$3 Million Woodchip Order to Turkey for Green Energy Resources; GRGR Gets $900,000 First Trial Order for India
April 27 2010 - 8:08AM
Green Energy Resources (Pink Sheets:GRGR) received a $3 million
dollar woodchip order for Turkey. It is a single shipment
trial order. The Turkey markets remains very strong in 2010. In
2009 global market for woodchips fell in by 15% except in China,
where demand tripled according to Wood Resources Quarterly, an
industry journal. 2010 indications point to significantly
higher demands over 2009 volumes as the global economic rebound
gains momentum. Green Energy Resources is selling the woodchips FOB
USA instead of delivered. Green Energy Resources plans to commence
the order in the 2nd quarter of 2010. Green Energy Resources
already has a contract for supply with another Turkish
company. That order is underway.
In other news, Green Energy Resources received its first
trial order shipment for India. The order is valued at
$900,000 and is scheduled for the 2nd quarter of 2010. Green
Energy Resources received a Letter of Intent from an Indian power
company to supply 7.2 million tons of woodchips valued at over
$576 million dollars over a 12 month period last September. The
order poses daunting challenges for Green Energy Resources to grow
and expand to meet the supply that would require approximately 15
shipments monthly or a shipment of about 40,000 tons every
other day. The other major obstacle is to find and locate enough
ships at a locked in rate to handle the capacity.
However, shipping issue has been resolved, as India will
supply the ships. Larger volumes should commence later this
year with the completion of power plants retro fitting for
co-firing.
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.
CONTACT: Green Energy Resources
Joseph Murray
631-375-7921
joe.murray@greenenergyresources.com
www.greenenergyresources.com
Worldwide Financial Marketing, Inc. USA
Investor Relations
1-866-360-9998
International: 1-954-360-9998
Info@wwfinancial.com
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