Green Energy Resources (NASDAQ: NYIL) will acquire three (3) biomass power plants in Italy. 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 plants and revenues are a part of the recently announced merger will Italiana Commissionaria Legnami (ICL ) of Cremona, Italy. The merger is scheduled 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).

Green Energy Resources has contracted TREX LLC partners of Medina, Ohio and Houston, Texas to supply 1 million tons annually of woodchips from two (2) Houston area ports. Trex spent nearly $1million in 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 and is expected to have the first shipment ready for export in November.

Four Florida Hurricanes has made nearly 5 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 sites include 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 receiving 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's announced it would ratify the Kyoto Protocol. $50 per barrel oil can only be reduced long term through increased utilization and applications of Renewable Energies. Each ton of biomass that is supplied produced for energy, translates into direct savings and reduction to consumers by reducing global demand for oil. Green Energy Resources is the international fuel chip supplier driving to expand renewable energies industry.

The Kyoto Protocol will have major impact on US energy policy. It will usher in a nationally uniform Green certificate (REC) emissions trading policy by January 2005, and will result in an accelerated green house reductions timetable for utilities to comply with international and 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 to receive the Green Certificates.

http://www.greenenergyresources.com
joe.murray@greene