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In other news, Green Energy Resources announced the creation of a new class of Preferred Shares earlier this year. The company authorized 50 million shares convertible to common stock. The shares have been held pending the recent merger talks and to avoid any conflicts, as the company can not, and does not solicit its shares. The company apologizes for any misunderstandings in that regard.
504; Green Energy Resources conducted a 504 in 2009 to help raise capital. A 504 permits the company to raise up to $1 million annually. The 504 was filed with the SEC. Public companies at every level, large and small, have been raising revenues by selling stock or assets in the wake of last years economic disaster.
India is commencing its plan to reduce green house gas emissions by implementing a renewable energy program. The government in cooperation with private companies is seeking approximately 36 million tons of biomass. The new demand for biomass has adversely impacted freight shipping rates, which have tripled since May of this year. The lack of ships will adversely impact projected revenues expected in 2009 by Green Energy Resources. The full impact is not yet known and may in some, part or all be offset by rapidly developing domestic demands.
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, ship availability, fuel costs and other risks.
SOURCE Green Energy Resources Inc
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