Green Energy Resources: Consulting Contract
Green Energy Resources has landed a consulting contract with 2 international companies to restore forest land in Nicaragua devastated by Hurricane Felix in 2007. One company is based in Nicaragua, the other in Brazil. The Brazil based company will conduct the CDM project, scientific analysis and follow United Nations methodology requirements. The Nicaragua company will work with local communities on the reforestation plans. Green Energy Resources will act as a consultant and advisor in planning and carbon credit strategy. The project calls to reforestÂ about 250,000 acres of land and generate about $350 million in carbon credits through the UNÂ CDM (clean development mechanism) under the European Trading Scheme (ETS). Green Energy Resources is positioned to earn up to $20 million dollars over the next 3-10 years through the project. The CDMÂ allows participants to earn carbon credits from Certified Emissions Reductions (CERs) to reduce greenhouse gas emissions by creating carbon sinkholes. The project has direct benefits for local communities in Nicaragua. Green Energy Resources has been seeking a project since November 2006. The project is the first for Green Energy in carbon trading and follows through on its long term commitments.
In other news, Green Energy Resources is set to commenceÂ its first order ofÂ about 1000 tons of woodchips to a major US power generatorÂ in March. TheÂ order is a first step of a 10 year supply contractÂ announced last June. TheÂ total value of the contract over 10 years is in excess ofÂ $500,000,000.
Export shipments of woodchips from the Mid-Atlantic states have been hampered by two back-to-backÂ blizzards. Shipments have been delayed about 1 month as the area tries to recover from the storms. The storms have created a temporary shortage of woodchip supply.
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.
Green Energy Resources