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Green Star Alternative Energy, Inc. (OTCPK: GSAE) (Frankfurt: GAT) (http://www.greenstarae.com) announced that it is undertaking an investigation into the matters that resulted in Pink OTC Markets, Inc. inserting a “skull and cross bones” caveat emptor warning on the webpage showing the Company’s Common Stock.

Earlier the Company was informed by Pink Sheets that the cause of the Caveat Emptor moniker was due to the discovery that Pink Sheets alleges that Green Star had been associated with a group that had reportedly undertaken spam email activity. The Company is working with Pink Sheets to have the caveat removed as soon as possible and correct this error.

In response, the Company’s President, Miodrag Andric, speaking from an office in the Republic of Serbia, stated, “The Company has clear control over all press releases and all other public announcements regarding its affairs and it is seeking to identify the source of these unauthorized and unlawful actions that have served to tarnish the Company’s good name and its standing among investors in the capital markets.” He further stated, “We will not tolerate the unlawful actions of third parties who have no authority or right to make or distribute statements on behalf of the Company.”

The problems that the Company has experienced follow direct discussions that the Company’s counsel has had with Pink OTC Markets, Inc. regarding the unilateral action taken on June 4, 2009 by the British Columbia Securities Commission wherein the BCSC issued a Cease Trade Order against the Company without any prior notice or a hearing. The Company believes that the BCSC took this action without giving the Company any procedural and substantive due process.

The Company has no basis to believe it is subject to the jurisdiction of the laws of British Columbia and the Company has not received any information showing the basis upon which the Canadian province is able to assert jurisdiction and whether the Order, as issued, fully satisfies procedural due process protections.

Notwithstanding the discovery of the Order, the Company previously filed Form 10 with the Securities and Exchange Commission on April 15, 2009 in an effort to register its Common Stock under Section 12(g) of the Securities Exchange Act of 1934. In light of the filing of the Form 10 with the SEC, the Company believes that the disclosures it has provided in its Form 10 and those that it will be providing in other periodic reports to be filed with the SEC in the future will fully and accurately disclose its affairs to ensure that investors and the capital markets can make informed investment decisions regarding the Company and its securities.

About Green Star Alternative Energy (GSAE.OTCPK)

Green Star Alternative Energy is an environmentally conscious, renewable energy company working to develop more than 300 MW (megawatts) of clean electricity through wind energy. The corporate revenue model is two-fold: the use of a renewable resource allows not only for the creation of environmentally friendly energy, but the granting of carbon (greenhouse gas) emission credits which may be traded and sold. Green Star is pursuing a significant opportunity to provide clean energy to the growing Republic of Serbia and neighboring European countries. Through a joint venture with key wind farm and power trading company Notos, Green Star will become the nation’s first developer of wind power. GSAE is focused on green technology and sustainable energy programs like wind turbines, hydro electric power generation, and other renewable electricity models.

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,” “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.

Green Star Alternative Energy, Inc.
Jesse De Castro, CFO
1-866-955-GSAE (4723)
info@greenstarae.com

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