SALT LAKE CITY, UT, Jun 06, 2012 (MARKETWIRE via COMTEX) –
Today, the President of Green Star Products, Inc. (pinksheets:GSPI), Joseph LaStella, announced factors concerning the 2012
Business Outlook for the Company. The outlook falls into various
categories because the Company is integrated across several fields of
engineering and science.
In April 2012, the Company submitted under the US Department of
Energy (DOE) ARPA-E Request for Proposals (RFP) for advanced game
changing projects. Under this RFP, Green Star Products and its
associated Consortium companies collectively submitted three
proposals totaling $11 million dollars in the fields of algae
production, cellulosic ethanol production, and extracting energy from
the ocean. It should be noted that under this RFP the DOE is
specifically asking for game changing, high risk projects, which have
established some significant research data to prove their viability
in these areas. There should be an announcement from the DOE soon as
to the status of this program.
Large transportation companies (i.e., trucking and airlines) in the
United States are only involved in the algae business for production
of transportation fuels (e.g., jet fuel and biodiesel). However,
Green Star and its Consortium partners have long researched the
viability of developing high tech, closed reactor techniques to
produce algae oil containing large amounts of omega-3 DHA oils. Green
Star has been negotiating with potential partners both in the United
States and the European Union to construct an omega-3 DHA facility.
Construction of this facility will start in the fourth quarter this
year or earlier.
Omega-3 oils with DHA are featured in the retail food industry not
only in baby formulas but also in a variety of foods including
omega-3 milk. The next time you visit your local supermarket, just
read the milk carton which reveals some of the important advantages
of DHA oil.
Green Star has maintained an office in Beijing, China, for over one
year with our import partner Zhao Mei Shun. Our industrial coatings
and TVT Green products in China have successfully achieved important
testing results in certain categories; and, we are continuing testing
in other industries. This successful effort has not yet materialized
with any orders from China. The reason for this is very simple. We
have customers in China that are eager to purchase our coatings and
TVT Green products, however, doing business in China proves very
difficult because the government imposes a 30% import tax (tariff) on
all finished goods entering the country. This tariff substantially
increases the cost of our products shipped to China and we are
investigating two possibilities: the first is to send unfinished
product (raw materials) to be shipped and blended into finished
products in China; and secondly, to establish manufacturing
facilities with a joint venture partner in China. This second
prospect will avoid all import taxes and, further, labor costs will
be reduced substantially. Both strategies are currently being
pursued.
As for Green Star’s TVT Green products in the United States, Italian
Gun Grease (IGG), sold by Eco Solutions Group, has been a shining
star. Recently, at several NRA and other Gun Shows in 2012, our IGG
products were displayed by Eco Solutions Group in five different
booths and have materialized in some orders that continue to grow.
Eco Solutions Group continues to expand with new products being
developed by Green Star, which include Italian Gun Grease, Italian
Gun Grease Tactical Formula, Reel Slick, True Grease, etc.
Mr. LaStella further stated, “All of the above businesses in these
four areas described display the broad spectrum of Green Star’s
products, engineering and research. We are confident that the fourth
quarter of this year will produce our first significant profits since
2008, when the current worldwide economic crisis began. Green Star
has adapted, with the development of these listed technologies and
products, to the new business climate that has emerged from this
economic downturn.”
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
SOURCE: Green Star Products, Inc.
mailto:info@GreenStarUSA.com
Copyright 2012 Marketwire, Inc., All rights reserved.
Article source: http://www.marketwatch.com/story/green-stars-second-quarter-report-on-2012-outlook-for-the-company-2012-06-06
