posted
$10 Million, 200,000 ton Deal for Green Energy Resources; Pound and Euro Boost Sales and Profits for 'GRGR' Monday May 15, 8:27 am ET
NEW YORK, NEW YORK--(MARKET WIRE)--May 15, 2006 -- Green Energy Resources (Other OTC:GRGR.PK - News) announced a $10 million dollar, 1 year deal to sell 200,000 tons of wood biomass to Europe for renewable energy power generation.The sale is scheduled to commence approximately September 2006 as a trial shipment. Green Energy Resources, CEO. Joseph Murray received and signed the Letter of Intent last week in Europe. The contract represents 4 shipments of approximately $2.5 million each in gross sales. Green Energy Resources expects to complete at least 2 shipments prior the end of fiscal 2006. The contract contains a 10 year option for the company with upto 500,000 tons per year. ADVERTISEMENT
Green Energy Resources contracts in Euros and the British pound. The euro hit $1.29 vs the dollar on Friday and the British Pound reached $1.89. Green Energy uses a $1.15 baseline vs Euro and $1.70 vs the pound. Every penny above those levels adds to the company's profitability. Favorable exchange rates, combined with oil over $70 per barrel, have rapidly accelerated European renewable energy plans, particularly biomass. Green Energy Resources has indicated it will also contract in the China's Yuan currency as well.
Buyers contract details were not publicly disclosed for confidentiality and competitive reasons. Interested shareholders may contact the company directly for additional information about the sale.
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.
Contact: Contacts: Green Energy Resources Joseph Murray (631) 375-7921 joe.murray*greenenergyresources.com http://www.greenenergyresources.com
Worldwide Financial Marketing, Inc. USA Investor Relations Int'l: 1 (954) 360-9998 Nat'l: 1 (866) 360-9998 Info*wwfinancial.com http://www.wwfinancial.comPosts: 4 | From: RI | Registered: May 2006
| IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
