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Green Star Products, Inc. with a 35% ownership position in American Biofuels (ABF), has built one of the largest biodiesel plants in the U.S. (see press release dated Feb. 24, 2003). GSPI and ABF will be entering their Gold Award Winning 2001 VW Jetta in the Tour de Sol, an annual event in the Northeast U.S. that showcases the latest advances in automotive and sustainable alternative fuel technologies. The entry in the event will provide an opportunity to showcase an advanced formulation of biodiesel fuel (Green Star(TM) Fuel) and several other GSPI technologies.
GSPI and ABF gained national and international attention when the same VW Jetta running on 100% biodiesel was entered in the Michelin Challenge Bibendum in September 2003 (see press release Oct. 1, 2003). The vehicle received two Gold Awards and numerous “A” category marks while competing against the best-of-the-best vehicles from the major auto companies, who enter the event every year to showcase their latest advances in environmental automotive technologies.
GSPI and ABF are entering the vehicle in various events this year to assist in building communication between biodiesel producers and major auto companies on the many benefits of using biodiesel in combination with other technologies in the next generation of vehicle engines.
An important partnership between Archer Daniels Midland and Volkswagen was formed in December 2003 to undergo research on the use of biodiesel.
An Energy Prospects article dated Jan. 16, 2004, quotes Joe LaStella, President of GSPI and a Director of ABF, as saying (in relationship to the VW and ADM partnership), “Original Equipment Manufacturers (OEMs) have been reluctant to accept biodiesel as an alternative fuel and this partnership could help change their outlook.” Energy Prospects also noted, “American Biofuels is a key player in building scalable biodiesel production plants and buys soybean oil from ADM.” (press release dated Jan. 29, 2004).
A USA Today article dated Jan. 5, 2004, quoted Dr. Bernd Fischatafieder, Chairman of the Board of Management of Volkswagen AG saying, “Volkswagen has been a leader in development of advanced clean diesel engines and this Agreement represents Volkswagen’s commitment to introducing clean burning renewable fuels in the automotive industry.” Mr. G. Allen Andreas, Chairman and Chief Executive of Archer Daniels Midland Company, said, “Biodiesel is one of the most promising renewable fuels on the horizon. This Agreement clearly demonstrates the shared commitment of both our companies to develop environmentally friendly next-generation alternative fuels that address global energy needs.”
ADM is a world leader in the agricultural processing industry including soybean-oil, which is a major feedstock for biofuel production. ADM has net annual sales of over 30 billion dollars.
GSPI’s and ABF’s fuel and vehicle demonstration effort is aimed at solving specific problems faced now and in the future by major auto and petroleum companies. The same Energy Prospects article noted, “40% of the car fuel business in Western Europe is in diesel. Currently, Volkswagen sells about 35,000 diesel vehicles a year in the U.S. The company cannot meet emissions standards with diesel fuel in states such as California and New York. Volkswagen’s long-term strategy is to move its cars from petroleum diesel to biodiesel …”
The article also quotes LaStella as saying, “After the Tour de Sol we want to offer the car, which has been running on 50% to 100% biodiesel for some time, to Volkswagen so that the company (VW) can better understand the impacts on the engine.”
The American Biofuels VW Jetta will be shown at the National Biodiesel Board Conference in Palm Springs, Calif., February 2-3, 2004.
GSPI 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 619-409-8977, or fax 619-839-3844, 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.
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