Green Star Products Announces New Patent, Initial 2014 Sales and Product Shipments
SALT LAKE CITY, UT--(Marketwired - Mar 28, 2014) - Today the President of Green Star Products, Inc. (PINKSHEETS: GSPI), Joseph LaStella, assessed the outlook for the second quarter of 2014 for GSPI and reviewed the first quarter accomplishments.
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 and 2013 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."
The first quarter of 2014 has begun to show the results of GSPI's new strategy as follows:
1) After nine years of patent pending status, Joseph LaStella, President of Green Star Products, was notified by the US Patent and Trademark Office that his high-tech loop reactor patent was issued on February 11, 2014 (US Pat. #8648209) "Loop Reactor for Making Biodiesel Fuel". 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. As a result, this patent significantly reduces the capital cost of a biodiesel plant. It also increases plant production capacity with less man power, reduces maintenance costs, reduces final product costs and reduces the carbon footprint of the plant. 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 countries around the world fuel prices are twice those in the United States. The issuance of this patent continues to propel GSPI into the forefront of this emerging industry.
2) In 2013, GSPI signed an agreement with Modern Spartan Systems, LLC (MSS) for the development and sales of our anti-wear and anti-friction product line, which would be used for high-tech lubrication in military, police, competition firearms and hunting weapons (see http://modernspartansystems.com and http://tvtsales.com for more information). In 2013, Modern Spartan Systems commenced ordering product and has aggressively pursued markets for GSPI lubricant products as follows: A) MSS Accuracy Oil has been verified by many professionals to significantly increase the long range accuracy of military and sporting rifles (rifle barrels). B) Due to the success of its testing program, MSS in recent months has been able to sign agreements with four arms manufacturers. Specifically, these manufacturers have agreed to include MSS products in their primary sales packaging as a standard product for use with their firearms. C) Recent tests also include the MSS lubricant effects on the high speed mechanical actions of automatic weapons. One test included firing an AR-15 semi automatic rifle without cleaning the rifle. The AR-15 succeeded in rapid firing 2,000 rounds without a mishap, which is an astonishing accomplishment. D) MSS has also expanded into the agricultural industry. Already in 2014, GSPI has delivered a moderate size order (85,000 ounces) to MSS for this market. Furthermore, this order also included a newly developed product requested by the agricultural industry, namely TVT Green Grease Formula, which MSS anticipates will be a high demand product.
3) Green Star is also marketing a variety of advanced coatings offering strong, rust and thermal resistance with up to 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. The Chinese marketplace has been difficult to break into because they do not accept most of the test work done by outside entities. GSPI has had an office in Beijing for over two years, which has integrated with both private firms and government agencies to bridge this gap and has been successfully completing all the required tests. GSPI has delivered minor orders to China during the past two years and anticipates much larger orders (shipping container size) in 2014.
4) Green Star Products is also recognized as a leader in the algae industry. We have proceeded with several research and development programs during the past years and will continue in 2014 and beyond. 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.
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 and 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.
For more information please visit http://www.gspi.com, email us at info@gspi.com or call us at 1-800-741-7648 or 1-800-340-9784.
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.
