New Shareholder Letter

Dear Shareholders:
The state of our company has improved since our last communication in early 2009: we shed unprofitable business lines, liquidated non-core assets, streamlined overhead, reduced debt by more than 30%, and restructured the majority of our remaining debt on more favorable terms. The ethanol industry has moved favorably: oil prices are high, corn prices are expected to be stable due to a larger than expected crop, ethanol production margins are healthy again, and the industry has the capital and the desire to invest in efficiency improvements. And, our market positioning has strengthened: we were recently awarded two patents on technology that is in high demand and is widely accepted to be the best proven path to increasing the efficiency and profitability of refining corn into fuel. We have much yet to accomplish. We have more debt to eliminate, earnings to produce and shareholder value to build. This letter is to provide an update on our plans in this regard.

**************

Our key goals moving forward are simple:

1. Execute new corn oil extraction license agreements during 2010 with ethanol producers with an aggregate capacity of at least 1 billion gallons per year of ethanol;

2. Achieve profitability by the end of this year; and,

3. Continue the 30% debt reduction realized in 2009 by reducing debt by an additional 30% during 2010.

We are going to use our technology advantage and patent position to facilitate the widespread adoption of our extraction technologies under fair terms that allow us to satisfy our commitments to our lenders and shareholders, and we are going to stay focused on this plan until we have transitioned to consistent profitability, paid off or refinanced all of our convertible debt, built up a cash reserve, and increased shareholder value.

We are grateful for your patience and support and we look forward to our next communication.

Best Regards, Kevin Kreisler
Chairman and Chief Executive Officer GreenShift Corporation

Rest of Letter Here,
http://www.stockhouse.com/News/USReleasesDetail.aspx?n=7598907

The U.S. ethanol fleet has a capacity of about 12 billion gallons of ethanol per year. So the goal of 1 billion capacity - involving NEW contracts - would involve one out of twelve - or 8.33%. With an estimate that more than 35 ethanol plants are currently using part of Greenshift extraction technologies - or about 20%? -this goal does not seem to be out of reach.

SkunK