SOURCE: GreenGold Ray Energies, Inc.

May 02, 2008 09:30 ET

GreenGold Ray Energies Strikes Green Gold: Views of the Batan Island Jatropha Plantations Available

Update on Corporate Re-Organization Actions

CAGAYAN DE ORO, PHILIPPINES--(Marketwire - May 2, 2008) - GreenGold Ray Energies, Inc. (PINKSHEETS: WRII) today announced that CUSIP # 395257 108 & ISIN # 395257 1087 have been assigned to GreenGold Ray Energies, Inc. which brings the company closer to completion of its name change from Waste Recovery Inc. (PINKSHEETS: WRII). Due to NASDAQ backlog of corporate actions and further documentation required, it is not known when our name change and new symbol will become official.

The company, after further discussions with NASDAQ/DTCC and its Transfer Agent, and the Board of Directors has determined that it is in the best interest of its shareholders to decrease its issued and outstanding shares by means of a 10,000:1 Reverse Split prior to issuance of the new common shares, the same with a decrease in the authorized capital shares from 4.0 Billion to 50 Million (50,000,000) as filed on April 15, 2008 in the Articles of Amendment with the Secretary of State of Texas.

That for every 10,000 old common shares, the shareholder of record on effective date (subject to NASDAQ approval) of April 30, 2008, will receive One (1) Un-Restricted (Free Trading) Common share of GreenGold Ray bearing a CUSIP# 395257 108.

Subsequently, the shareholders holding old Common shares of record date of June 1, 2008, will be issued Ten (10) Restricted Post Reverse Split Common shares of GreenGold Ray as a Dividend, reducing the actual amount of the reverse split to the originally planned 909:1.

No fractional shares of New Common Stock will be issued to any shareholder, therefore the minimum number of shares that any shareholder will receive due to the rounding up of fractional shares and shareholders holding less than 1,000,000 shares is One Hundred (100) Un-Restricted shares of New Common Stock and subsequently One Thousand (1000) Restricted Shares as a Dividend of the New Common Stock; such that beneficial holders of 1,000,000 shares or less of (pre-split) Old Common Stock, will, as a result of the Reverse Split be issued a minimum round lot of One Hundred (100) Un-Restricted shares and subsequently One Thousand (1000) Restricted Dividend New (Post-Split) Common stock, upon the submission of their stock certificates. Said exchange is Mandatory. In the event any certificates representing shares of Old Common Stock are not presented for exchange, then any dividends or distribution that may be declared after the effective date of the Reverse Split with respect to the Common stock represented by such stock certificate will be withheld by the Company until such certificate has been properly presented for the exchange. Shares not exchanged will, after one year escheat to the state comptroller of the treasury, unclaimed property division of the beneficial holder's last known address and company's state of domicile if shareholder known address is outside the USA.

The actual reverse split effective date will be set by NASDAQ when a New Symbol for the exchange of One (1) Un-Restricted New Common shares is published by NASDAQ.

It is unknown if NASDAQ will set an X-Dividend Date for the Ten (10) Restricted New Post-Split Common Shares with an effective/record date of June 1, 2008.

BIODIESEL~JATROPHA OIL PRODUCTION:

FIRST JATROPHA PLANTATION: Batan Island, Albay: In February 2008, GreenGold Ray had selected a 3-hectare nursery site in Batan Island suitable for planting 775,000 Jatropha seedlings at an initial cost of $12,500.00 for the first four months of cultivation. The seedlings were transplanted in the 300-hectare of Batan Island. The estimated cultivation of the plantation to maturity is about 7 to 9 months with no major soil amendments or fertilizer requirements anticipated. Jatropha seeds will be converted into diesel fuel using special equipment. Rate of return on the project within the first three years is estimated at 89.32% ROI, depending upon the yield of the plants. The plants reach full production in approximately three years, and continue at full production for up to 50 years. GreenGold Ray's lead technical engineers have hands-on knowledge and experience concerning propagation of Jatropha and extraction of diesel fuel from the seeds. The government of the Philippines is supportive of private efforts toward jatropha biofuel productions.

Visit: www.GreenGoldEnergies.com

SECOND JATROPHA PLANTATION: Binasan, Iligan City, Mindanao: The second Jatropha Plantation is located in the mountains of Binasan. The Higaonon Tribes have reserved 3,000 hectares for Jatropha plantation and land preparations are currently underway with the working alliance of the indigenous people and the Governor of Mindanao to aid in the development of the access roads. The company is conducting the training and supervision until the natives are fully experienced in the cultivation of the jatropha plants.

ABOUT THE COMPANY:

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).

GreenGold Ray Energies, Inc. is a fast growing green energy company searching the Philippine Archipelago, for opportunities to explore and to produce, market, and utilize alternative energy products such as biofuels, biogas energies. GreenGold Ray Energies, Inc. is to become one of the producers in the bio green technology and other alternative energy industry, helping the country achieve energy self-sufficiency and sustainability through the exploration and production of natural indigenous energy resources. The company, through aggregation of manpower and production, intends to capitalize on economies of scale in the extraction, processing and commodities selling and trading. GreenGold Ray Energies, Inc. is committed to the implementation of sustainable green technologies to achieve fiscal strength based on the principle of Profit-People-Planet. Management continues to focus on achieving profit, while conducting business with utmost consideration and compassion for people and protection of our planet and the environment.

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, legal proceedings regarding intellectual property rights and other matters that may affect GREENGOLD RAY's operations; effects of network failures, systems breaches, natural catastrophes and other service interruptions; and GREENGOLD RAY's ability to service its indebtedness and to raise capital in the future. 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.

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