HUNTINGTON, N.Y. and CREMONA, Italy, Aug. 23, 2004 (PRIMEZONE) -- Green Energy Resources, Inc. (Pink Sheets:NYIL) (formerly New York International Log & Lumber Co.), a bio-energy supply company that sells biomass wood products, with offices in the U.K. and Spain, announces it has agreed in principle to merge with Italiana Commissionaria Legnami (ICL) of Monza, Italy. ICL has offices in New York and Brazil. The terms of the merger have not been disclosed.
ICL is the largest importer of woodfiber fuel ("biomass") in Italy. In 2003 ICL supplied approximately 80,000 tons of woodchips per month to the Italian market. The proposed merger will seek to capture the vertical market from procurement, to transportation, to power generation plants and would create one of the largest international biomass/renewable energy companies in the world today. The combined company is expected to have a capacity to deliver well over one million tons of woodfiber fuel annually. The product is delivered by the two woodchip carriers under contract to existing power plants. All the biomass fuels comply with the strict UTCS certification system and the Kyoto protocol.
Europe is currently leading the world in renewable energy implementation polices. The European Union (EU) plans to double the share of renewable energy, from the present 6% to 12% by 2012. The merger would include Green Certificate contracts that will generate approximately $150 million (USD) in gross revenues annually for the company through guaranteed sales called for by CIP 6 through 2012. Plans also include contracts for up to three more woodchip carriers to be purchased or built by the company.
Mr. Joseph C. Murray, the C.E.O. of Green Energy Resources, stated, "The proposed merger is expected to be a major boost for the renewable energy industry, preservation of global forests, Green Certificates, biomass in particular, and a major step forward in bringing the United States to recognize the potential business opportunities of the Kyoto accord." Mr. Murray commented further, "I am pleased and excited about the potential opportunities in this industry, in the USA and internationally, and of course, working directly with ICL as a partner."
About Green Energy Resources: www.NYILL.com. Green Energy Resources is dedicated to preserving world forests, not cutting them. The company supplies only environmentally certified wood, it promotes recycling, and is 100% KYOTO compliant. It uses only environmentally preferable sources such as wastewood from storm damage, maintenance wood, and wood otherwise destined for landfills. It operates under the UTCS (urban tree certification system), a certification system of socially responsible and environmentally friendly government approved forestry and non-forest industry recycling practices including chain of custody documentation (a tracking system from origin to end user). Environmentally certified wood is critical as a source for biomass energy producers and coal utility producers (co-firing) seeking "Renewable Energy Certificates" (REC's also known as Green Certificates). Carbon reduction and sequestration strategies are vital under the newly released EPA regulations. The addition of wood fiber fuel to co-firing power plants qualifies for the Green Certificates. The impact is significant, as it permits coal powered generation plants to reduce emissions gradually over time, rather than expensive plant conversions all at once. The methodology could be paramount in mitigating federal lawsuits over high emissions from coal burning power plants recently filed by 8 states, including New York and California.
About ICL: http://www.iclspa.com/, http://www.iclspa.com/inglese/index.htm.ICL trades and supplies biomass; managing selection, transportation and stock of raw material. The resident staff supervises the management of local operations: selection and check of raw materials, handling the whole administrative, legal and industrial process. To ensure the best quality, ICL developed many tests by means of local certifying firms, which result in supporting each single supply with quality-documentation. ICL, through its head office's organization, can offer specific experience in developing, projecting, manufacturing and operating biomass electrical plants.
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 companies' 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.