SOURCE: Green Star Products, Inc.

Green Star Products, Inc.

May 19, 2010 10:41 ET

Green Star's Consortium Partner Voted Top Awards in Biofuels Digest Competition

SALT LAKE CITY, UT--(Marketwire - May 19, 2010) - Today Green Star Products, Inc. (PINKSHEETS: GSPI) announced that its consortium partner, Idaho Sustainable Energy, LLC (ISE), was selected by voters as one of the nation's top biofuel companies in a two month alternative fuel project assessment instituted and covered by Biofuels Digest (http://www.biofuelsdigest.com).

Green Star Products is the engineering and technology provider for Idaho Sustainable Energy. On Friday, May 14, 2010, Biofuels Digest published the results of the national competition.

Back on March 22, 2010, Biofuels Digest launched a national competition: "to address the clamor for financial sector attention. Its name: YouChu. In this competition, Digest readers will nominate, consider, and select 19 projects worthy, in their view, of receiving financial support."

The rules of the competition stated: "You, the reader, will play the role of Dr. Steven Chu, Secretary of Energy, and decide which of the nominees should receive a mythical $5 million, $25 million, or $50 million DOE grant."

The informal rules also said: "For companies that did not receive DOE's grace and favor, it's an opportunity to gain vital visibility and credibility. For the Digest, it's an opportunity to conduct and analyze a grant process in the clearer light of transparency."

What the winners receive:

"YouChu final project selections will be highlighted at all Digest briefings throughout 2010 -- including briefings with DOE, USDA, private equity, hedge funds and venture capital, including the Advanced Biofuels Leadership Conference in Washington, DC -- and will be highlighted at biofuelsdigest.com through 12/31/2010.

"All YouChu nominees will be automatically entered into the 2010-2011 50 Hottest Companies in Bioenergy competition."

For the full report see the March 22, 2010, article on Biofuels Digest (http://www.biofuelsdigest.com).

The winners were announced on May 14 in an article by Biofuels Digest, which stated:

"In Florida, a titanic battle of votes on the final day of the YouChu 2010 competition between Enerkem and Idaho Sustainable Energy marked the end of a spirited competition between 33 companies -- 18 who received DOE awards last November, and 15 challenger companies who believed their technologies offered more attractive options.

"The readers, in the end, generally validated the DOE's selection choices, but did elevate three new projects to the final list: a $5 million project from Mitchell Technology, a $50 million proposal from Standard Alcohol, and a $31.1 million project from Idaho Sustainable Energy.

"In all, the readers awarded $484.4 million to the winning projects, 'saving' nearly $80 million for taxpayers in the process of winnowing down the list.

"Our goal: transparency. In YouChu, you choose. And why not? After all, public money is your money, and as Winston Churchill once said, "there is one person smarter than anyone, and that is everyone."

"The complete list of 15 YouChu winners, and more background on the competition, at biofuelsdigest.com."

For the full report see the May 14, 2010, article on Biofuels Digest (http://www.biofuelsdigest.com).

GSPI and its consortium partners expended considerable time and effort in 2009 to prepare extensive proposal documents that received promising responses from the DOE. Our last proposal advanced to the oral presentation level of the DOE platform. Despite reaching this high level evaluation phase, some minor issues kept us from receiving a DOE grant award of $24.7 million. The consortium has been urged by the DOE to resubmit our proposal in the next funding opportunity and address these minor issues. The ISE-GSPI proposal submitted to the DOE in 2009 was the same one that won the voting award in the Biofuels Digest contest.

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