HUNTINGTON, N.Y., Aug. 29, 2005 (PRIMEZONE) -- Green Energy Resources, (Pink Sheets:GRGR) citing a New York Times article from August 24, has learned that 12 states will move forward with plans to freeze power plant emissions and approve cap and emission trading. Nine states, led by New York, have agreed to the plan, and three additional states, led by California, have a nearly identical plan in the works. The regional plan will increase the number of biomass power plants and promote co-firing to reduce greenhouse emissions. The plan's impact ensures growth for Green Energy Resources and the renewable energy industry through 2020.
The New England Regional plan freezes emissions at current levels and begins reductions by 2009. The plan effectively adopts the Kyoto Protocol, changing only the dates. The plan promotes and expands emissions trading, which has gained momentum in both the U.S. and European markets. In the U.S., Citadel Investment, a $12 billion fund has opened an emissions trading desk, as well as Susquehannna International Group, a $2 billion fund, which is also a Nasdaq and NYSE market maker. On the European side, new funds include Swiss RE and Dutch Essent.
Green Energy Resources CEO, Joseph Murray, stated, "The renewable energy industry's momentum is irreversible and unmistakable." It is a boost to the company's plan for a London Stock market IPO in early 2006. The London market is the international center for 'green' companies to go public. Green Energy Resources IPO will be highly successful because the company has maturity, market experience, and is profitable. Green Energy Resources will include American investors in the IPO, based on the number of shares they own of the company stock in the U.S.
In other company news, Green Energy Resources has agreed to terms with BioEnergy Resources of Douglas, Texas to purchase upwards of 100,000 tons of wood pellets annually. BioEnergy Resources plans to construct a manufacturing facility in Buna, Texas in 2006. The plant will produce 200,000 tons annually, according to CEO Mike Bishop. The production capability will allow Green Energy Resources to supply Europe's largest utility companies with pellets for co-firing. The annual export represents approximately $10 million in sales for Green Energy Resources.
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.