Green Star Cancels Auction
SALT LAKE CITY, UT–(Marketwire – August 19, 2010) – Green Star Products, Inc. (PINKSHEETS: GSPI) and its Consortium today announced that they would be canceling the auction of their proprietary algae growth biotechnology national licensing rights which was scheduled to go into auction on September 9, 2010. Please see press release dated March 10, 2010 titled “Green Star Consortium to Offer Game Changing Biotechnology on Wall Street.”
Green Star’s President, Mr. Joseph LaStella, stated, “The auction was canceled because Green Star Products and its Consortium has entered into final negotiations to build the largest closed vertical algae bioreactor in the world here in the United States (initial phase planned for 10,000,000 liter continuous culture). The auction on September 9th was to offer the algae growth biotechnology for the United States only. The plans to auction this technology in other countries will still proceed as planned.”
Mr. LaStella also stated, “The auction of the U.S. technology rights may be postponed indefinitely pending the outcome of the final negotiations to build the world’s largest algae bioreactor.”
About Green Star Products
Green Star Products, Inc. (US OTCPK: 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.
Joseph LaStella, President
Green Star Products, Inc.