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Green Star Alternative Energy Announces Notos Negotiating With Several European Power Trading Companies

October 8, 2008

Green Star Alternative Energy, Inc. (Pink Sheets: GSAE) is pleased to announce that Notos d.o.o. is progressing through negotiations with several European energy trading companies. Notos is preparing for a joint venture partnership to service the Republic of Serbia’s electricity trading market. A strategic alliance will expand Notos’ network of potential clients throughout Europe.

Notos Power Trading has been awarded licenses for electricity trading in the Republic of Serbia, and is one of only a handful of companies able to trade electricity in that market. The current conditions of the electricity market in Serbia allow for the prospect of both imports and exports. After careful analysis, the trading industry for Serbia is assessed at 10 TW in size, with 7 TW for importing and 3 TW available for exporting. The method for participating in the provision of this commodity is through a bid process conducted by the national power company, EPS. EPS issues a public tender for the desired quantity of electricity to be purchased or sold, and licensed entities submit their proposals.

Miodrag Andric, President of Notos, stated: “We are evaluating the various partnership possibilities and will be reaching a decision very soon. It is an important process that requires careful assessment. The appropriate collaboration will strengthen Notos’ ability to trade in electricity.”

J. M. De Castro, CFO of Green Star Alternative Energy, commented: “The numerous corporations wishing to work with the Company recognize the depth of the opportunity available to Notos and Green Star. Energy distribution is an important part of Green Star’s business strategy and it will be utilized to increase shareholder value.”

About Green Star Alternative Energy (GSAE.PK)

Green Star Alternative Energy, Inc. is working to develop more than 300 megawatts of clean wind energy. To drive growth and revenue Green Star is focused on the development of wind energy, the import and export of electricity, the cultivation of agriculture on its wind farms, and the supply of greenhouse gas emission credits. The company is pursuing a significant opportunity to provide clean power to the growing Republic of Serbia and neighboring European countries. With the pending acquisition of key wind farm and power trading company Notos, Green Star will become one of only a few companies licensed to trade electrical power into and out of Serbia, the only company in Serbia able to generate and export its own wind energy, and the nation’s first developer of wind power.

FORWARD-LOOKING STATEMENTS

This press release contains ‘forward-looking statements’. These are statements concerning plans, objectives, goals, strategies, expectations, estimates, intentions, projections, developments, future events, or performance, underlying (expressed or implied) assumptions and other statements that are other than historical facts. In some cases forward-looking statements can be identified by the use of forward-looking words such as ‘believes,’ ‘expects,’ ‘may,’ ‘will,’ ‘should,’ or ‘anticipates,’ ‘estimates,’ or the negative of these words or other variations of these words or comparable words, or by discussions of plans or strategy that involve risks and uncertainties. Management wishes to caution the reader that these forward-looking statements, including, but not limited to, statements regarding the Company’s plans, goals the estimates and assumptions, and the business strategy of the Company and other matters that are not historical facts are only predictions. No assurances can be given that such predictions and the estimates regarding mineral reserves, success of mining plans, or other projections will prove correct or that the anticipated future results will be achieved. Actual events or results may differ materially. Forward-looking statements should be read in light of the cautionary statements and risks that include, but are not limited to, the risks associated with a small company, the intense competition the company faces from others, and technological changes. Any one or more of these or other risks could cause actual results to differ materially from the future results indicated, expressed, or implied in such forward-looking statements.




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