Apr 29, 2009 09:40 ET
Green Star to Demonstrate Plug-In Hybrid Electric Vehicle
FRANKFORT, Ky. --(Business Wire)-- Apr 29, 2009
Green Star Products, Inc. (OTC: GSPI) announced today that within the
next four weeks it plans to publicly test its plug-in hybrid electric
vehicle (PHEV).
The demonstration will take place in Corbin, Kentucky, where the vehicle
will be test driven and evaluated by industry representatives. The
plug-in hybrid electric vehicle will be driven on a simulated city
driving test route. The company expects to demonstrate that during an
eight hour delivery day simulation this plug-in hybrid vehicle can
exceed 150 miles while exhibiting an efficiency of over 75 mpg (miles
per gallon).
Earlier this month, Green Star Products along with its International
Consortium partner Global Green Cars had publicly tested its full
electric vehicle version at tracks in Utah and Kentucky. Global Green
Cars is a U.S. and International Consortium of automobile companies and
associated supply companies which includes Green Star Products as an
engineering and technology provider.
The previous successful public demonstrations incorporated test drives
for a variety of people including legislators, government officials,
race car drivers and other interested parties. Please see press release
“Successful GSPI Electric Car Demonstration Covered by Media” (http://www.greenstarusa.com/news/09-04-09.html)
dated April 9, 2009, and “Green Star Kentucky Electric Car Demonstration
Covered by News Media” (http://www.greenstarusa.com/news/09-04-16b.html)
dated April 16, 2009, for media coverage of the demonstration events.
Mr. Joseph LaStella, President of Green Star Products, stated, “This
demonstration is the next in a series of public demonstrations on
advanced electric powered and hybrid powered vehicles that the company
intends to offer to the public in the near future in the $25,000 price
range.”
President Barack Obama's New Energy For America program calls for
deployment of 1 million plug-in hybrid vehicles by 2015, and on March
19, 2009, he announced programs directing $2.4 billion to electric
vehicle development.
About Plug-In Hybrids
The general public does not realize that the hybrid vehicles produced by
the major auto companies today are not plug-in hybrid electric vehicles
(PHEVs). Today's hybrids have small battery packs and cannot be
recharged from the utility grid system. Therefore, they have extremely
limited range on their small battery packs and are usually only used at
very low speeds (below 15 mph). Presently there are no plug-in electric
hybrid vehicles offered by any major car company in the U.S.
The advantages of a PHEV with a larger battery pack with ranges up to 40
miles or more is that it gives you the ability to recharge this battery
pack from the electric utility company at night, utilizing inexpensive
clean electrical energy which is abundantly available during night time
hours.
Additional advantages of PHEVs are as follows:
-
Reduces the use of foreign oil since the electricity in the United
States is primarily produced by domestic non-oil resources (97% by
natural gas, hydro, coal, nuclear and other alternative energy
sources).
-
Night time electric power is available from many renewable resources
therefore reducing greenhouse gas (GHG) emissions. Many utility
companies, including PG&E (NYSE: PCG), are offering incentives for
PHEVs to utilize inexpensive night time energy.
-
Utilizing domestically produced energy also helps the U.S. balance of
payment deficit from oil producing nations and promotes U.S. energy
independence.
-
The U.S. Department of Transportation (DOT) has estimated that 85% of
the vehicles in the United States drive less than 30 miles per day. If
these were plug-in electric hybrid vehicles they would not utilize any
petroleum fuels at all for these short trips.
There are more than twenty international environmental organizations
supporting PHEV including World Wide Fund for Nature, National Wildlife
Federation, Friends of the Earth, Alliance for Climate Protection, Set
America Free Coalition and the Rainforest Action Network.
Green Star Products is targeting to replace in-city delivery trucks
which are the highest polluting vehicles in use today. These delivery
vehicles are in-city, slow moving, stop-and-go vehicles which do not
travel more than 35 miles per day and pollute more than any other
vehicle on a per mile basis.
Green Star Products is not in competition with Toyota or any other major
automobile manufacturer because it is targeting a different market.
Toyota is presently planning to modify its Prius model to be a plug-in
hybrid in the near future.
GSPI Historical Note
On a press release previously issued dated April 13, 2009 (“Green Star
Products Announces Kentucky Electric Car Demonstration for Legislators
and Media,” http://www.greenstarusa.com/news/09-04-13.html),
Mr. LaStella had stated that Green Star had built and demonstrated the
first production electric truck to ever successfully climb Pikes Peak.
The Pikes Peak hill climb is known to be the most difficult vehicle
climb in the world. The 12.4 mile mountain road rises almost a mile
vertically while traversing 156 switchback turns with no guardrails. Mr.
LaStella received many phone calls doubting that the statement was true.
The successful test drive of the Ford Ranger (NYSE: F) electric truck
was accomplished in June of 1993 and was driven by Bob Martino who was
then Vice President of Green Star and was filmed by Channel 11 News. The
cameraman rode in the bed of the truck while filming the historic hill
climb while the reporter rode up front with Mr. Martino. It also should
be noted that Pikes Peak was one of General Motors (NYSE: GM) testing
ground programs which used the downgrade road of the mountain to do the
break testing of its own vehicles. The film clip from Channel 11 is
available at GreenStarUSA.com
and http://www.youtube.com/watch?v=aqkU7TglHDo
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.
Green Star Products, Inc.
Joseph LaStella, President
800-741-7648
800-340-9784
619-864-4010
619-789-4743
(fax)
info@GreenStarUSA.com