Green Energy Resources Announces Merger Update and Sales Projections for 2005


Green Energy Resources, Inc. (NYIL) will acquire three (3) biomass power plants in Italy as a result of the recently announced merger/acquisition of ICL. The plants will generate approximately $150 million annually ($1.1billion dollars through 2012) and provide a before tax profit of approximately $30 million for each of the next seven (7) years. The merger is on target to be completed before the end of December 2004. Green Energy Resources export sales of woodchips from the United States 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). [ more ]