Green Energy Resources, Inc. (NYIL) announces it has agreed in principle to merge with Italiana Commissionaria Legnami (ICL) of Monza , Italy. ICL has offices in New York and Brazil. The terms of the merger have not been disclosed. ICL is the largest importer of woodfiber fuel in Italy. In 2003 ICL supplied approximately 80,000 tons of woodchips per month to the Italian market. The proposed merger will seek to capture the vertical market from procurement, to transportation, to power generation plants and would create one of the largest international biomass/ renewable energy companies in the world today. The combined company is expected to have a capacity to deliver well over one million tons of woodfiber fuel annually. The product is delivered by the two woodchip carriers under contract to existing power plants. All the biomass fuels comply with the strict UTCS certification system and the Kyoto protocol. [ more ]
