SOURCE: Green Energy Resources

November 10, 2006 05:58 ET

New US Congress Expected to Enact Alternative Energy Laws; Green Energy Resources Prepares for a US Emissions Caps and Trading Market

NEW YORK, NY -- (MARKET WIRE) -- November 10, 2006 -- Green Energy Resources (PINKSHEETS: GRGR) citing CNBC noted Renewable Energy was one the 3 biggest winners of Tuesday's Election. The policy shift is expected to accelerate a US Renewable energy policy by at least two years. The newly elected Congress is expected to pass alternative energy legislation similar to California's green house gas emissions law almost immediately. In response to the election, Green Energy Resources will focus on marketing its UTCS software designed for emissions compliance and concentrate on the US coal and biofuel markets. The election signals a major shift for Green Energy from European markets to the US domestic market. Biomass has potential application in over 60% of the total US energy markets including co-firing with coal and biofuels.

Green Energy Resources looks to undergo major growth in 2007. The company has secured nearly $50 million dollars in contracts contingent on transport vessels. A $25 million contract was signed in Istanbul, Turkey, last month. Green Energy Resources also announces two of its international trading partners have agreed to provide the company financing (self financing) for long term supply and development of biomass from the United States. The financing releases Green Energy Resources of the need to raise capital in the open market and will no longer persue the London Aim listing. Green Energy Resources retains the 504 option of raising upto $1 million dollars annually should the need arise. The private financing and 504 option will provide Green Energy with adequate cash flow to meet its financial obligations and expansion.

Green Energy Resources continues to make progress updating and compling all its records and will release financials as soon as they are completed. The company is developing procedures to report quarterly financials and keep up with the ever-changing requirements of PINK SHEETS. Green Energy Resources has reduced the issued and outstanding shares from 53 million to 46.7 million shares. The current number of shares in the float is 15.1 million shares.

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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