Green States Energy Reports 2013 Results (Excerpt)

Hamilton, Bermuda – 29 April, 2013 - Green States Energy, Inc. (the “Company”; Ticker: GSE.BH), announced financial results for its fiscal 2013 and 2012 years ended December 31. The Company posted record revenue of $3.8 million for 2013 compared to $2.2 million for 2012. The Company also posted adjusted EBITDA of $1.7 million in 2013 compared to a loss of $0.3 million in 2012. The adjustments to EBITDA are discussed below.

The increase in year-over-year revenues reflects the Company’s February 2013 acquisition, of a 95% interest in 5.4 megawatts (MW) of solar photovoltaic projects located in and around Roswell, New Mexico, for a cash purchase price of $8.0 million, of which 2.5MWs was completed in June of 2013. In addition, the company acquired a 4.3MW solar project in Massachusetts in 2013. The project was under construction in 2013 and will be completed in 2Q14. Also, subsequent to year end, GSE acquired another 3.7MW solar project in Massachusetts that will be completed in 2Q14. Once these projects are completed GSE’s fleet capacity will be 19MWs.

"We are pleased to report record revenues, reflecting the positive contribution of our asset acquisitions," said Stephen Clevett, GSE’s CEO. “Our shift away in 2011 from development towards project acquisition is yielding positive results and we're very excited about our record breaking year in 2013 and the continued growth in 2014”.

The Company’s audited financial statements for the 2013 and 2012 periods are available from the Company. Please send inquiries to Joseph Duey, CFO, at JDuey@GreenStatesEnergy.com

Adjusted EBITDA Reconciliation

GSE presents its financial statements in accordance with GAAP. We also adjust certain line items, predominantly excluding non-cash and one-time items, to provide additional explanation, where appropriate.

·         GSE’s 2013 EBITDA includes GAAP (non-cash) revenues attributable to a bargain purchase gain related to the NM portfolio acquisition, net of development fees, in the amount of $5.2 million. In addition, we adjusted for the non-cash adjustment to our change in fair value of the stock warrants, which is consistent with 2012 results.

·         GSE’s 2012 financial results included a one-time registration penalty of $0.6 million. The Company’s common stock offering in 2011 contained a requirement that the Company lists its shares on a publicly traded exchange by May 24, 2012. The Company determined it was not in the interests of shareholders to prematurely register its shares on a publicly traded exchange at that time, and, as required by the offering agreement, issued 1,136,558 additional shares of common stock as compensation to affected shareholders.

Tables may contain differences due to rounding.

About Green States Energy, Inc.

Green States Energy, Inc. (the “Company” or “GSE”) is an Independent Power Producer (“IPP”) that acquires, develops and operates clean electric generating plants in North America. Our goal is to grow into a leading IPP. With proven expertise in engineering, construction, interconnection, and project finance, and with access to both debt and tax equity markets, GSE has the ability to take clean energy projects through the development process to operational status. The Company’s headquarters address is 51 JFK Parkway, 1st Floor West, Short Hills, NJ 07078. The full text of this release can be located at www.greenstatesenergy.com

Company Contact:

Mr. Joseph Duey, Chief Financial Officer

Tel: (704) 519-6723

jduey@GreenStatesEnergy.com  or visit http://www.GreenStatesEnergy.com