SAN DIEGO--(BUSINESS WIRE)--April 20, 2006--Green Star Products, Inc. (OTC:GSPI) announced today that it has signed a contract to provide field engineering and construction expertise for a North Carolina Biodiesel Plant.
The North Carolina Biodiesel facility will be funded and owned by Renewable Resources International (RRI), which is owned by a group of environmentally conscious investors that collectively own approximately 3% of GSPI stock.
The RRI facility is ideally located close to existing biodiesel feedstock plants (soy oil crushing facilities) and adjacent to primary diesel fuel distribution terminals.
Green Star Products will provide plant engineering and consulting services during construction, on-going expansion support, and long-term oversight management on a contract basis. Green Star Products will also receive 2 1/2 % gross royalties on sales.
Initial Phase I of construction will provide for infrastructure expansion up to 60 million gallons capacity per year. Expansion will proceed from 10 million gallon capacity to the maximum infrastructure capacity by adding 5 million gallon per year capacity reaction modules in stages.
This facility could generate up to $4 million in royalties each year to GSPI at full capacity.
Phase II of the RRI program incorporates much larger production on a worldwide basis. Contractually, GSPI will participate in Phase II of RRI expansion with similar management and royalty arrangements.
GSPI is also in final negotiations with other companies to establish facilities worldwide.
GSPI Management urges everyone to read an article that was published on the front page of the Business Section of the LA Times "A Future Without Oil" (April 16, 2006). The LA Times article is one of the most comprehensive articles written on alternative fuels and clearly establishes biodiesel as the lowest cost alternative fuel.
For the LA Times article, use the following link: http://www.latimes.com/business/la-fi-altfuels16apr16,1,5077384.story? coll=la-headlines-business&ctrack=1&cset=true (Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.)
Green Star Products, Inc. is an environmentally friendly company dedicated to creating innovative cost-effective products to improve the quality of life and clean up the environment. Green Star Products is involved in the production of renewable clean-burning biodiesel and other products, including lubricants, additives and devices that reduce emissions and improve fuel economy in vehicles, machinery and power plants. For more information, see Green Star Products' Web site at http://www.GreenStarUSA.com , or call Investor Relations at 619-864-4010, or fax 619-789-4743, or email info*GreenStarUSA.com. Information about trading prices and volume can be obtained at several Internet sites, including http://www.bloomberg.com and http://www.bigcharts.com under the ticker symbol "GSPI".
Forward-looking statements in the release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the company's products, increased levels of competition for the company, new products and technological changes, the company's dependence on third-party suppliers, and other risks detailed from time to time in the company's periodic filings with the Securities and Exchange Commission.
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