SALT LAKE CITY, UT--(Marketwire - Jan 2, 2013) - Today the President of Green Star Products, Inc. (PINKSHEETS: GSPI), Joseph LaStella, reviewed the accomplishments of the Company in 2012 and outlook for 2013.
Mr. LaStella stated, "It comes as no surprise that due to national and international economic conditions, projects at all levels have been delayed. Early in 2011 Green Star announced that it had created a new business strategy to increase revenue for the Company without requiring additional capital investment. GSPI decided to license other companies to market and sell our line of environmentally friendly products. GSPI formed alliances with other green companies to offer their products to Green Star's customer base as well. In 2012 we saw significant spending by many of these potential new partners on research and future use of our products."
Green Star and its consortium now provide advanced coating products to international industrial and commercial customers. In 2011 GSPI furnished the coating products and participated in the completion of a significant photovoltaic energy project at a major U.S. government facility in Southern California. This project consisted of applying coatings on four major steel structures including the new amphitheater. Photos may be seen on the projects page of our new website at: www.GreenStarProductsInc.com/b.htm. Links to other GSPI related websites may be found at this web address as well: www.GreenStarProductsInc.com.
Other coatings products are being tested throughout the world. In Germany, a coating has been tested and rated as the best available product for the new monster tunnels being cut through the Alps.
In China, a coating product is being tested for use on supertanker hulls. In the province of Jiangsu, it is also being tested to protect new sea ports from corrosion by saltwater.
In the European Union, other coatings are being tested on undercarriages and other areas in advanced automobiles.
Green Star is also marketing specialized lubricants, cleaners and protectors in partnership with other distributors in government sales at all levels including the U.S. Federal Government and recreational products where improved performance, efficiency and environmentally friendly factors are important. For instance, our TVT lubricant product line is being tested by NASCAR racing teams and for other industrial applications across the world such as titanium drilling facilities in Russia.
GSPI is in negotiations to construct Hybrid Algae Production System (HAPS) and DHA production facilities in China. Both agreements should reach prototype plant development stage in early 2013. Full size projects are expected to be in the tens of millions of dollars range. Production of algae based biodiesel, food and materials consumes carbon dioxide as the principle nutrient for algae growth, making these products a net carbon neutral factor in the biosphere. Also in Europe, two GSPI algae systems are under advanced discussion. Please see press release dated October 19, 2012 'Green Star Products, Inc. 2012-2013 Business Outlook' which explains in detail our algae production technology, which will continue to be a core business for Green Star.
GSPI representatives have been in China, Russia and Siberia during the year 2012, and have established permanent offices in Beijing since 2011. In October 2012, the Green Star delegation (which included Biotech Research, Inc.) was received by high level local and central government representatives in the Chinese province of Jiangsu. Video of these negotiations was broadcast on national TV in China. It is estimated that over 400 million people tuned in to the evening news covering Green Star's trip to this province. To view the YouTube video of the China TV news clip, please visit this page on our website: www.GreenStarProductsInc.com/c.htm.
In conclusion, 2013 offers GSPI the greatest of opportunities moving forward on significant projects across several continents.
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 such as algae based biodiesel, cellulosic ethanol and other clean-burning biofuels, as well as other green products including lubricants, additives and devices that reduce emissions and improve fuel economy in vehicles, machinery and power plants. For more information please visit www.GreenStarProductsInc.com, and call 800-741-7648 and 800-340-9784,
or email info@GreenStarProductsInc.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.