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Global Green Solutions Goes Full Steam Ahead with Greensteam
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San Diego, CA - October 1, 2008 - Responding to its recent successes
and the fast growing demand for clean renewable energy, Global Green
Solutions Inc. (GGRN) has restructured company operations to focus on
its commercial stage Global Greensteam business. Greensteam converts
waste biomass to renewable steam for industrial processes and
electrical power co-generation.
With its innovative technology and customer value-focused business
model, Greensteam has generated tremendous interest worldwide. GGRN
currently has signed and pending contracts with blue chip industrial
companies, including Aera Energy LLC, a large California oil and gas
producer, and SAPPI Ltd., one of the world's leading pulp and paper
companies.
"Greensteam is at the forefront of waste biomass-to-energy systems for
industrial applications," said Doug Frater, president and CEO of GGRN.
"We can displace fossil fuel and produce steam more efficiently and
economically, with lower emissions, than other available technologies.
This has led us to determine that we need to aggressively capitalize on
Greensteam's competitive advantages. There is a strong and immediate
market need for sustainable economic and environmental renewable energy
solutions."
To maximize working capital for its Greensteam projects, GGRN has
agreed to sell its 50% ownership in Vertigro Algae Technologies LLC
(VAT) to Valcent Products Inc.Under the terms of the agreement, subject
to closing within 60 days, GGRN will receive $5M and five million
common shares of Valcent Products Inc. GGRN may purchase on commercial
business terms VAT technologies when integrated with Greensteam and
specific biomass power generation applications.
"The sale of our interest in VAT allows GGRN to meet its immediate
funding requirements for its Greensteam business," said Elden Schorn,
Chairman of GGRN's Board of Directors. "However, we remain well
positioned in the algae biofuels sector through our significant equity
in Valcent and our strategic relationship for applications of the VAT
technology."
Global Green Solutions Inc. www.globalgreensolutionsinc.com develops
and implements ecotechnology solutions for renewable energy and
reduction of greenhouse gas emissions. Global Green Solutions Inc. is a
U.S. public traded company (GGRN:OTCBB, Cusip 37947A), with offices in
San Diego, El Paso, New York, Vancouver, Brussels, London and
Johannesburg.
Investor Relations
Halsey Johnston
604-606-7967 or 866.408.0153
haljohnston@globalgreensolutionsinc.com
Media Relations
Nancy Tamosaitis
Vorticom Public Relations
212.532.2208
Nancyt@vorticom.com
Safe Harbor for Forward Looking Statements: This press release contains
forward-looking information as defined by the Securities and Exchange
Commission (the "SEC"). This material contained in this press release
that addresses activities, events or developments that Global Green
Solutions Inc. believes or anticipates will or may occur in the future
are forward-looking statements. Such forward-looking statements by
definition involve risks, uncertainties and other factors, which may
cause the actual results, performance or achievements of Global Green
to be materially different from the statements made herein. Among
others, these risks include but are not limited to the following: (i)
limited liquidity and capital resources; (ii) serious business
competition, (iii) fluctuations in operating results may result in
unexpected reductions in revenue and stock price volatility.
Furthermore, Global Green does not intend (and is not obligated) to
update publicly any forward-looking statements. The contents of this
press release should be considered in conjunction with the warnings and
cautionary statements contained in Global Green's recent filings with
the SEC.
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Copyright (c) 2008 GLOBAL GREEN SOLUTIONS INC. (GGRN) All rights
reserved. For more information visit our website at
http://www.globalgreensolutionsinc.com/ or send
mailto:News@Sweetwatercapital.net
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