HUNTINGTON, N.Y., July 21, 2005 (PRIMEZONE) -- Green Energy Resources (Pink Sheets:GRGR) will go to Asia to purchase 10 woodchip carriers valued at approximately $300 million. The panamax size vessels would be built and delivered beginning in late 2008 through 2010.
The woodchip carriers are for delivery of wood biomass contracted with European customers by Green Energy Resources. One Green Energy Resource client alone will require 9 of the 10 vessels for delivery of 5 million tons annually. The contract, a $2 billion phased in deal over 10 years, contains a second 10-year supply option with annual rate increases. Initial deliveries are scheduled to begin in January 2006.
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.