NEW YORK, March 8, 2010 (GLOBE NEWSWIRE) -- Green Energy Resources (Pink Sheets:GRGR) has received a 1 year 300,000 ton order for woodchips valued at approximately $20 million for delivery to Europe. Shipments are expected to commence in June or July of this year. The wood supply is being primarily sourced from ice storm damage that occurred in Oklahoma earlier this winter. The wood is in the early stage of processing south of Tulsa and will be transported by barge down the Mississippi to New Orleans and loaded on a freighter bound for Europe. Green Energy Resources has received multiple export orders.
$25 million in inventory
Green Energy Resources plans to up its inventory to about 5 million tons from 1 million tons in 2010 at a value over $130 million dollars. Current stockpiles are about 1 million tons valued at about $25 million. The company is seeking to secure and maintain a 10 year supply of wood to meet its 10 year domestic power plant contracts. The inventory assets are NOT calculated into the company's market cap. The inventory is composed of a diverse range of product, including paper grade chips, storm damage wood as well as beetle kill.
No debt.
Green Energy Resources operates on its own self generated revenues. GRGR's share value was adversely impacted in 2009 via a 504 to raise capital that diluted share value. Many publicly traded companies took actions to raise capital and revenue in the wake of the 2008 market crash. The company sold over 100 million shares to help raise capital needed to meet new orders. The new supply contracts increased at a rate faster than the revenue returns to conduct a stock buy back. Green Energy Resources has export orders for Turkey valued over $70 million dollars over the next 2 years alone. The company diverted its most recent shipment to Texas from Virginia as a result of 2 blizzards that hit the mid Atlantic in February. The Company fell behind in updating its financials in 2009, a factor that also negatively impacted share values. Green Energy Resources generated over $20 million dollars in revenues in 2009 year and has had a profit in every year of its existence since 2003. The company is working to get all its books caught up to date and hopes to have them completed soon and posted on Pink Sheets.
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, ship availability, fuel costs and other risks.