American Biofuels (ABF), a biodiesel producing company which is 35% owned by Green Star Products, Inc. (OTC:GSPI), comments on the recent state and national support for biodiesel: Only three weeks after Governor Schwarzenegger of California signed into law a proposal authored by State Senator Roy Ashburn (R-Bakersfield) that would allow public agencies and utilities to use vehicles that run off of biodiesel and biodiesel blends, the American Trucking Association advocates the use of biodiesel. On October 21, 2005, the American Trucking Associations' Board of Directors revised ATA's alternative fuels policy to advocate the use of biodiesel in blends up to 5 percent as part of the national diesel fuel standard. "Biodiesel represents an important part of a long-term energy plan designed to increase the nation's fuel supply and reduce our dependence on foreign oil," said ATA President and CEO Bill Graves. ATA's energy policy calls for a single national diesel fuel. At current prices, the trucking industry, which consumes 35 billion gallons of diesel each year, is on pace to spend an unprecedented $85 billion on fuel this year, that accounts for as much as 25 percent of total operating costs. The American Trucking Association is the largest national trade association for the trucking industry. ATA represents more than 37,000 members covering every type of motor carrier in the United States. American Biofuels had recently announced (see GSPI press release dated Oct. 4, 2005) that it was expanding its biodiesel plant to 10 million gallons per year to accommodate California's increased need for biodiesel. Joseph P. LaStella, President of GSPI, stated: "Many locations in the United States are now selling biodiesel blend up to 20% at prices below regular diesel price. Truckers are not only saving money but they are getting better lubricated fuel, reduced emissions, and elimination of smoke from tailpipes with B-20 blends." Mr. LaStella further stated: "American Biofuels is planning additional biodiesel plants in other key States." American Biofuels has been a member of the National Biodiesel Board (NBB) since 2001 and in the same year received its registration for three EPA certificates for its biodiesel fuel and fuel additives. ABF was also approved to participate in the US Department of Agriculture (USDA) Bioenergy Program (http://www.fsa.usda.gov/daco/bio_daco.htm), which pays producers cash incentives for biodiesel production. In 2004, ABF was listed on the USDA Bioenergy Program website as the 8th largest producer of biodiesel in the U.S. and the largest producer on the west coast. Green Star Products, Inc. is an environmentally friendly company dedicated to creating innovative cost-effective products to improve the quality of life and clean up the environment. GSPI is involved in the production of renewable clean-burning biodiesel and other products including lubricants, additives and devices that reduce emissions and improve fuel economy in vehicles, machinery and power plants. For more information, see GSPI'S Web site at http://www.GreenStarUSA.com or call Investor Relations at 619-864-4010, or fax 619-789-4743, or email info@GreenStarUSA.com. Information about trading prices and volume can be obtained at several Internet sites including http://www.bloomberg.com and http://www.bigcharts.com under the ticker symbol "GSPI." Forward-looking statements in the release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the company's products, increased levels of competition for the company, new products and technological changes, the company's dependence on third-party suppliers, and other risks detailed from time to time in the company's periodic filings with the Securities and Exchange Commission.
Green Star Products (PK) (USOTC:GSPI)
Historical Stock Chart
From Jun 2024 to Jul 2024 Click Here for more Green Star Products (PK) Charts.
Green Star Products (PK) (USOTC:GSPI)
Historical Stock Chart
From Jul 2023 to Jul 2024 Click Here for more Green Star Products (PK) Charts.