GSPI Green Star Products Inc (PK)

Green Star Products, Inc. (OTC:GSPI) today published its comparative financial statements for years 2007, 2006 and 2005 (see financial statements at GreenStarUSA.com/investors). For 2007, Green Star had revenues of $2,485,000, a 60% increase over earlier estimates, and earnings of $455,000, the Company�s first profit. As of year end 2007, Green Star also has a carry forward loss of approximately $11,000,000, which, depending on the timing of expiration dates and use, has an unbooked benefit of $3,520,000 to the Company as an offset against 2007 profits and future taxable earnings. Complete financial statements for 2007 and the audited financial statements for 2005 and 2006 can be reviewed at GreenStarUSA.com. Mr. Joseph LaStella, President of GSPI, stated, �This represents a significant milestone for the company and we expect as much as a 10 fold increase in revenue in the next 12 months based on existing commitments and contracts.� (See GSPI press releases dated July 31 & August 6, 2008). Green Star Products is one of the early pioneers who began researching alternative energy resources in the 1990s. Following an extensive Research & Development program, GSPI has advanced a variety of proprietary technologies now in revenue-producing commercialization. The company is 100% vertically integrated to design and manufacture its own biofuels processing equipment at its own facility. Green Star only engages in project level joint venture relationships where it supplies the engineering, manufacturing, construction and operations technology and expertise. Through this controlled intellectual property licensing of Green Star's technology and experience the company shares in on-going ownership and profit distribution from each project. The joint venture parties supply the project funding and, in some cases, local infrastructure and support. This strategy allows Green Star to expand rapidly without the need to raise any funding from stock offerings. GSPI revenue stream comes from fabrication and installation of biorefinery complexes, profits generated from joint venture facilities, exclusive licensing arrangements, profit participation in manufacturing and sales of high-tech lubricants, royalty income and engineering service income. Green Star Products, Inc. (OTC:GSPI) 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 and its Consortium are involved in the production of green sustainable goods including renewable resources like algae biodiesel and clean-burning biofuels, cellulosic ethanol and other products, as well as 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 Public Relations at 1-800-741-7648 and 1-800-340-9784, 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.pinksheets.com, 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.