Monday, October 22, 2007

Green Energy Resources Scores $5.5 Million Contract

As reported in this space, Green Energy Resources recently opened an office in London and has been pushing forward into the European co-fired coal markets aggressively.

That just paid off with the company's first major European contract to supply wood biomass coal supplement. It's worth $5.5 million dollars. That's more than HALF GRGR's total market cap ($9.6 million).

As the company stated in its press release:
Green Energy Resources (Other OTC:GRGR.PK - News) has received a $5.5 million contract to deliver 36,000 tons of pellets to Europe. The order is effective immediately and will begin hipping in 6,000-ton increments starting in November, and will continue through April 2008. The pellets are used in the commercial power industry mixed with coal (co-firing) to reduce harmful greenhouse gas emissions. The pellets are being produced in the Gulf Coast and will ship from Georgia.
In addition, GRGR notes that the contract will paid in Euros, which hit a new record on Friday of $1.43 against the dollar.

No wonder the stock jumped out of the gate today. Although it lost those 18% gains, it is now trading up about 6% on the day.


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