GSPI Green Star Products Inc (CE)

Green Star Products, Inc. (OTC: GSPI) today announced that it is releasing part two of a report covering the assessment of the 2nd Algae Biomass Summit hosted by Byrne & Company and Wilson Sonsini, Goodrich & Rosati. Part one of this report was published on October 27, 2008 (see 10/27/2008 GSPI press release titled �Green Star States: Energy From Algae Is Being Recognized As A Major Solution� at http://www.greenstarusa.com/news/08-10-27.html). Joseph LaStella, President of Green Star Products, attended the conference and reported, �Prominent speakers from all over the world displayed their research and the potential of algae to permanently solve the oil crisis, food crisis, and to control the buildup of global warming gases. The algae biological makeup was also investigated for the possibility to produce chemicals and new products limited only by our ingenuity to create them. �One of the conference highlights was the presentation given by Congressman Jay Inslee (D-WA) from the state of Washington. Representative Inslee, being a member of the Energy and Commerce Committee and the Select Committee for Energy Independence and Global Warming, has been a long term supporter of national sustainability and energy independence. �Congressman Inslee started his speech by giving an account of what his father had told him as a young boy in 1959. Holding up a flask of algae, his father (a biologist) told him, 'Someday this will cure the world's energy needs.' �Congressman Inslee went on to say that the United States needs an energy, environmental and job creation program similar in national commitment to the Apollo Space Program launched by President John F. Kennedy. He also stated that President Kennedy knew that the U.S.A. could beat the Russians to the moon if the United States ingenuity engine was unleashed. A similar program sponsored by Congressman Inslee is called 'The New Apollo Energy Act' which challenges us on energy independence, global warming and creating jobs. �Congressman Inslee outlined a four point program, to address the triple threat to the U.S.: imported oil, global warming and job losses (http://www.house.gov/inslee/). Representative Inslee asked all 600 participants of the algae summit to go to Washington, D.C., and help him on Capitol Hill. �Congressman Inslee reminded us that our fathers fought in World War II and left a legacy for Democracy. Those born after World War II, the 'baby boomers,' must now leave a legacy of Clean Energy. Industries cannot keep dumping their garbage into the atmosphere like it's a free sewer, and it is obvious that the U.S. addiction to foreign oil now has critical economic and national security implications.� Mr. LaStella also states, �There was a clear consensus of opinion from all the industries, including airline, energy and chemical industries, that algae biomass is the answer to this dilemma. Presently, there is no clear pathway to the reduction of cost to produce commercial algae biomass. �In summary, the summit speakers identified the most important items challenging the commercial production of algae biomass were the reduction of costs associated with capital construction and operation. �Green Star's Hybrid Algae Production System (HAPS), one of the largest demonstration facilities, was operated for a continuous nine month period that created a foundation for addressing these cost issues. The HAPS system is protected by 23 individual patent pending components involving construction and operating techniques which will make it very cost competitive. None of these 23 high tech components were incorporated in any presentation at this summit by other companies. �Therefore, it is my opinion that Green Star is ahead of the technology curve associated with the production of commercial scale algae biomass. Green Star is planning an exciting year for 2009 in developing two 500-acre commercial algae production facilities.� As an additional comment, our last press release (part one) contained some minor inaccurate information. The Algae Biomass Summit was hosted by Byrne & Company and Wilson Sonsini, Goodrich & Rosati, and we would also like to give credit to John Williams of Scoville PR and the Algal Biomass Organization (ABO) (algalbiomass.org) because we used several phrases from their press release to describe the attendance spectrum at the conference. We did reference their document in the previous press release; however, we would like to acknowledge again the efforts of Vinod Khosla in supporting this great industry. Green Star Products, Inc. (OTC: GSPI) is an environmentally friendly company dedicated to creating innovative, cost-effective products to improve the quality of life and clean up the environment. Green Star Products 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 products, as well as lubricants, additives and devices that reduce emissions and improve fuel economy in vehicles, machinery and power plants. For more information, see Green Star Products' Web site at http://www.GreenStarUSA.com, or call Public Relations at 1-800-741-7648 and 1-800-340-9784, or fax 619-789-4743, or email info@GreenStarUSA.com. Information about trading prices and volume can be obtained at several Internet sites, including http://www.pinksheets.com, 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.