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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.  

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