HUNTINGTON, N.Y., Sept. 15, 2005 (PRIMEZONE) -- Green Energy Resources (Pink Sheets:GRGR), citing the New York Times (September 14), has learned biomass-generated power could be the solution to the nuclear debate in New England. Two nuclear power plants, one located in Vermont, the other in New Jersey, are approaching decomissioning in 2012. The central issue is how to replace existing low emissions nuclear plants with lower emissions generated electricity under the newly agreed upon nine (9) state compact to reduce greenhouse gases. The two power plants represent a potential market expansion of 20 million tons annually of biomass of carbon neutral emissions. Green Energy Resources is looking to capitalize on the market expansion and is currently engaged in talks with several New England utilities.
New England has agreed to adopt Kyoto-like standards to reduce global warming. Biomass burned directly or in co-firing (the mixing of biomass with coal to reduce mercury emissions and greenhouses gases) is the most viable solution to the debate. Other renewables, such as hydro (water), have been reduced in volume (by 1 percent from 2003 to 2004) and wind power is "intermittent and often unpredictable," according to the New York Times story. Biomass unlike other renewables, is the only renewable energy that can be stored, carry reserves, and generate comparable power to coal. Green Energy Resources UTCS (urban tree certification system) software should be a major factor in the utility industry's ability to track and source ample biomass supplies. The software program will be ready for distribution by 2006.
In other company news, Green Energy Resources will hit its 3rd quarter profit target of $160,000 and remain on target to meet or exceed its 2005 profit projections. Details of the 3rd quarter should be completed by the end of September.
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.