Green Energy Resources: $25 Million Dollar LOI
Green Energy Resources Receives $25 Million 5 Year, 1 Million Ton LOI for US Woodchips to Create Eco - Green Coal
Press Release Source: Green Energy Resources On Wednesday April 28, 2010, 12:26 pm EDT
NEW YORK, April 28, 2010 (GLOBE NEWSWIRE) -- Green Energy Resources (Pink Sheets:GRGR - News) received a $25 million dollar, 5 year, 1 million LOI from a Dutch company to create an eco -- green coal in the USA. The Dutch company is already producing a prototype in Europe. The Dutch company, in conjunction with Green Energy Resources, plans to develop two locations in the US, one in the Northeast US, the other in Texas. Green Energy Resources has been working since 2005 to develop a torrified pellet/ briquette that can be readily transportable and premixed with coal for co-firing. Green Energy Resources believes it is a major breakthrough for the company. Initial shipments of wood will be delivered to the Netherlands for manufacturing using American hardwoods. Shipments will commence in 2010 with deliveries to Netherlands this summer.
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, ship availability, fuel costs and other risks.
Green Energy Resources
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