Message #10 From:
NewsBot Date: December 29, 2007 05:04:02 PM
Green Energy Resources Updates and Recaps 2007
Green Energy Resources (PINKSHEETS: GRGR)
2007 year end update. Oil, rail and ship transportation costs doubled and
tripled in some instances, hindering shipments and canceling others where
buyers could not absorb the increased costs. High oil prices were also a
positive factor in receiving orders for wood pellets to Europe and
woodchips for China.
Pellets
Green Energy Resources is exporting wood pellets. Shipments are currently
moving by rail to the port in Savannah, Georgia. Export shipments of 6000
tons are scheduled monthly throughout 2008. Other pellet orders are pending
for 2008 if more supplies can be contracted.
Woodchips
Green Energy Resources has received an order for woodchips to China
beginning in the 1st qtr of 2008. The shipments are scheduled to be weekly
in manageable size shipments. The order should produce a steady revenue
stream for the company throughout 2008. Two orders announced earlier this
year and one from 2006 have not executed as a direct result of the
increased oil and freight costs. They include orders for C&D to Europe
and woodchips for Turkey. A ship contract was also put on hold.
Inventory
The company has a physical inventory of wood pellets. Green Energy
Resources has contracted 72,000 metric tons. All new woodchip inventory
is virtual inventory and is maintained on UTCS software.
15c211
Green Energy Resources, in conjunction with a well-established market
maker, filed a 15c211 in March of this year. No determination was received
by the NASD since May. It is unclear if there were remaining questions
regarding "solicited" status or simply due to backlog in their response. A
renewed effort will re-commence early next year.
Dividend
In November Green Energy Resources issued a 10% stock dividend to
shareholders. Company CEO Joseph Murray returned his 3.5 million share
dividend back to the transfer agent for cancellation. The company opted for
a dividend over a stock buy back due to the national credit and finance
crunches.
Financials
Financials have been submitted to the accountants and will be posted as
soon as they are ready. The company remains debt free and operated on its
own self-generated revenues in 2007. There are approximately 22 million
free trading shares post dividend and approximately 59 million shares
issued and outstanding. Green Energy Resources had planned to provide
quarterly dividends in 2007 but failed to meet this goal. The company will
again try to provide quarterlies in 2008 and offer audited financials.
Press Releases
Green Energy Resources plans to issue press releases only as warranted in
2008 and not monthly as has been the past practice.
Carbon Offsets
Green Energy Resources is well positioned and can offer carbon offsets to
sell. The UTCS software has not been fully updated to reflect this
capacity.
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.
