Energy Merchant Marketing Company Enters into a Multi Year Agreement with American Biofuels
BAKERSFIELD, Calif. (BUSIENSS WIRE) December 2, 2005 - American Biofuels, LLC, which is 35% owned by Green Star Products, Inc. (OTC: GSPI), announced today that it has entered into a long-term agreement with Energy Merchant Marketing (EMM).
EMM is a wholly owned subsidiary of Energy Merchant Corp. (http://www.energy-merchant.com/), which is a national supplier of long-term petroleum contracts and is among the largest independent marketers of petroleum products since 1978.
Under the agreement, EMM and ABF will look to increase the present capacity of the ABF Biodiesel production facility in Bakersfield California from 5-million gallons per year to 20-million gallons per year. EMM will market the entire biodiesel production of the Bakersfield facility.
EMM released the following announcement on Nov. 30, 2005, regarding the agreement:
Energy Merchant Marketing Company, a wholly owned subsidiary of Energy Merchant Corp. has entered into a [long-term] multi-year agreement with American Biofuels, LLC (ABF), the owner and operator of the largest Biodiesel production facility in California, to acquire 100% of their biodiesel production. Under the agreement Energy Merchant Marketing will purchase 100% of the production of biodiesel from the facility and market the product into the downstream petroleum sector to customers such as Oil Jobbers, Government Agencies, Truck stops, Fleets, Marine, Utilities, and other End Users. Energy Merchant Marketing customers will be offered a range of contract pricing options including Fixed Price, Index Based, and Spot/Rack.
The ABF Biodiesel facility, located in Bakersfield California, is a five million gallon per year facility and through a three-phase expansion plan (by spring 2006) Energy Merchant Marketing and ABF will look to increase the biodiesel production to 20 million gallons annually. Biodiesel will be available from the facility starting in December 2005 by both truck and railcar.
Energy Merchant Corp. is managed by industry veterans who have been among the largest independent marketers of petroleum products since 1978. Energy Merchant Corp through its affiliated companies is a national supplier of long-term petroleum contracts, namely diesel fuel, gasoline, heating oil, and natural gas.
Green Star Products, Inc. is an environmentally friendly company dedicated to creating innovative cost-effective products to improve the quality of life and clean up the environment. GSPI is involved in the production of renewable clean-burning biodiesel and other products including lubricants, additives and devices that reduce emissions and improve fuel economy in vehicles, machinery and power plants. For more information, see GSPI'S Web site at http://www.GreenStarUSA.com or call Investor Relations at 619-864-4010, or fax 619-789-4743, or email info@GreenStarUSA.com. Information about trading prices and volume can be obtained at several Internet sites including http://www.bloomberg.com and http://www.bigcharts.com under the ticker symbol "GSPI."
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 for the company, new products and technological changes, the company's dependence on third-party suppliers, and other risks detailed from time to time in the company's periodic filings with the Securities and Exchange Commission.
CONTACT:
Joseph LaStella, President
Green Star Products, Inc.
Chula Vista, Calif.
619-864-4010
619-789-4743 (fax)
info@GreenStarUSA.com
or
Energy Mechant Marketing
Frank Benson,
(562) 760-9358.
Last Updated: December 2, 2005