Short Selling: Green Energy Resources (GRGR) Calls on Shareholders to Convert Street Name Stock to Certificates: Financial News

Short Selling: Green Energy Resources (GRGR) Calls on Shareholders to Convert Street Name Stock to Certificates
Monday July 14, 2008 7:00 am ET

NEW YORK, NY--(MARKET WIRE)--Jul 14, 2008 -- Green Energy Resources (Other OTC:GRGR.PK - News) is calling on its shareholders to convert street held shares into stock certificates. In the last 30-45 days nearly one quarter of all shares in the float, over 6 million, have been sold mostly in large blocks. On Friday, over 300,000 shares were purchased at the offer and neither the bid or asked responded. The blocks exceed shareholder listed holdings as recorded on the NOBO list. (non objecting shareholder owners). The trade volumes suggest illegal naked shorting is taking place. Bare naked shorting is the selling of shares not owned or in a physical account as required by law. The company asks every shareholder to contact their stockbroker and demand market makers trade only shares originating from a physical account. The shorting may have been taking place for over a year, suppressing stock values. Green Energy Resources has alerted its SEC Attorney to monitor trading for irregularities. Company executives have only Restricted stock, that cannot be traded.

Shareholder Control

CEO Joseph Murray is urging all shareholders, large and small, to fight back by converting street held stock into physical certificates. Stock certificates can be obtained through your broker upon request. Conversion from street name to stock certificates is the best method to stop and expose bare naked short sellers. Stock purchases also force shorters to cover their losses and ante up (6 million shares). Shorters drive down the price until investors give up.

Not the first time

In 2004 and early 2005 Green Energy Resources faced a similar patterns of short selling. An aggressive stock buying campaign and shareholder conversion from street name to stock certificates resulted in a successful break-out of the stock from.16 cents to $1.32 per share within 90 days.

Except for historical information contained herein, the statements in this release are forward-looking statements that are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause the companies' actual results in future periods to differ materially from forecasted results. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings and other risks.