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Written by / Agency / Source: Green Energy Resources
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Green Energy Resources Drops Merger Offer from Dolberry Energy - India to purchase 36 million tons of wood biomass annually
Green Energy Resources Drops Merger Offer from Dolberry Energy

 

NewswireToday - /newswire/ - New York, NY, United States, 2009/09/01 - India to purchase 36 million tons of wood biomass annually. Pinksheets: GRGR

   
 
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Green Energy Resources has dropped an offer from Dolberry Energy to merge the two company’s. The Dallas Texas Energy company made the announcement in late July. Green Energy agreed to consider the potential assets that Dolberry Energy has to offer. To date, Green Energy Resources had not received a formal offer or term sheet from Dolberry Energy and opted to drop any further negotiation.

Green Energy Resources (greenenergyresources.com) in a reversal has declined the $8 million dollar standby letter of Credit offer announced in July. The Federal Bcap program will allow greater access to new cash revenues without high interest rates, stock options or the LC purchase cost of $1.4 million. Green Energy Resources instead plans to collateralize a half million tons of wood chips to generate nearly $15 million dollars in revenues through the new Federal BCAP opportunity.

India has joined the global community to reduce green house gases by expanding its renewable energy program. It plans to purchase over 36 million tons of woodchips annually for bio-energy production commencing immediately. Green Energy Resources has been invited to supply upwards of three million tons on an annual basis but has not yet committed due to the challenging freight costs from North America.

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 financing, ship availability, fuel costs and other risks.

 
 
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Written by / Agency / Source: Green Energy Resources

 
 

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Green Energy Resources Drops Merger Offer from Dolberry Energy

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Publisher Contact: Joseph Murray - GreenEnergyResources.com 
631-375-7921 joe.murray[.]greenenergyresources.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Green Energy Resources securities in any jurisdiction including any other companies listed or named in this release.

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