This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Green Energy Renewable Solutions Reports On Fire At Sanders Factory And Plans For Highland Park Recycling Operations

Stocks in this article: EWRL

LAS VEGAS, July 19, 2012 /PRNewswire/ -- Green Energy Renewable Solutions, Inc. (OTCBB: EWRL) a developer and operator of municipal solid waste and construction and demolition waste processing and recycling facilities,  provides the following information on the recent fire which occurred at the property located adjacent to its planned Highland Park, Michigan facility.

A fire at the former Sanders factory building at 100 Oakman Blvd., Highland, Michigan, began on July 14, 2012.  This is the location of the property where the Company had purchased a 5-acre parcel in November 2011, and subsequently contracted to purchase the adjacent parcels of land (approximately 10 acres combined).  The two buildings located on this parcel are at 100 Oakman, the former Sanders Factory building of approximately 450,000 square feet, and a 25,000 square foot maintenance building on the conjoined 70 Oakman Blvd. parcel.

The combined 15-acre tract was secured for purpose of developing a state-of-the-art Construction & Demolition Debris ("C&D") recycling plant and as a future site for a waste-to-energy plant that would use waste wood and other materials as fuel to produce renewable fuels and electricity.  Strategically located, the property is attractive to locally contracted haulers and is already zoned appropriately for acceptance and processing of C&D waste. 

Green Energy had planned to close the acquisition of the 70 and 100 Oakman properties within the next 30 days, pending completion of an environmental study.  Pending further information on the investigation of the fire and determination of any material cost increases due to environmental issues caused by the fire, the Company may exercise its option to cancel the purchase contract for these properties.

Joe DuRant, CEO of Green Energy, stated,  "While the fire was an unfortunate event, it is important to realize that Green Energy does not currently own nor have financial investment in the damaged building.  We are hopeful that the investigation of the fire will conclude that no material environmental issues have occurred, and that we can proceed with the planned redevelopment of this site.  In the event that the pending fire investigation results in material delays, or conditions make this location untenable, we will plan to seek an acceptable alternate site in Highland Park.  I have spoken to State Representative Johnson and Highland Park Mayor Windom, and affirmed our commitment to develop this project.  Green Energy will continue to work with the city to bring state-of-the-art recycling facilities and waste-to-energy conversion technologies to the Highland Park Community."

The Company expects to meet with the Mayor, city and county officials in Highland Park next week to formalize an action plan to proceed with the demolition and begin the permitting process for the recycling operations.

The Company's proposed development plan for the Sanders factory building calls for demolishing the manufacturing space while preserving and restoring the historic front portion of the building for use as its corporate headquarters.  The restoration plan includes conversion of the front space for corporate offices, meeting and training facilities, as well as public meeting space that will be available for local community use.  

1 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs