SAN DIEGO, CA, Sept. 29 /PRNewswire-FirstCall/ - Green Star Alternative Energy, Inc. (Pink Sheets: GSAE; "GSAE" or the "Company") (http://www.greenstarae.com) announces that the Company's Board of Directors have authorized a dividend of 3 common shares for every 4 common shares held by stockholders of record. This stock dividend is being done to provide a benefit to our existing shareholders, including those who have financed us through the company's ongoing development. As of the date of this release, GSAE has 16.25M publicly traded shares and a total of 26.25M shares outstanding.

Mike Andric, CEO of Green Star Alternative Energy, stated: "Green Star is well positioned for significant and continued growth; and the Board's decision is part of our ongoing effort to broaden ownership and enhance shareholder value."

Common stock holders are not required to take any action relating to the dividend. Shares outstanding on the record date will be automatically adjusted on the books of the Company's transfer agent, Interwest Transfer Company, Inc., to reflect the change in share structure. Share certificates will automatically be distributed by the Company. Stockholders who hold their shares in street name should have their accounts adjusted by their broker. Holders should not destroy any stock certificates and should not submit any certificates to the Company or the transfer agent.

About GSAE

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 neighbouring 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,' 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.

SOURCE Green Star Alternative Energy Inc.

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