|By Marketwired .||
|January 24, 2014 11:04 AM EST||
SALT LAKE CITY, UT -- (Marketwired) -- 01/24/14 -- Today the President of Green Star Products, Inc. (PINKSHEETS: GSPI), Joseph LaStella, assessed the outlook for GPSI for 2014.
Mr. LaStella stated, "Early in 2011 Green Star announced a new business strategy to increase revenue for the company without requiring additional capital investment by licensing sales of our line of environmentally friendly products to other companies. In 2012 we saw significant spending by many of these potential new partners on research into and future marketing of our products. GSPI at that time also formed alliances with other green companies to offer their products to Green Star's customer base as well."
GSPI manufactures high tech, cutting edge lubricants, cleaners and protectors for sporting goods equipment such as in bicycling, boating, motor sports and other recreational markets, as well as for the automotive, trucking and other heavy industries in the United States and in other countries. Exclusive distribution agreements and new orders with various manufacturers are now in place and pending. Users have shown avid acceptance of these products at trade shows and through personal testing. We anticipate strong customer demand in 2014.
Green Star Products has also been a manufacturer of biodiesel refining facilities for over 13 years. Although in the United States support for continued use of biodiesel in fuel markets has been weak, due to high biodiesel feedstock prices, this is not true for the rest of the world. In other countries around the world fuel prices are twice those in the United States.
Recently, after nine years of patent pending status, Joseph LaStella, President of Green Star, was notified that his high-tech loop reactor patent will be issued in the near future. The loop reactor is the backbone of the highly efficient biodiesel plants manufactured by Green Star Products. Most present day biodiesel production systems require up to three hours and three different processes to convert feedstock oils through a transesterification process to produce crude biodiesel. The loop reactor does all these processes in one step and in less than five minutes. The issuance of this patent continues to propel GSPI into the forefront of this industry.
Green Star is also marketing a variety of advanced coatings offering strong, rust and thermal resistance with 15 year field warranties. The company participated in successfully completing a four building project at an important U.S. Government facility in 2011. At the same time, we have concentrated heavily on introducing these products into China and other Asian markets. GSPI has had an office in Beijing for over two years. The Chinese marketplace has been difficult to break into because they do not accept most of the test work done by outside laboratories and government entities.
Working in the United States and China, Green Star has been deeply involved in assisting both private firms and governmental agencies in successfully completing these tests. To date we have passed many of these trials and we anticipate 2014 as being a significant revenue producing year for our China market.
And finally, Green Star Products is also recognized as a leader in the algae industry. We have proceeded with several research and development programs during the year 2013 and plan to continue expanding R&D in 2014. These programs include our participation with private companies and universities as well as federal agencies. We have also introduced our algae technology into the Chinese market.
However, this exciting new algae industry has yet to produce a really successful commercial venture for any company. Each year the breakthroughs in research by GSPI and other organizations bring the algae industry closer to being the perfect solution for environmental concerns, energy demand and the manufacture of other products including human and animal food and hydrocarbon based materials such as pharmaceuticals, chemicals and composites.
Algae can grow as quickly as doubling in size every six hours, and that is a fast way to produce food and oil. The biggest challenge remains in sustaining this growth over time, in which we have already demonstrated our capability with our advanced proprietary nutrients and processes. Algae growth requires only sunlight, salt or brackish water, some mineral nutrients, consumption of the over abundant greenhouse gas, carbon dioxide and in exchange, the subsequent release of beneficial oxygen into the air.
In conclusion, we expect 2014 to be an exciting technological year for Green Star and we fully expect that we have emerged from a very difficult economic downturn over the past five years to produce our first revenue and profit quarters in 2014.
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 the environment. GSPI and its consortium are involved in the production of green sustainable goods including renewable resources such as algae based biodiesel, cellulosic ethanol and other clean-burning biofuels, as well as other green products including lubricants, cleaners, protectors, additives and devices that reduce emissions and improve fuel economy in vehicles, machinery and power plants.
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.