Green Star Alternative Energy Inc. (Pink Sheets: GSAE) receives updated Speculative Buy rating with a price target of $5.70 by Beacon Analyst, Victor Sula, Ph.D.

The full report is available at http://www.beaconequity.com

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In the report, the analyst notes GSAE’s recent filing with the SEC to become a fully reporting publicly traded entity on Nasdaq’s OTCBB.

The analyst also writes, “GSAE is evaluating various locations across Serbia as commercially viable wind farm sites and evaluating potential acquisitions to build its wind farm portfolio. …the revenue potential of GSAE’s wind energy projects is significant. The Company is pursuing opportunities to develop 300 MW of wind energy and provide clean energy to Serbia and neighboring European countries. During Q2 2009, GSAE began negotiations for a 60 MW wind energy partnership project with Vintim representing $23

LAS VEGAS, May 13, 2009 (GLOBE NEWSWIRE) — The winds of change in alternative energy are clearly not limited to the continental United States, with President Obama’s Inaugural Address declaration, “We must harness the wind,” resonating far and wide. Now, it appears that powerhouse General Electric Co. (NYSE:GE), is interested in harnessing the winds of Southeastern Europe.

According to a recent release from Green Star Alternative Energy, Inc. (Pink Sheets:GSAE), General Electric’s GE Energy Development Group is pursuing talks with Notos, the Serbian company in a wind development joint venture with Green Star in Serbia. This represents a strong forward step for an American business icon in a country seemingly eager to find Western investment and new sources of revenue. For Green Star and Notos, it’s a powerful move toward entrenching them as leaders in the wind energy space in Serbia and beyond.

Green Star has made significant efforts

SAN DIEGO, CA — (Marketwire) — 04/27/09 — Green Star Alternative Energy, Inc. (PINKSHEETS: GSAE) (”GSAE” or the “Company”) (http://www.greenstarae.com/) is pleased to announce the negotiations for a 60 MW wind energy partnership project, and potentially other future projects with Vintim d.o.o., a private Serbian wind research company.

According to Vintim’s research, this project has outstanding historical wind measurements and can produce more than 175 GW/h per year for the Province of Vojvodina. This represents potential gross revenue of over $23 million per annum.

GSAE’s participation may include revenue sharing, a joint venture, or an outright acquisition. Closure is expected within 30 days, more details to follow.

Miodrag Andric, President of Notos, commented, “This merger helps create a ‘made-in-Serbia’ energy leader with the assets, cost structure, and financial strength to compete at the regional level. The combined portfolio boasts one of the largest wind resource positions, a strong Serbian