NEW YORK, Dec. 17, 2008 (GLOBE NEWSWIRE) -- Green Energy Resources, Inc. (Pink Sheets:GRGR) has signed a European supply contract for $21 million. The order is effective immediately. Orders for the fourth quarter 2008, the 1st quarter 2009 and all of 2009 will meet or exceed the company's target objectives. Reduced international shipping freight rates, lower fuel costs and a relatively strong euro-dollar have set the stage for the unexpected year end surge in sales. The global recession has decreased shipping costs to the lowest rates in at least five (5) years. Many contracts that had been abrogated or suspended by the high freight markets in 2007 and 2008 have been reinstated and are being processed for shipping. The lower freight rates will allow Green Energy Resources to charter long term freight vessels to lock in current contracts to ship orders without future interruption.
Invitation to visit
Green Energy Resources is inviting shareholders and potential strategic partners to visit the port site in New Jersey in January 2009. A visitor's day will be set for the 4th week of January to view operations and a ship loading. An official announcement will be upcoming. Green Energy has mobilized all of its combined regional supply network to help meet the 30,000 - 60,000 ton monthly export shipment demand from the New York area. Two additional ports are likely to be activated in the first quarter of 2009, including Baltimore and upstate New York, to meet an additional 60,000 ton per month demand to Europe. Additional sales contract announcements are anticipated before year's end. The company plans to hire at least 5 people in 2009 to help meet and manage the demand for woodchips.
In other news, Green Energy Resources will not meet its market cap target of $50 million in 2008. The global recession, the overall crash of global equity markets and other factors have made the goal unreachable in 2008. Green Energy Resources reduced the issued and outstanding shares from over $60 million to under $55 million in 2008.