Texas to Add 10 Million Tons of Biomass Power; Bush to Sign U.S. Energy Bill This Week; Green Energy Resources Seeks CFO


HUNTINGTON, N.Y., Aug. 8, 2005 (PRIMEZONE) -- Green Energy Resources (Pink Sheets:GRGR) initiated a search for a CFO (chief financial officer). Plans to expand on to the London Stock Exchange (aim market) and to become a fully reporting American SEC company in 2006 necessitates the expansion. Green Energy Resources CEO, Joseph Murray, stated, "There is no specific date to fill the position, but rather find the most qualified individual. It's imperative the financial community recognize the quality of our selection and have complete confidence in our company." Green Energy Resources is positioned for long-term growth in the U.S. and international markets.

In related news, President Bush will sign the energy bill this week, amid the back drop of oil prices nearing $63 per barrel. The energy bill expands tax incentives for power producers and favors biomass and clean coal technologies. Co-firing, (use of biomass with coal to reduce green house gases), and Green Energy Resources, "Eco-Green Coal," are positively positioned for expansion in the U.S. market. Internationally, the weak dollar against the pound and euro remains very favorable for export growth, as well as increased profitability for the company.

Texas last week signed into law an expanded Renewable Portfolio Standard (RPS). Plans are to add 500 megawatts of biomass-generated electric power. The new state law creates a market demand of approximately 10 million tons annually. The news comes on the heals of 20 new biomass power plants planned to go on line in New England in 2006, requiring 10-20 million tons annually.

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 company's 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 financing, and other risks.



            

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