HUNTINGTON, N.Y., Sept. 27, 2005 (PRIMEZONE) -- Green Energy Resources (Pink Sheets:GRGR) is forging American efforts to recycle hurricane damaged wood for renewable energy. Hurricane wood waste could generate up to 10 percent of America's electric power needs. Nearly 50 million tons of wood waste was openly dumped in Florida last year from four hurricanes. Over 200,250 megawatt biomass power plants could have reduced our energy vulnerability and saved taxpayers billions of dollars. The $1.5 billion dollars in FEMA-awarded contracts so far this year is three times greater than all federal monies appropriated for all renewable energy in the U.S. Energy bill. Green Energy Resources has pledged to purchase up to 2 million tons of wood chips from the Gulf states for international export. Joseph C. Murray, Green Energy Resources' CEO, announced today it could purchase another million tons for power plants in the northeast.
Wood biomass for energy creates jobs, new exports, and diversifies our energy structure. Biomass can be transformed into ethanol, gasified, or mixed with coal to reduce greenhouse gases. Green Energy Resources was the first American company to export wood biomass for energy. The demand for wood biomass is expected to increase with the newly agreed upon northeast states Kyoto like compact. Twenty new biomass power plants are expected to be built in the north east in 2006 alone. The hurricanes exposed current U.S. energy policy as grossly inadequate. The evacuation disasters of New Orleans and Houston are major setbacks to any nuclear power comebacks in the United States.
In other company news, Green Energy Resources announced a 3rd quarter profit. The profit of $160,000 meets target expectations. The company has hit or exceeded profit targets each quarter this year. The 2005 goal of $800,000 is 50 percent higher than 2004 profits. Green Energy Resources anticipates rapid growth for 2006, with several new supply contracts. Green Energy Resources has plans to list and issue an IPO on the London stock exchange in 2006, as well. Green Energy Resources operates on self-generated revenues, has no debt, and has not raised or taken any public money.
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.