SOURCE: Waste Recovery, Inc.

April 18, 2008 15:35 ET

GreenGold Ray Energies, Inc. Official Registered Name for Waste Recovery, Inc.; Biodiesel & Biofuels Green Technology Continues to Grow

Company Announces Exchange of WRII Common Shares for GreenGold Ray Common Shares

CAGAYAN DE ORO, PHILIPPINES--(Marketwire - April 18, 2008) - It is now official -- as of April 15, 2008 GreenGold Ray Energies, Inc. is the new name for Waste Recovery, Inc. (PINKSHEETS: WRII), a Texas Corporation.

Waste Recovery, Inc. has entered into an agreement to form the biodiesel company henceforth called GreenGold Ray Energies, Inc. (GGRE). The new entity has commenced the restructuring process with plans to finalize the reorganization as soon as possible in order to maintain the best interests of the current shareholders. As part of the restructuring process, GGRE has filed an application with NASDAQ to execute a 909:1 Reverse Split to take effect on the record date of April 30, 2008, pending final review of the documentation submitted to NASDAQ on April 17, 2008. GreenGold Ray Energies has also applied for a new CUSIP number and trading symbol.

According to a Company spokesperson, "We are thrilled to be moving forward so quickly in our new direction, and believe that the current conditions in the fuel market present historic opportunities. We have already been overwhelmed with expressions of interest in our technologies, and are aggressively pursuing promising expansion opportunities. We have initiated the process to execute a reverse split that will allow us to reconfigure the stock structure in such a way that we believe is in the best interest of the Company and its shareholders."

About GreenGold Ray Energies, Inc.:

GreenGold Ray Energies, Inc. (GGRE) is a rapidly growing biodiesel, green technology and environmental energy company with numerous offers to pursue international joint ventures with major companies. The Company has already solidified its position through a highly successful land acquisition program, acquiring large parcels of land ideal for the cultivation of the jatropha plant. Jatropha curcas grows almost anywhere, even on gravelly, sandy and saline soils. Jatropha oil can be processed to produce a high-quality biodiesel that can be used in a standard diesel car, while the residue can also be processed into biomass to power electricity plants (for more information about the jatropha plant, click HERE).

The Company is working in tandem with various indigenous tribes on the island of Mindanao with vast land claims of green open space already naturally growing sugarcane, coconuts and corn. GGRE is engaged in efforts to convert these lands to the cultivation of jatropha & Sweet Sorghum, and the Company has already received numerous offers from the local tribes. GGRE has created a unique business model with biodiesel oil processing plants for each plantation site in response to increasing demands for the resources/products the Company extracts and/or produces. GGRE expects that the first jatropha seeds planted on 300 hectares of land will generate the first sale of biofuels expected to occur during the last quarter of 2008 and will become its first major revenue-generating business.

FORWARD STATEMENTS:

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this release include statements regarding the Company's projections regarding biodiesel, biofuels other alternative energy explorations and extractions in future periods. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to estimates of reserves, oil production costs; biofuels and other alternative energy development risks; the risk of commodity price fluctuations; political and regulatory risks; risks of obtaining required operating permits and other risks such as weather conditions uncertainties. Penny Stocks are very highly speculative and may be unsuitable for all but very aggressive investors. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • CONTACT:
    Investor Relations - Hardeep
    Phone # USA 1-718-785-9609 ext. 1
    e-mail: Email Contact