Green Energy Resources Updates Investors
February 6, 2006
New York, New York [RenewableEnergyAccess.com] Green Energy Resources is progressing toward its planned IPO on the London UK Aim market. The current timetable keeps it on course for the second quarter 2006. A stock dividend to U.S. shareholders is planned. It will be based on shareholders holding stock on March 31, 2006, the end of the first quarter. A record date has not yet been set and will not be finalized until an IPO date has been designated.
Financials are in preparation for audits of both 2004 and 2005 as required as a part of the IPO process to be a "Fully reporting" company on the London exchange. The Board of Directors, including the UK chairman, does not take effect until the IPO actually occurs, the "nominated" CFO, will be formally announced.
Demand for biofuels is expected to increase rapidly, especially as nine New England states, Maryland, and the three West Coast states in regional moves have adopted Kyoto emissions standards. The Regional emissions initiatives to cap greenhouse gases is generating an unlimited and unprecedented market opportunity for biomass, particularly for biodiesel and ethanol production, heavily favored in the 2005 U.S. Energy Bill.
Green Energy Resources is working with two companies in product trials in 2006 with the prospect of engaging in long-term contracts for 2007 and beyond. The company plans to build one or more pellet plants in at least two states. The recent market jump from $100 per ton to $300 per ton in pellet prices in the U.S., according to a January 23rd article in the Boston Globe, keep this plan on track for the company.
A port facility has been established for the export of biomass from Houston, Texas, and is expected to produce a shipload of approximately 50,000 tons every 90 days.
The company is engaged in ongoing negotiations with multiple buyers for wood chips, wood pellets, wood fiber and bagasse for contracts for immediate and long-term supply.
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