Green Energy Resources: Stake in New England Pellet Mill
Green Energy Resources looks to purchase a fully operational New England wood pellet mill. Terms of the purchase were not disclosed and are subject to financing. The mill has capacity to produce upwards of 10,000 tons monthly and could generate approximately $24 million dollars annually in gross revenues for the company. Green Energy Resources is a supplier of the mill with wood biomass. The pellet mill has excellent logistical location for export, and domestic supply. The Pellet manufacturer is currently producing bagged pellets for the US retail wood stove markets. The acquisition would greatly enhance Green Energy's ability to meet a growing US commercial demand and a very competitive European export market.
In other news, President Obama and other world leaders agreed to international emissions reductions on Friday in Copenhagen, Denmark. The breakthrough should pave the way for final passage in the US Senate of the "Cap N Trade" bill which passed congress in June. The accord is significant both in terms of anticipated green jobs it will create in the US and because US power generators are expected to move towards compliance in 2010. Green Energy Resources predicts US Coal Power generators will eventually turn to co-firing utilizing pellets by 2011.
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
Joseph Murray, 631-375-7921