GreenShift Receives Grant for Algae Bioreactor Technology

CULBERTSON, Mont.--(Business Wire)--
GreenShift Corporation (OTC Bulletin Board: GERS) today announced that it has
received a grant award of $375,000 to further the development of GreenShift`s
patented and patent-pending algae bioreactor.

The funding is provided through the Montana Board of Research and
Commercialization, a unit of the Montana Department of Commerce. The objective
of the grant award is to demonstrate the production of algae from an industrial
source of carbon dioxide in Montana using GreenShift`s patented and
patent-pending bioreactor technology. GreenShift is to provide matching funds of
$125,000.

David Winsness, GreenShift`s Chief Technology Officer, said that "We are excited
to have this opportunity as the grant funding provided by the state of Montana
further demonstrates Montana`s commitment to the development of alternative raw
materials for fuels, chemicals and specialty products. While GreenShift`s
approach is distinct from other algae offerings, significant additional
development work is required to realize commercial viability. We are glad to
have earned Montana`s support and we look forward to making a valuable
contribution in this emerging field."

GreenShift`s CO2 Bioreactor

GreenShift's patented and patent-pending bioreactor technology uses
thermophillic cyanobacteria to consume carbon dioxide emissions. The organisms
use the available carbon dioxide in the emissions and water to grow and give off
oxygen and water vapor. The organisms also absorb nitrogen oxide and sulfur
dioxide and can be harvested for extraction and conversion into value added
carbon neutral products once they grow to maturity.

GreenShift`s pilot bioreactor is designed as a mobile demonstration platform to
quantify existing benchtop testing results and to refine the design parameters
for commercial-scale deployments of the technology at targeted locations.
GreenShift plans to co-locate bioreactors at corn ethanol production plants and
other fermentation processes where concentrated supplies of carbon dioxide are
naturally emitted and are relatively easy to capture and control. GreenShift
plans to leverage its existing corn oil extraction platform and presence in the
U.S. ethanol industry to reduce capital and go-to-market costs as it brings its
bioreactor technologies to market.

Additional information including a process demonstration is available online at
http://www.greenshift.com/product_desc.php?mode=3

About GreenShift Corporation

GreenShift Corporation (OTC Bulletin Board: GERS) develops and commercializes
clean technologies that facilitate the efficient use of natural resources.
GreenShift`s revenue model is based on the use of its proprietary technologies
to become a leading producer of biomass-derived products, and to do so at
reduced cost and risk by extracting and refining raw materials that other
producers cannot access or process. GreenShift currently owns and operates six
production facilities - four corn oil extraction facilities based on
GreenShift`s patent-pending corn oil extraction technologies, one biodiesel
production facility, and one vegetable oilseed crushing facility. Additional
information is available online at www.greenshift.com.

Safe Harbor Statement

This press release contains statements that may constitute "forward-looking
statements" within the meaning of the Securities Act of 1933 and the Securities
Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act
of 1995. Those statements include statements regarding the intent, belief or
current expectations of GreenShift Corporation and members of its management as
well as the assumptions on which such statements are based. Prospective
investors are cautioned that any such forward-looking statements are not
guarantees of future performance and involve risks and uncertainties, and that
actual results may differ materially from those contemplated by such
forward-looking statements. Important factors currently known to management that
could cause actual results to differ materially from those in forward-statements
include fluctuation of operating results, the ability to compete successfully,
and the ability to complete before-mentioned transactions. The company
undertakes no obligation to update or revise forward-looking statements to
reflect changed assumptions, the occurrence of unanticipated events or changes
to future operating results.

GreenShift Corporation
Ed Carroll, 212-994-5374
Chief Financial Officer
Fax: 646-572-6336
ecarroll@greenshift.com
www.greenshift.com

Copyright Business Wire 2009