NEW YORK, March 22, 2010 (GLOBE NEWSWIRE) -- Green Energy Resources Inc. (Pink Sheets:GRGR) earned a $27 million, 1 year trial deal to supply high-powered woodchips from Texas to Germany for renewable energy. The woodchips have the equivalent of more than 16,000 BTUs of heat. The woodchips contain more BTUs than most grades of coal without the carbon emissions. The heating value of the woodchips were tested and verified by an internationally recognized scientific agency. The woodchips are low ash (2%), low moisture content (avg 25%) with extraordinary heat value (BTUs). Some of the heat tests have produced results over 20,000 BTUs. Green Energy Resources' new woodchips reaffirm the company's objectives since 2005 to capture a 20% market share of European wood biomass import market.
The European market continues to grow exponentially every year and is already a multi-billion dollar industry that includes wood pellets for co-firing. Green Energy Resources made the first announcement regarding the woodchips in 2008. Shipments are expected to commence 2nd qtr 2010.
Green Energy Resources plans to create 5-10 new jobs in Texas in 2010 as a result of the new energy fuel chip. European reception has been very positive and enthusiastic to date. Sales are expected to increase in 2010 as European power generators become familiar with the woodchips and the energy capacity. The wood is a very fast growing specie that can be utilized as an energy crop with positive environmental impact. The company is currently conducting interviews for positions in Texas and Mexico. Green Energy Resources has ongoing discussions with several potential buyers in Europe regarding the new super woodchip. Green Energy Resources is an environmentally conscious company committed to reducing global carbon emissions.
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 financings, ship availability, fuel costs and other risks.