SOURCE: Green Star Products, Inc.

Green Star Products, Inc.

February 14, 2011 10:51 ET

Green Star Products Signs Contract to Expand TVT Production

SALT LAKE CITY, UT--(Marketwire - February 14, 2011) - Green Star Products, Inc. (PINKSHEETS: GSPI) announced that it has signed a license agreement with Innovasol, LLC (http://www.innovasol.com) to distribute Green Star's TVT Product Line.

Innovasol will distribute Green Star's TVT Product Line throughout the United States. The terms of the agreement include funding the expansion of Green Star's production and blending facilities for the TVT Product Line. The enhanced production capacity will be a container load every three days (approximately 78 barrels, enough to service over 35,000 diesel semi-truck engines).

In addition to the funding for the expansion, Innovasol made an initial purchase of approximately half a container load of assorted TVT Products which included Engine Oil Energizer, Diesel Fuel Additive and several other products including cutting oils for machine shops.

Joseph LaStella, President of Green Star, stated: "Green Star is reemphasizing its successful business strategy of selling green products, providing engineering services and engaging in Joint Venture relationships to produce cash flows from sales and royalties of licensing agreements. Using this strategy in 2007 and 2008, Green Star showed profits of over six hundred thousand dollars on gross revenue of about four and a half million.

"Although Green Star sustained a net loss in 2010, the last quarter provided a modest profit on revenue of approximately $250,000 by returning to a 'revenue producing mode' strategy. We firmly believe that in 2011 the Company will return to profitability.

"In 2009 and 2010, Green Star and its Consortium companies endeavored to attract new funding for their commercialization of biofuels from algae and waste products. They submitted a Biorefinery Proposal of $24.7 million for Glenns Ferry, Idaho to the U.S. Department of Energy (DOE) (Biomass Funding Opportunity Recovery Act) and were selected as one of the finalists by the DOE to proceed to the final phase of the review, which was a highly orchestrated 90 minute Oral Presentation. The DOE Merit Review letter listed 13 major strengths with our proposal including 'the right team with technology, experience, significant resources and a proven track record.' Although we were not awarded funding, we were encouraged to resubmit our proposal this year to the DOE's Carbon Capture and Sequestration (CCS) program in conjunction with the Biorefinery Assistance Guaranteed Loan Program from the U.S. Department of Agriculture (USDA)."

Mr. LaStella further stated, "A significant portion of President Obama's State of the Union Address was dedicated to increase funding for green energy projects to reduce our dependence on foreign oil, decrease U.S. CO2 emissions, increase energy efficiency domestically and reduce energy consumption.

"We would note that our twelve years in research and development with biorefinery projects, engineering designs and energy saving products have given us technologies to meet the President's criteria.

"Green Star will continue to work with its Consortium partners' projects although our business strategy is changing to a revenue producing mode. We will devote our attention to selling our proven products and to forming relationships with companies in the Green Industries."

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