Green Star Alternative Energy, Inc. was pleased to announce today that it has filed Form 10 with the U.S. Securities and Exchange Commission (SEC) to become a fully reporting company. This form must be filed to obtain eligibility to be listed on NASDAQ’s OTC Bulletin Board quotation network.
In addition to filing the Form 10, companies must also remain current in their compulsory filings with the SEC for eligibility. Green Star has maintained the necessary audited documentation to comply with OTCBB regulations, even though its stock is currently being listed on the Pink Sheets where it is not required. The company believes this commitment to transparency will accelerate the approval process. It has been estimated that the process will take less than sixty days.
J. M. De Castro, CFO of Green Star Alternative Energy, stated, “This is a natural progression for Green Star. We have maintained strict standards for our financial accounting records and belong on a more prominent stage. We have a corporate plan that will continue to increase our exposure to the investment community and provide greater value for our shareholders.”
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Green Star Alternative Energy Inc. is in the business of producing clean, restorative, and profitable energy from wind power. Headquartered in San Diego, California, Green Star is working to develop over 300 megawatts of clean wind energy. The Company is focusing their efforts on the development of wind energy, the import, and export of electricity, the cultivation of agriculture on their wind farms, and the supply of greenhouse-gas emission credits.
Green Star is currently working on evaluating wind energy developments in Europe, the United States, and China. They are pursuing a significant opportunity to provide clean power to the Republic of Serbia and neighboring European countries. The Company is working on their pending acquisition of wind farm and power trading company Notos.
With this acquisition, Green Star will become one of a few companies licensed to trade electrical power into and out of Serbia. They will also be the only company in Serbia able to generate and export their own wind energy, and the nation’s first developer of wind power. The Letter of Intent for this acquisition outlines the basis for the acquisition of this privately held Serbian company. Green Star’s management believes this merger will be a major step towards fulfilling Green Star’s corporate strategy. This acquisition will provide the company with a strong energy development presence in Europe.
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