Green Star Notes Banner Week for Biodiesel; President Bush Calls for Investments in Alternate Fuels; Senate Committee Hears Key
May 04 2006 - 1:45PM
Business Wire
Green Star Products, Inc. (OTC:GSPI), a company engaged in the
engineering, construction and operation of biodiesel production
facilities, announced that last week had been a very important week
for the biodiesel industry. Joseph LaStella, President of GSPI,
stated, "It seems that the media, Washington and Wall Street have
all finally discovered the enormous advantages of biodiesel in
connection with energy independence." Last week was a banner week
for the biodiesel industry. All of the following news coverage (and
more) hit the media in a 10-day period. President Bush in a speech
to the Renewable Fuels Association (see Office of the Press
Secretary, April 25, 2006, President Discusses Energy Policy,
Marriott Wardman Park Hotel Washington, D.C.) stated, "(U.S.)
addiction to oil is a matter of national security concerns. After
all, today we get about 60 percent of our oil from foreign
countries." President Bush also stated, "Renewable energy is one of
the great stories of recent years, and it's going to be a bigger
story in the years to come." President Bush went on to say, "I also
support biodiesel fuel, which can -- (applause) -- which can
substitute for regular diesel in cars, trucks, buses and farm
equipment. Last year I went out to see a biodiesel refinery in
Virginia that's making clean-burning fuel from soybean oil. And it
was a really interesting process to watch. I don't know if you know
this or not, but they're able to use waste products like recycled
cooking grease to manufacture biodiesel. In other words, research
and development has led to new alternative sources of energy like
biodiesel. So that's one of the reasons why I signed into law the
first-ever federal tax credit for biodiesel producers. In other
words, we're interested in addressing our energy security needs on
a variety of fronts. It makes sense for the United States to have a
comprehensive strategy to help us diversify away from oil." Last
week (April 26, 2006) the Senate Committee on Agriculture also
heard Joe Jobe, Chief Executive Officer of National Biodiesel
Board, on "State of the Biofuels Industry." In his presentation,
Mr. Jobe made the following statements: -- "America relies on
imports for 60 percent of its petroleum needs. Imported petroleum
makes up the single largest component of our national trade deficit
amounting to approximately one third of the total. As crude oil
prices continue to rise, America's trade deficit continues to
balloon." -- "The majority of diesel fuel in this country is used
in over-the-road trucks. Virtually every product that we use
everyday is brought to us by a diesel-powered truck. Fuel is the
single largest operational cost in the trucking industry." --
"Biodiesel is one of the best-tested alternative fuels in the
country and the only alternative fuel to meet all of the testing
requirements of the 1990 amendments to the Clean Air Act." Mr. Jobe
presented a strong case to the Senate Committee for extending
existing government incentives. These included the successful USDA
Bioenergy Program, which was mostly responsible for the enormous
expansion of the biodiesel industry from 2001 through 2005; as well
as, the excise tax program, aimed at increasing consumer usage of
ethanol and biodiesel, which has passed as part of the Jobs Bill in
2004 and will expire in 2008. Mr. Jobe went on to say, "As an
illustration of how biodiesel can play a role in that effort,
please note that Iraq is the second largest provider of crude oil
into the United States from the Persian Gulf region. Of the crude
that comes from Iraq, approximately 1.85 billion gallons of diesel
fuel is refined for the US market. If long-term, America were to
replace just 5 percent of its 37 billion gallons of on-road diesel
fuel with biodiesel, it would equal 1.85 billion gallons -- the
same amount of diesel fuel that we get from Iraq." Last week's
media coverage of alternative fuels also included a front cover
story in the May 2006 issue of Popular Mechanics titled "The Truth
About Biofuels." The article covers all of the alternative fuel
possibilities in great depth, and at the end of each presentation
there is a one word summary of that alternate fuel entitled
Outlook, which takes into account all of the positive and negative
aspects of each alternative fuel. These summaries are as follows:
1) ETHANOL -- Hopeful to a point 2) METHANOL -- Cloudy 3)
COMPRESSED NATURAL GAS -- Limited 4) ELECTRIC CAR -- Mixed 5)
HYDROGEN (Including Fuel Cells) -- Good Someday 6) BIODIESEL --
Good. Biodiesel has a viable future as a major fuel for
transportation Mr. LaStella stated, "This article should be read by
everyone who is concerned about the future of alternative fuels in
the U.S." Green Star Products is positioning itself to be a world
leader in the construction and operation of biodiesel plants (see
GSPI press release dated 4-19-2006 titled "GSPI Signs Biodiesel
Engineering Contract"). GSPI has received many offers to build
biodiesel plants in the U.S. and several foreign countries. GSPI
Management believes that biodiesel is now in such great demand
worldwide that the supply of vegetable oil to feed the biodiesel
industry will become in short supply. Therefore, GSPI is only
forming joint ventures in countries where governments are stable
and can furnish long-term vegetable oil feedstock supplies. Mr.
LaStella stated, "Building biodiesel plants without secure
feedstock supplies is like building automobile plants without
knowing if you will have tires for your cars. Henry Ford knew this
and that is why he acquired his rubber plantations." GSPI is in
final negotiations with several companies to establish facilities
worldwide with its proprietary continuous flow, waterless
processing system. 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 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
Bloomberg.com and 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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