NEW YORK, June 25, 2009 /PRNewswire-FirstCall via COMTEX/ –
28 June 2009
Green Energy Resources announced it has signed a ten (10) year U.S. domestic biomass supply contract valued at over $300 million dollars. The contract contains additional provisions for monthly fuel adjustments and yearly inflation increases over its life time. The contract is the largest known U.S. supply contract to date for a single supplier. Supply commences spring 2010. The power plant requirements exceed one million tons annually to upwards of 1.5 million tons. The contract is significant in reaching or exceeding Green Energy Resources projected revenues in 2010 of $100 million.
Green Energy recently announced a commitment from private financiers for up to $10 million dollars. The company and the private lender have agreed that the first funded loan shall be in the amount of $2,000,000. Both parties anticipate receipt of additional funding is forthcoming. Access to additional credit is available when needed.
Green Energy Resources is an environmentally friendly company sourcing its wood from urban wood waste streams, storm damage, Cities and municipalities. The company is currently engaged in exports to of woodchips to power plants in Europe.
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.