November 12, 2009 (PublicWire) — Green Star Alternative Energy, Inc. (Pink Sheets: GSAE; “GSAE” or the “Company”) is pleased to announce that an agreement to develop a 120 MW wind farm has been reached with Wellbury Infrastrukturberatungsgesellschaft GmbH.
A corporate structure is being created for this endeavour in a new Serbian subsidiary company, whose ownership will be maintained by both Green Star and Wellbury. The terms of the agreement include a joint 50-50 title, with complete recoupment of all expenditures by Green Star before any division of profits.
This advanced stage project is to be sited in North East Serbia – specifically in the Municipality of Pancevo, District of Banat, within the Autonomous Province of Vojvodina. Over 28 months of wind resource data has been accumulated over three micro locations and the results indicate a significant energy potential of 120 MW. A “Protocol of Cooperation” has been signed by the City of Pancevo, Secretariat of Energy for AP Vojvodina, and the Serbian Energy Efficiency Agency; and a license for grid connection is in process by the national transmission operator (EMS).
Dr. Miodrag Obradovic, CEO of Wellbury Infrastrukturberatungsgesellschaft GmbH, commented: “An alliance with Green Star Alternative Energy is a perfect fit for Wellbury. Green Star is dynamic team with an impressive vision for this burgeoning wind energy industry in Serbia.”
Green Star Alternative Energy is an environmentally conscious, renewable energy company working to develop more than 300 MW (megawatts) of clean electricity through wind energy. The corporate revenue model is two-fold: the use of a renewable resource allows not only for the creation of environmentally friendly energy, but the granting of carbon (greenhouse gas) emission credits which may be traded and sold. Green Star is pursuing a significant opportunity to provide clean energy to the growing Republic of Serbia and neighbouring European countries. Through a joint venture with key wind farm and power trading company Notos, Green Star will become the nation’s first developer of wind power. GSAE is focused on green technology and sustainable energy programs like wind turbines, hydro electric power generation, and other renewable electricity models.
This press release contains ‘forward-looking statements’. These are statements concerning plans, objectives, goals, strategies, expectations, estimates, intentions, projections, developments, future events, or performance, underlying (expressed or implied) assumptions and other statements that are other than historical facts. In some cases forward-looking statements can be identified by the use of forward-looking words such as ‘believes,’ ‘expects,’ ‘may,’ ‘will,’ ‘should,’ or ‘anticipates,’ ‘estimates,’ or the negative of these words or other variations of these words or comparable words, or by discussions of plans or strategy that involve risks and uncertainties. Management wishes to caution the reader that these forward-looking statements, including, but not limited to, statements regarding the Company’s plans, goals the estimates and assumptions, and the business strategy of the Company and other matters that are not historical facts are only predictions. No assurances can be given that such predictions and the estimates regarding mineral reserves, success of mining plans, or other projections will prove correct or that the anticipated future results will be achieved. Actual events or results may differ materially. Forward-looking statements should be read in light of the cautionary statements and risks that include, but are not limited to, the risks associated with a small company, the intense competition the company faces from others, and technological changes. Any one or more of these or other risks could cause actual results to differ materially from the future results indicated, expressed, or implied in such forward-looking statements.
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