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Green Energy Resources, Inc. to Build Three Woodchip Bulk Carriers
Green Energy Resources, Inc. (formerly New York International Log and Lumber Co) (OTC.PK: NYIL) called for tenders from shipbuilders in the US for fast-track construction of three new panamax class woodchip carrier style ships. The three ships would range from 2.5 million cubic feet (cbf), to 3.8 million cubic feet (cbf). They would be first ever American built woodchip carrier ships exporting exclusively from American ports. Financing for the ships is arranged through title XI and the ccf (capital construction fund) for ships built in USA shipyards under the federal ship financing guarantee program, similar to "Project America."
Green Energy says the ships will help to alleviate an under-capacity in tonnage to serve the renewable energy sector's wood biomass transport needs and provide a significant potential revenue source for the Company in today's high price market for international freight shipments.
Recent legislative changes in Europe have fueled growth in the demand for wood chip supplies. Green Energy plans to take advantage of the recent spike in worldwide freight costs with the building of these three ships. As an example of the current demand for cargo space, Green Energy recently sold one of its ship chartering contracts for a profit of nearly one million dollars (Hyundai's Forest Pioneer, April 2004).
Green Energy President, Mr. Joseph Murray says the "Recent Federal lawsuit by eight states, including New York and California, against power generation utilities, over emissions pollution could increase the demand for wood fiber fuels, as companies look for less-polluting energy sources". Co-firing, a process of adding wood fiber to coal, is relatively inexpensive for industry, plentiful, available and substantially reduces emissions, qualifying utilities for "GREEN CERTIFICATES".
Green Energy Resources is the only supplier of wood fiber products conforming to UTCS standards (environmentally certified woods) and the Kyoto Protocol necessary to secure "Green Certificates". The Company sells to clients in Europe and the US via a well-established eastern-seaboard supply chain.
Except for historical information contained herein, the statements in this release are forward-looking statements that are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause the companies' actual results in future periods to differ materially from forecasted results. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings and other risks.
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