HUNTINGTON, N.Y., Aug. 24, 2005 (PRIMEZONE) -- Green Energy Resources (Pink Sheets:GRGR) has begun a search for a company chairman. The position will be filled in advance of listing on the London stock market. The chairman will be U.K.-based and internationally respected in the business community. Current plans are to issue an IPO in January 2006 to raise approximately $25 million dollars for operations in the United States.
Green Energy Resources will be working with analysts to raise exposure for the company in both U.S. and U.K. markets. The IPO and analysts' work will be instrumental in listing on a bigger board in the U.S. market, planned for 2006. An internationally recognized accounting firm will be retained to provide financial data and provide the necessary filings in both the U.S. and U.K.
Renewable energy and emissions trading in Europe continues to expand and grow rapidly. Skyrocketing oil prices in excess of US$67 per barrel have put enormous pressure on the political establishment to support and initiate renewable energy projects. Biomass is at the leading edge of renewable energy growth in Europe, as it is in the U.S.
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 and other risks.