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November 2004

Green Energy Resources Announces Merger Update and Sales Projections

Huntington, NY— Green Energy Resources will acquire three biomass power plants in Italy as a result of the recently announced merger/acquisition of ICL. The plants will generate approximately $150 million annually ($1.1 billion dollars through 2012) and provide a before tax profit of approximately $30 million for each of the next seven years. The merger is on target to be completed before the end of December 2004.

Green Energy Resources export sales of woodchips from the U.S. are projected at approximately 2 million metric tons for 2005, generating approximately $100 million dollars in gross sales revenues. New export clients include buyers in Sweden (200,000 Mts annually), Netherlands (120,000 Mts annually) and the UK (150,000 Mts annually).

Green Energy Resources has contracted with TREX LLC partners of Medina, Ohio and Houston, Texas to supply one million tons of woodchips annually from two Houston area ports. Trex spent nearly $1 million for new chipping equipment to secure the contract from Green Energy Resources. The contract ensures Green Energy Resources a long-term supply at a fixed cost. The first shipment is expected to be ready for export this November.

Four Florida hurricanes have made nearly five million tons of wood available to Green Energy Resources throughout the state. Agreements with four Florida ports for the export of woodchips have been reached. The ports are located in Tampa, Palm Beach, Port Canaveral, and Pensacola. The ports, not normally associated with wood fiber exports, must demonstrate the ability to handle the product and load ships efficiently prior to receiving any product at the port. A meeting is scheduled with Governor Bush’s office to discuss the recycling and export efforts in Florida.

Oil peaked at $50 per barrel last week, and Russia announced it will ratify the Kyoto Protocol. The $50 per barrel price can only be reduced in the long term through increased utilization and applications of renewable energy. Each ton of biomass that is supplied and used for energy translates into direct savings to consumers by reducing global demand for oil. Green Energy Resources is the international fuel chip supplier driving to expand the renewable energy industry.

The Kyoto Protocol will have major impact on U.S. energy policy. It will usher in a nationally uniform Green Certificate Emissions Trading Policy by January 2005. The result will be an accelerated green house reductions timetable for utilities to comply with internationally as well as the newly implemented Federal EPA Air Quality Standards issued in July of 2004. Green Energy Resources supplies an environmentally certified wood fiber fuel that is 100% Kyoto compliant and meets all the criteria to receive Green Certificates.

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