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Author Topic: GRGR - Huge LOI: $576 Million
Smash
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India Power Generator Issues LOI for 7 Million Tons of Woodchips Valued at $576 Million per Year to Green Energy Resources (GRGR)
14 minutes ago - Market Wire

GRGR 0.005 -12.28%

As of 9:58 AM ET 11/23/09
Green Energy Resources (PINKSHEETS: GRGR) has received a Letter of Intent from an Indian power company to supply in excess of 7 million tons of woodchips valued at over $576 million dollars over a 12-month period. India wants a five-year supply contract ($2.8 billion dollars over 5 years). The order poses daunting challenges for Green Energy Resources to meet a supply that would require approximately 15 shipments monthly or a shipment of about 40,000 tons every other day. The foremost obstacle is freight .The location of ships at a locked in rate to handle the capacity for the buyers. The second major issue for the buyer and the Government of India is to provide project financing in the US to Green Energy Resources for wood procurement, and port facilities. Discussions are ongoing. India is planning to purchase upwards of 36 millions tons of woodchips annually from world wide sources as a part of their renewables obligations under Kyoto. The procurement is currently underway on a global scale. The international community of nations, including the US, are planning and upgrading their climate change strategies in advance of next months meeting in Copenhagen, Denmark. The US is expected to make an announcement shortly. The US Senate climate bill is pending. The US House of Representatives passed the "Cap N Trade" bill earlier this year.

Green Energy Resources is an environmentally friendly company working to preserve world forests not cut them. The company sources its wood from urban wood waste streams, recycled wood, storm damage and tree farms. All wood is Urban Tree Certification System(UTCS) approved. The company has no long-term debt and raised capital through a 504 in 2009. Green Energy Resources revenues were adversely impacted in 2008 as a result of the steep rise of fuel prices that peaked at nearly $150 per barrel. The company has seen a strong rebound of supply contracts in 2009.

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Smash
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$576 Million supply contract? Market cap is $800k-ish, and par value is .01/share according to Pinksheets.
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Smash
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This thing is down 12% with an oversold chart, may be a great entry point if you're looking for one.
.005/share

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+8.77% to .0062
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oldseven
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quote:
Originally posted by Smash:
+8.77% to .0062

I show only one MM(NITE) on the bid and 4 on the ask. Seems weird to me but I am trying to buy some shares.

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Not sure why NITE is the only one quoting a bid. NITE usually runs the show anyway, i guess. I didn't have a problem getting shares myself...
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This seems to be making a move this morning. Up 30% to .0065/share. Weird thing is that the first two trades, for 9,998 and 40k shares, were for .045/share, an 800% gain! That was pretty weird, and a tease.
No bid being quoted at the moment, but ask seemed to bump up easily.

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oldseven
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I don't show NITE on bid or ask today. ???

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Who do you show quoting the ask, Oldseven? There's an MM quoting it...
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oldseven
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quote:
Originally posted by Smash:
Who do you show quoting the ask, Oldseven? There's an MM quoting it...

DOMS

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