Wood Pellet Demand Soars As Green Energy Resources (GRGR) Makes Bid to Buy Pellet Plant; Last Day to Register for 10% Stock Dividend
Posted on: Thursday, 15 November 2007, 06:00 CST
Green Energy Resources (PINKSHEETS: GRGR) has made an offer to buy a US pellet plant. The company has made an undisclosed offer to purchase the plant outright. Green Energy Resources is currently buying the total existing production capacity of 110,000 tons of pellets annually. The plant could produce upwards of 150,000 tons with expansion. Negotiations are ongoing. Green Energy Resources has received two orders for nearly $20 million for exports of wood pellets to Europe. Shipments are underway.
Wood pellets are primarily used in Europe by power producers to burn with coal (co-firing). Pellets are mixed with coal to reduce green house emissions with minimal capital investment by the power generators. In Europe, like the United States, over 51% of all electric power is generated by coal representing a massive market in the billions of dollars. The plan by Green Energy Resources to buy a pellet plant positions the company as a first step to supply both US and European markets. Europe is currently importing over 54% of its wood biomass led by wood pellets according to data in BIOMASS Magazine's November issue. Green Energy Resources has demand orders in excess of 50,000 metric tons monthly or about a value of $10 million per month for pellets.
In industry news, The US Forest Service says that ethanol derived from wood could provide 15% of the nations gasoline using biomass from public forest lands.
Today is the last day to buy or own shares to qualify for the company's 10% stock dividend.
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.
CONTACT: Green Energy Resources Joseph Murray 631-375-7921 joe.murray@greenenergyresources.comwww.greenenergyresources.com or Worldwide Financial Marketing, Inc. USA Investor Relations Int'l: 1-954-360-9998 Nat'l: 1-866-360-9998 Info@wwfinancial.comwww.wwfinancial.com
SOURCE: Green Energy Resources
Source: MARKET WIRE
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