The President of Green Star Products, Inc. (PINKSHEETS: GSPI),
Joseph LaStella, P.E. Ret., today issued his year-end comments on
current projects.
Mr. LaStella stated, "This year has been very challenging for
many small companies like Green Star. Although the Company is
diversified in operations, and therefore can achieve commercial
goals in several key markets, we have had limited success this
year.
"Green Star derives its income from a variety of sources,
including: engineering consulting; fabrication and construction for
joint venture projects; technology licensing and royalties;
research and development projects; and, production and
commercialization of green products.
"The Company's income spans several industries, including
ethanol and biodiesel biofuel production; algae biomass production
and its derivatives; advanced lubrication; and alternative
transportation (electric and hybrid vehicles).
"Green Star prides itself for adopting a financial strategy
which provides funds for ventures at the project level by technical
consortium associations. The Company provides engineering,
fabrication and R&D services; and receives income, equity and
sometimes royalties. Green Star is involved in several major
projects which may qualify for U.S. Department of Energy (DOE)
funding at the consortium level.
"This year, Green Star made its most significant effort to
obtain government grants for its consortium's projects.
Unfortunately, DOE's multiple fundings in 2009 showed a clear
preference for special interest groups that have received DOE funds
in the past! However, we suspect this might change in 2010 with
still billions of dollars of DOE funds to be alloted to additional
alternative energy programs wherein Green Star and its associates
have clearly demonstrated advanced systems. The DOE has shown its
awareness of the consortium's strengths by listing them in the
various applications submitted throughout 2009.
"Green Star is also exploring the possibility of completing the
'Algae-to-Biodiesel' program with a private funding (utilizing no
Federal help).
"GSPI's core business is Alternative Fuels (biodiesel and
ethanol) and Algae-to-Biofuel Technology; and also the TVT Advanced
Lubrication Division. Electric vehicle production is not Green
Star's core business, it is Global Green Cars' (GGCI) core
business. Green Star owns 9.5% of GGCI, which is a privately held
company. GSPI provided GGCI with technological and strategic
support due to its past experience in the production of electric
vehicles.
"Global Green Cars is currently under a hostile take over scheme
contrived by Brooks Agnew, a former VP of Engineering of Green Star
Products. Global Green Car's problems will not impact Green Star
directly in any way. If GGCI can straighten out their internal
problems, Green Star will continue to support them. In any case,
Green Star does not have any exclusive technology transfer
arrangement with GGCI and will pursue other opportunities with
electric vehicle companies to share Green Star's wealth of
technical knowledge, historical experience and manufacturing
expertise.
"Green Star has continued its involvement in the Algae
Production and Algae-to-Biodiesel arena. Just 4 years ago, Green
Star and Biotech Research (BTR) were pioneering the resurgence of
algae cultivation as a viable source of biomass for alternative
fuels. Algae has now become a main stream interest for industry and
research institutions. Algae-related activities will receive
funding in the next decade for universities and start up companies
alike.
"Green Star Products and its Consortium Partners have invested
many millions of dollars to achieve substantial research and
development in algae, biofuels and alternative energy projects.
Green Star for many years has been involved with numerous
universities and research centers, including national
laboratories.
"GSPI and BTR completed one of the largest algae production
demonstration projects with in-house funding in 2007. Please see
extensive algae demo report on Green Star's Web site
(http://www.greenstarusa.com/reports/08-05-09GSPIAlgaeDemoReport.pdf).
"Although the Company does not have the financial resources of
Exxon Mobile and British Petroleum (BP), who have recently joined
in the rat race for algae commercialization, Green Star and its
consortium partners are on the cutting edge of algae production and
algae research. GSPI has proven its technology works and may lead
the industry in algae commercialization.
"As GSPI has stated in the past, industrial algae production
makes sense to solve many current problems (i.e., CO2 mitigation;
wastewater treatment; non-food source of biofuels; source of animal
feed and human food; necessary to increase fish farming and other
aquaculture; source of specialty chemicals, pharmaceuticals and
nutrients; etc.) as well as play a more important role for
humanity's future.
"The Company further reports that its Advanced Lubrication
Division -- Green Star TVT -- is moving forward with major field
testing that started in 2009 and will continue through early 2010.
New opportunities for TVT lubricants include railroads, aircraft,
military and oil drilling. Please see new Green Star TVT Web site
at www.GreenStarTVT.com.
"In conclusion, Green Star Products is one of the few low-priced
public stocks that actually showed a net profit for the years 2007
and 2008. The Company posted approximately $4,459,000 in combined
revenue of 2007 and 2008; and a net profit of $693,000 in the same
years, with a P/E ratio of 16. See GSPI.PK at
http://finance.yahoo.com.
"The Company will not show any net profits for 2009, however,
based on possible earnings from several existing projects, we
expect Green Star to return to profitability and experience its
best revenue year ever in 2010."
Mr. LaStella also stated that Green Star will be scheduling a
Special Shareholder Meeting in February 2010 to review the
Company's opportunities for 2010 and beyond.
About Green Star Products
Green Star Products, Inc. (PINKSHEETS: GSPI) is an
environmentally friendly public company dedicated to creating
innovative cost-effective products to improve the quality of life
and clean up the environment. GSPI 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 green products, as well as lubricants,
additives and devices that reduce emissions and improve fuel
economy in vehicles, machinery and power plants. For more
information visit http://www.GreenStarUSA.com, or call
1-800-741-7648 and 1-800-340-9784, fax 619-789-4743, or email
info@GreenStarUSA.com.
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, new products and
technological changes, dependence on third-party suppliers, and
other risks detailed from time to time in the company's periodic
filings.
CONTACT: Joseph LaStella President Green Star Products, Inc.
800-741-7648 800-340-9784 619-864-4010 619-789-4743 (fax)
info@GreenStarUSA.com
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