SOURCE: Green Energy Resorces

November 14, 2005 07:58 ET

World's Largest Export Renewable Energy Deal for Biomass, Set Thru 2018 by Green Energy Resources (GRGR)

HUNTINGTON, NY -- (MARKET WIRE) -- November 14, 2005 -- Green Energy Resources (OTC: GRGR) completed renewable energy's largest biomass export deal ever. The sale to a UK utility company takes effect in 2006 with escalating volumes that rise rapidly after a new power plant is completed in 2009. Details of the 12-year contract include exports up to 5.5 million tons of wood biomass, annual RPI (UK index) cost increases, currency logistics based on the pound (not the US dollar), and port deliveries up to 90,000 metric tons. The value of the contract over its life span is expected to be in the billions of dollars and net over $2 per ton in profits for the company. The sale raises international awareness about Green Energy Resources and positions the company to capture major market shares in the rapidly expanding European renewable energy industry.

Green Energy Resources CEO Joseph C Murray stated, "We revel in the opportunity to be a global industry leader. Many of America's corporate giants started small, before emerging as worldwide leaders. Green Energy Resources plans to follow a similar path."

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 company's 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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