SOURCE: Green Star Products, Inc.

Green Star Products, Inc.

March 10, 2010 09:30 ET

Green Star Consortium to Offer Game Changing Biotechnology on Wall Street

SALT LAKE CITY, UT--(Marketwire - March 10, 2010) - Green Star Products, Inc. (PINKSHEETS: GSPI) and its Consortium today announced that it will be auctioning the United States licensing rights to a game changing proprietary algae growth biotechnology on September 9, 2010. Presently, the algae industry is being kept from commercialization because of its inability to produce enough biomass. The technology to overcome this handicap is now available and will be licensed at an auction later this year.

The auction will be held at 55 Broad Street, New York City (Wall Street District). The auction will be coordinated and audited by a major financial organization (to be announced). The bidding will start at $5 million and only 50 seats will be made available to pre-qualified bidders. The successful bidder will have access to algae growth technology which has been confirmed to increase algae growth by up to and exceeding 200% in six day growth cycles when compared to present industrial growth methods.

Mr. Joseph LaStella, President of Green Star Products (a Consortium member), stated, "This technology is not expensive and can accelerate algae commercialization in a significantly short time frame. The successful bidder will possess a significant advantage in an energy industry that now has captured the attention of Wall Street and the world."

Six weeks before the auction, all qualified bidders will receive a technology package, outlining an up-to-date technology report on a white paper for final review and will include Q&A documents. On auction day, one hour before the start of the auction, a question and answer period will be held concerning non-proprietary questions of the technology and specific auction rules. The doors will close one hour before the auction begins. Upon completion of the auction, the three top bidders will continue to negotiate the specific terms of the license to include ongoing royalties and continued research funding.

The effectiveness of the algae formula has been confirmed by a prestigious nationally recognized research institute (see algae growth comparison pictures at http://www.GreenStarUSA.com) which confirmed earlier testing completed at the University of Baja California (UABC) (see UABC algae growth comparison pictures at http://www.GreenStarUSA.com). Testing has also proven the formula works for saltwater and freshwater algae species and will not be dependent on the specific production systems (i.e., open ponds or closed bioreactors) and therefore can be applied to the entire industry. To maintain security of intellectual property rights the name of the nationally recognized research institute will only be revealed to qualified bidders. However, their results are displayed at http://www.GreenStarUSA.com

Additional auctions will be held in other countries later this year, starting in France for the European Union rights and India next.

The Consortium members holding the auction are Green Star Products, Inc. (10%), United Biorefineries Corp. (15%), Biotech Research, Inc. (17.5%), and various other investors including Korea and China participation.

Mr. LaStella also stated that the Korea and China licensing rights have already been negotiated without an auction and are therefore not available. Furthermore, Mr. LaStella stated that both countries (Korea and China) have diligently pursued our technology while U.S. interests have pursued other agendas.

Mr. LaStella further stated, "Many Wall Street Journal articles have recently covered the explosive interest in algae farming as a permanent solution to the U.S. needs for liquid fuels (i.e., diesel, ethanol, etc.) and at the same time have a positive effect on Climate Change. Sustainable algae production seemed like a fantasy only a few years ago. However, now Exxon has decided to invest up to $600 million in the concept. Also, many major companies and the government are investing heavily into the algae industry such as major airlines, DOW Chemical, U.S. Military, NASA and the DOE."

Algae fuel cannot compete with fossil fuels until commercial algae growth facilities can increase production by at least 100%, without significantly increase costs.

This game changing technology will now be available for licensing all over the world and will be auctioned for different regions starting on September 9, 2010, for the U.S. rights. The U.S. licensing rights will exclude Idaho and Missouri where the Consortium has existing equity partners.

We believe that eventually the whole world should share this breakthrough in algae technology for the benefit of reducing crude oil consumption and have a major positive shift in our carbon footprint to help reduce Climate Change.

Bidders can register by filling an on-line form at http://www.GreenStarUSA.com for pre-qualification and to receive a technology package. The auction will take place at 55 Broad Street in New York City at the Digital Sandbox Center on September 9, 2010. The doors open at 10 AM and the auction starts at 12 PM for qualified bidders.

About Green Star Products
Green Star Products, Inc. (PINKSHEETS: GSPI) is an environmentally friendly public company dedicated to creating innovative, cost-effective products to improve the quality of life and clean up the environment. GSPI and its Consortium are involved in the production of green sustainable goods including renewable resources like algae biodiesel and clean-burning biofuels, cellulosic ethanol and other green products, as well as lubricants, additives and devices that reduce emissions and improve fuel economy in vehicles, machinery and power plants. For more information visit http://www.GreenStarUSA.com, or call 1-800-741-7648 and 1-800-340-9784, fax 619-789-4743, or email info@GreenStarUSA.com.

Forward-looking statements in the release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the company's products, increased levels of competition, new products and technological changes, dependence on third-party suppliers, and other risks detailed from time to time in the company's periodic filings.

Contact Information

  • CONTACT:
    Joseph LaStella
    President
    Green Star Products, Inc.
    800-741-7648
    800-340-9784
    619-864-4010
    619-789-4743 (fax)
    info@GreenStarUSA.com