NEW YORK, March 2, 2010 (GLOBE NEWSWIRE) -- Green Energy Resources (Pink Sheets:GRGR) is set to export China approximately 200,000 tons of woodchips valued around $20 million. The contract was completed last October and set to commence following the Chinese New Year celebration which ended this past Sunday. The wood will be sourced from Oregon, California and South America. Green Energy Resources is working with the Chinese company to arrange the first shipment for April. A Contract was originally signed in 2008, but was scuttled by rapidly rising freight and fuel oil prices that culminated in a $150 per barrel prices exceeding contract terms.
Wood Inventory Boost
Green Energy Resources wants storm damaged wood caused by ice and snow storms in the North East US and Oklahoma. The company requires chipped wood to be delivered to its regional distribution locations at little or no charge. The wood will be used for renewable energy purposes in the USA or exported to Europe. The company is looking to increase its wood inventory by at least a million tons.
Reverse Split
Green Energy Resources has not yet received a date from regulatory officials to move forward with a desired reverse split. Accordingly, a planned stock dividend to shareholders remains on hold for a minimum of at least 3 months.
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,ship availability, fuel costs and other risks.