Today Green Star Products, Inc. (PINKSHEETS: GSPI) announced that
its consortium partner, Idaho Sustainable Energy, LLC (ISE), was
selected by voters as one of the nation's top biofuel companies in
a two month alternative fuel project assessment instituted and
covered by Biofuels Digest (http://www.biofuelsdigest.com).
Green Star Products is the engineering and technology provider
for Idaho Sustainable Energy. On Friday, May 14, 2010, Biofuels
Digest published the results of the national competition.
Back on March 22, 2010, Biofuels Digest launched a national
competition: "to address the clamor for financial sector attention.
Its name: YouChu. In this competition, Digest readers will
nominate, consider, and select 19 projects worthy, in their view,
of receiving financial support."
The rules of the competition stated: "You, the reader, will play
the role of Dr. Steven Chu, Secretary of Energy, and decide which
of the nominees should receive a mythical $5 million, $25 million,
or $50 million DOE grant."
The informal rules also said: "For companies that did not
receive DOE's grace and favor, it's an opportunity to gain vital
visibility and credibility. For the Digest, it's an opportunity to
conduct and analyze a grant process in the clearer light of
transparency."
What the winners receive:
"YouChu final project selections will be highlighted at all
Digest briefings throughout 2010 -- including briefings with DOE,
USDA, private equity, hedge funds and venture capital, including
the Advanced Biofuels Leadership Conference in Washington, DC --
and will be highlighted at biofuelsdigest.com through
12/31/2010.
"All YouChu nominees will be automatically entered into the
2010-2011 50 Hottest Companies in Bioenergy competition."
For the full report see the March 22, 2010, article on Biofuels
Digest (http://www.biofuelsdigest.com).
The winners were announced on May 14 in an article by Biofuels
Digest, which stated:
"In Florida, a titanic battle of votes on the final day of the
YouChu 2010 competition between Enerkem and Idaho Sustainable
Energy marked the end of a spirited competition between 33
companies -- 18 who received DOE awards last November, and 15
challenger companies who believed their technologies offered more
attractive options.
"The readers, in the end, generally validated the DOE's
selection choices, but did elevate three new projects to the final
list: a $5 million project from Mitchell Technology, a $50 million
proposal from Standard Alcohol, and a $31.1 million project from
Idaho Sustainable Energy.
"In all, the readers awarded $484.4 million to the winning
projects, 'saving' nearly $80 million for taxpayers in the process
of winnowing down the list.
"Our goal: transparency. In YouChu, you choose. And why not?
After all, public money is your money, and as Winston Churchill
once said, "there is one person smarter than anyone, and that is
everyone."
"The complete list of 15 YouChu winners, and more background on
the competition, at biofuelsdigest.com."
For the full report see the May 14, 2010, article on Biofuels
Digest (http://www.biofuelsdigest.com).
GSPI and its consortium partners expended considerable time and
effort in 2009 to prepare extensive proposal documents that
received promising responses from the DOE. Our last proposal
advanced to the oral presentation level of the DOE platform.
Despite reaching this high level evaluation phase, some minor
issues kept us from receiving a DOE grant award of $24.7 million.
The consortium has been urged by the DOE to resubmit our proposal
in the next funding opportunity and address these minor issues. The
ISE-GSPI proposal submitted to the DOE in 2009 was the same one
that won the voting award in the Biofuels Digest contest.
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.
CONTACT: Joseph LaStella President Green Star Products, Inc.
800-741-7648 800-340-9784 619-864-4010 619-789-4743 (fax)
info@GreenStarUSA.com
Green Star Products (PK) (USOTC:GSPI)
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