Granite Energy Announces GreenStart Update

Engineering Completed, Manufacturing to Begin

Salt Lake City, UT (PRWEB) March 20, 2008 -- Granite Energy Inc. (“The Company”) (PINK SHEETS: GNGI), through its subsidiary GreenStart Inc., announced that it is nearing completion of its audited financial statements. Since the company paid a dividend of shares to the stockholders of Granite Energy, the company has been progressing towards filing of is Form 10SB with the Securities and Exchange Commission to become a ‘stand-alone’ public company.

“These developments should dramatically enhance shareholder value when GreenStart becomes publicly traded. Since Granite Energy remains the single largest shareholder of Greenstart, owners of both companies should benefit from recent advancements. It is likely that Granite Energy will elect to pay an additional dividend of GreenStart shares to GNGI shareholders of record in the near future.” Stated GreenStart Chief Financial Officer and Chief Executive Officer, Mr. Jason Griffith.

These developments should dramatically enhance shareholder value when GreenStart becomes publicly traded. Since Granite Energy remains the single largest shareholder of Greenstart, owners of both companies should benefit from recent advancements. It is likely that Granite Energy will elect to pay an additional dividend of GreenStart shares to GNGI shareholders of record in the near future.

GreenStart is also pleased to announce it has received from Petersen Inc. of Ogden Utah, the completed draftings to begin fabrication of its revolutionary Downdraft Gasification Commercial Demonstration unit.

GreenStart's Downdraft Gasification technology provides significant advantages and is capable of producing large volumes of clean, renewable, non-global warming energy from the conversion of any carbon-based feedstock either solid or liquid, such as municipal solid waste (MSW), coal, sewage sludge, agriculture waste and carcasses to a flexible combination of electricity, steam, fuels, chemicals and hydrogen.

GreenStart’s unique Gasifier produces a clean Synthesis gas (made up primarily of Hydrogen and Carbon Monoxide). The Syn-Gas is able to be used in an Integrated Gasification Combined Cycle (IGCC) to efficiently create electricity or be converted by a Catalytic Slurry Cyclone Reactor licensed by the University of Utah into liquid fuels (Dimethyl Ether, Ethanol, Gasoline, Jet Fuel or Diesel Fuel). The Dimethyl Ether (DME) like Syn-gas is a building block used in the chemical industry and can be converted to several different products, depending on the catalyst used.

This approach carries with it some distinct social and economic advantages. Our units offer value by generating substantial revenue streams, eliminating the need for future landfills, while creating energy and renewable fuels from waste products with little or no value. This primary energy is converted with greater efficiency and with less waste than current methods.

Results are 100 % green power, water and air emissions that are environmentally safe.

For additional information about Granite Energy, Inc., go to www.graniteenergy.com or www.greenstartenergy.com

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995

Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.

For more information please contact:
Mit Ebeling
801-532-6800
mebeling @ greenstartenergy.com

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