 12 Times in 2007 With No Debt; Plans 2008 Cash Dividend

NEW YORK, NY--(Marketwire - February 20, 2008) - Green Energy Resources (PINKSHEETS: GRGR) signed a $15 million sale of woodchips to China. The sale is the 2nd in 3 months contracted by Green Energy Resources destined for China. The exports are expected to begin in the 2nd quarter of this year. The deal puts GRGR on a pace to meet or exceed 2007 growth levels.

Green Energy Resources is expanding sourcing of woodchips to California, Oregon, and Washington from its current supply bases in Massachusetts and North Carolina. "GRGR" company executives are actively seeking strategic partners in the region for the near one million tons of woodchips required annually for exports. The order comes at a time when lumber production in the northwest has slowed due to the housing and construction declines and many mills are contemplating closing.

In other company news, Green Energy Resources plans to offer shareholders a cash dividend in 2008. Green Energy Resources issued a 5% stock dividend in 2006 and a 10% stock dividend in 2007. No set date or action has yet been finalized.

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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