SOURCE: Green Energy Resorces

October 17, 2005 07:42 ET

"GRGR" IPO Creates Major Growth Opportunities and Strategic Partnerships

HUNTINGTON, NY -- (MARKET WIRE) -- October 17, 2005 -- Green Energy Resources (OTC: GRGR) moved forward with plans for a UK IPO in 2006. A meeting in London last week with sponsor Libertas Capital, yielded introductions to Grant Thorton accountants and Dechert LLP, a well-respected international law firm. The planned IPO has given credibility to Green Energy Resources with well-established European corporate institutions. Green Energy Resources has entered into negotiations with two well-known companies seeking biomass as the centerpiece of their renewable energy portfolios.The two companies are developing strategic partnerships to include investment, sales, logistical support, and use of their own fleet of ships to supply the power and coal industries in Europe.

Plans to move ahead with a 10-year, 5-million-ton supply contract valued at $2 billion dollars was advanced on the trip. A smaller contract to supply upwards of 200,000 tons over the next 3 years, begining approximately March 2006, valued at nearly $14 million dollars, was achieved.

100-times growth in each of the next five years is projected for biomass in the renewable energy sector, according to many experts. Biomass can be used in co-firing, to reduce harmful green house gas emissions, direct burning, ethanol, and gasification applications. The USDA Forest Service announced in Denver, Colorado, last week it plans to utilize co-firing for energy. In Europe, co-firing is expected to parallel the increased expansion of coal, already in excess of 52% of total electric power generation markets. Biomass is 30 times the size of solar and wind energy markets combined. As America begins to learn the corporate emission trading schemes underway in Europe to increase profitability, growth and expansion into the power generation and steel industries will accelerate.

Except for historical information contained herein, the statements in this release are forward-looking statements that are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause the companies' actual results in future periods to differ materially from forecasted results. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings and other risks.

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