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GreenShift Announces Acquisition of H2 Energy Solutions

Posted on: Tuesday, 14 February 2006, 09:01 CST

GreenShift Corporation (OTC Bulletin Board: GSHF) today announced the acquisition of H2 Energy Solutions, Inc. ("HES"), a development stage company focused on the use of proprietary technologies to reduce the scale at which hydrogen production from fossil fuels is cost-effective.

GreenShift intends to support the further development of these technologies with a goal of commercializing advanced new distributed hydrogen production technologies.

Hydrogen is the simplest and most abundant element in the universe. It can be produced from a wide variety of domestic resources using a number of different technologies, and its chemical energy can be harnessed with fuel cells to generate electricity without combustion or pollution.

Despite its abundance, clean, efficient, and cost-effective hydrogen production presents significant challenges that will need to be resolved. These include reducing the cost of hydrogen production and delivery, increasing the capacity and reducing the cost of hydrogen storage, and increasing the durability and reducing the cost of fuel cell systems.

Additionally, any near term widespread use of hydrogen will require technologies that do not rely on new hydrogen distribution infrastructure, but that instead rely on the established fuel and energy infrastructure. Currently available hydrogen production technologies are not cost-effective at the small scales necessary to achieve this.

Kevin Kreisler, GreenShift's chairman and chief executive officer, said that "Our view is that distributed hydrogen production technologies are a vital next step in the transition to a hydrogen based economy. We hope to make a favorable impact on this transition by bringing distributed production technologies to market that use as much of the existing fuel and energy infrastructure as possible to produce and deliver hydrogen from fossil fuels and other renewable energy resources such as biomass and qualified organic wastes."

Pursuant to the relevant acquisition agreements, a privately held inactive GreenShift portfolio company acquired the majority of the stock of HES in return for shares in the then-inactive portfolio company. Additionally, the inventor of the technologies and one of the founders of HES simultaneously sold all related patents and other intellectual property rights to the technologies to the GreenShift portfolio company in return for additional equity in the portfolio company.

About GreenShift Corporation

GreenShift Corporation (OTC Bulletin Board: GSHF) is a publicly traded business development company (BDC) whose mission is to develop and support companies and technologies that facilitate the efficient use of natural resources and catalyze transformational environmental gains.

BDCs are regulated by the Investment Company Act of 1940 and are essentially publicly-traded equity funds where shareholders and financial institutions provide capital in a regulated environment for investment in a pool of long-term, small and middle-market companies through the use of senior debt, mezzanine financing, and equity funding. GreenShift plans to use equity and debt capital to support and drive the value of its existing portfolio of companies and to make investments in a diversified mix of strategically compatible growth stage public and private businesses and technologies. Additional information regarding GreenShift is available online at www.greenshift.com.

Safe Harbor Statement

This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of GreenShift Corporation, and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

Source: Business Wire

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