SALT LAKE CITY, UT – Today, Green Star Products, Inc., (PINKSHEETS: GSPI) announced it has signed a contract to build a biodiesel facility. This is the first of several contracts in conjunction with an ambitious Algae-to-Biodiesel project on the west coast. Please see press release dated August 19, 2010, for further information (http://www.greenstarusa.com/news/10-08-19.html).
Green Star has already started fabrication of the 13 modules required for the processing of algae oil and other low cost available oils to produce biodiesel. The contract states that Green Star will build these modules at cost and will earn Green Star a future equity position and cash flows from the facility.
This strategy has been a long term concept for Green Star which insures that the Company is not selling its proprietary technology but only builds facilities in which it shares in the ownership and cash flows. This also helps guarantee the security of its intellectual property.
The algae to biodiesel plant will be rated initially at two million gallons per year with all necessary provisions incorporated so that the plant can easily be expanded to larger capacities in the future. The algae bioreactor system associated with this biodiesel plant is still under negotiation. Green Star will also participate in the engineering, fabrication and construction of the algae facility.
Since this algae-to-biodiesel facility will be one of the largest of its kind ever built, it will not only be designed as a commercial facility but also serve as a giant research facility. Many other organizations will be involved, including universities and international research companies.
Mr. Joseph LaStella, President of Green Star, stated: ‘There are many technologies that will be incorporated into the facility including the MMB formula for algae growth, which has been verified by industry professionals in the past two years to increase algae growth 200% and more over a six day growth cycle. This algae growth booster formula has been successful in many types of algae strains including saltwater and freshwater species.’ See report and photographs at http://www.greenstarusa.com/summary.pdf.
Mr. LaStella added: ‘All participants are very enthusiastic with the start of this program and we are endeavoring to obtain the necessary permits for this exciting venture.’
About Green Star Products
Green Star Products, Inc. (PINKSHEETS: GSPI) is an environmentally friendly public company dedicated to creating innovative, cost-effective products to improve the quality of life and clean up the environment. GSPI and its Consortium are involved in the production of green sustainable goods including renewable resources like algae biodiesel and clean-burning biofuels, cellulosic ethanol and other green products, as well as lubricants, additives and devices that reduce emissions and improve fuel economy in vehicles, machinery and power plants. For more information visit http://www.GreenStarUSA.com, or call 1-800-741-7648 and 1-800-340-9784, fax 619-789-4743, or email info@GreenStarUSA.com.
Forward-looking statements in the release are made pursuant to the ‘safe harbor’ provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the company’s products, increased levels of competition, new products and technological changes, dependence on third-party suppliers, and other risks detailed from time to time in the company’s periodic filings.
Green Star Products, Inc.