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GreenGold Ray Energies, Inc.: GreenGold Ray Energies (Symbol: GRYE) Signed an Equity Financing Commitment of up to $10.0 Millio

^{Published on 2009-03-19 07:12:35, Last Modified on 2009-03-19 07:13:37 - Market Wire}
 

CAGAYAN DE ORO, PHILIPPINES--(Marketwire - March 19, 2009) - GreenGold Ray Energies, Inc. (PINKSHEETS: [ GRYE ]) announces that on March 13, 2009, the company had signed an Equity Financing Commitment from a group of Private Equity Investor(s) to purchase up to $10.0 Million USD of the GRYE's Common Stock on an as needed basis over the course of 36 months. After a registration of the Common Stock is declared effective by the Securities Exchange Commission (SEC) under the securities laws of the United States Regulation D, the company will commence immediately thereafter. GreenGold is filing a registration statement with the SEC to register the shares of Common Stock that will be issued to the Equity Investor no later than Forty-Five (45) days after March 13, 2009.

The amount that the Company shall be entitled to request from each Drawdown shall not exceed either (i) One Hundred Fifty Thousand Dollars ($150,000) per Drawdown, or (ii) Two Hundred (200%) percent of the average daily volume based on the trailing Ten (10) days preceding the Drawdown Notice Date, whichever is larger. Furthermore, the Equity Investor agrees that it will not engage in any short sales of the GRYE Common Stock.

With this commitment, GreenGold Ray Energies, as an alternative renewable Bio Fuel Energy company, will be able to pursue its rapid growth and demands for expansion. The company's ultimate goal and objective of increasing production and profitability will be absolutely met.

GreenGold is initiating a six-phase strategy during this expansion and growth to the U.S.A: (1) acquiring at least 1,000 acres or more of farm lands in Southern Texas; (2) establishing a jatropha biofuels import/export terminal for distribution of its biodiesel products; (3) construction of about 6,000 to 10,000MT / day operation or 1.5 Million to 10.0 Million gallons per year production of a 20MMGY to 60MMGY Biodiesel Refinery; (4) leasing of a tank farm & distribution rack at Port Corpus Christi; (5) creating livelihood for the host communities thus hiring both skilled and unskilled laborers; (6) bringing in about $300 Million US to the local economy. GreenGold Ray Energies plans to become one of the first large-scale biodiesel jatropha oil processing and refining facility in the USA.

Currently, GreenGold Ray Energies and CEO Manolo Tecson are active members of the National Biodiesel Board, which means that all of the biodiesel oil produced will meet or exceed ASTM D6751 Standards. GreenGold is also pursuing the voluntary BQ9000 quality assurance program. This business expansion plan is designed for a 20 MMGY to 60MMGY (means Million Gallons per Year) Capacity Biodiesel Refinery.

About GreenGold Ray Energies, Inc.

GreenGold Ray Energies, Inc. (PINKSHEETS: [ GRYE ]) is a rapidly growing biodiesel, green technology, environmentally friendly and alternative renewable energy company. The Company has already solidified its position through a highly successful land acquisition program, acquiring large parcels of land through working alliances and joint venture partnership with landowners and growers, ideal for the cultivation of the jatropha curcas plant. Jatropha curcas grows almost anywhere, even on gravelly, sandy and saline soils. Jatropha oil can be processed to produce a high-quality biodiesel that can be used in a standard diesel car, while the residue can also be processed into biomass to power electricity plants.

Forward-Looking Statements

Forward-looking statements in this release include statements regarding the Company's projections regarding biodiesel, biofuels other alternative energy explorations and extractions in future periods. Penny Stocks are highly speculative and may be unsuitable for all but very aggressive investors. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.