GSPI Signs Biodiesel Engineering Contract
April 20 2006 - 11:33AM
Business Wire
Green Star Products, Inc. (OTC:GSPI) announced today that it has
signed a contract to provide field engineering and construction
expertise for a North Carolina Biodiesel Plant. The North Carolina
Biodiesel facility will be funded and owned by Renewable Resources
International (RRI), which is owned by a group of environmentally
conscious investors that collectively own approximately 3% of GSPI
stock. The RRI facility is ideally located close to existing
biodiesel feedstock plants (soy oil crushing facilities) and
adjacent to primary diesel fuel distribution terminals. Green Star
Products will provide plant engineering and consulting services
during construction, on-going expansion support, and long-term
oversight management on a contract basis. Green Star Products will
also receive 2 1/2 % gross royalties on sales. Initial Phase I of
construction will provide for infrastructure expansion up to 60
million gallons capacity per year. Expansion will proceed from 10
million gallon capacity to the maximum infrastructure capacity by
adding 5 million gallon per year capacity reaction modules in
stages. This facility could generate up to $4 million in royalties
each year to GSPI at full capacity. Phase II of the RRI program
incorporates much larger production on a worldwide basis.
Contractually, GSPI will participate in Phase II of RRI expansion
with similar management and royalty arrangements. GSPI is also in
final negotiations with other companies to establish facilities
worldwide. GSPI Management urges everyone to read an article that
was published on the front page of the Business Section of the LA
Times "A Future Without Oil" (April 16, 2006). The LA Times article
is one of the most comprehensive articles written on alternative
fuels and clearly establishes biodiesel as the lowest cost
alternative fuel. For the LA Times article, use the following link:
http://www.latimes.com/business/la-fi-altfuels16apr16,1,5077384.story?
coll=la-headlines-business&ctrack=1&cset=true (Due to its
length, this URL may need to be copied/pasted into your Internet
browser's address field. Remove the extra space if one exists.)
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. Green Star
Products 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 Green Star
Products' 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.
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