GreenShift to Receive $38 Million Investment

ADRIAN, Mich.--(Business Wire)--
GreenShift Corporation (OTC Bulletin Board: GERS) today announced that it has
executed agreements to receive a $38 million investment to produce 20 million
gallons per year of biodiesel from corn oil extracted from ethanol plants.

Under the terms of the agreements, GreenShift will receive an investment of $38
million in a new GreenShift joint venture subsidiary that will use the proceeds
to build twelve corn oil extraction facilities and to expand the capacity of
GreenShift’s NextDiesel biodiesel refinery in Adrian, Michigan to 20 million
gallons per year.

GreenShift’s biodiesel production model is based on the integration of its
patent-pending corn oil extraction technologies into corn ethanol production
facilities to extract crude corn oil from distillers grain, a co-product of
ethanol production. GreenShift installs its extraction technologies at its
expense and then purchases the extracted oil for a price that is indexed at a
discount to the price of diesel fuel. This hedges GreenShift’s biodiesel
production margins and provides important benefits to participating ethanol
clients, such as:

* increased revenue and earnings;
* decreased commodity and financial risk;
* decreased utility consumption and carbon emissions; and,
* enhanced biofuel yield from corn.

GreenShift’s extraction technologies are currently in use at four corn ethanol
plants in Michigan, Indiana, New York and Wisconsin, and GreenShift has executed
contracts to deploy its extraction technologies at a number of additional U.S.
ethanol plants.

“Our view is that the established corn ethanol infrastructure is the most
practical pathway in North America to cost-effectively increase the production
and use of carbon-neutral biofuels at globally-meaningful scales,” said Kevin
Kreisler, GreenShift’s Chief Executive Officer. “To continue to accomplish this
in a competitive and environmentally-superior way, existing corn ethanol
facilities must evolve to achieve improved production efficiencies. We intend to
contribute to that evolution. We look forward to the completion of this
investment and delivering the financial and environmental benefits of our
patent-pending corn oil extraction technologies to our ethanol clients at an
accelerated pace.”

The traditional corn ethanol production process converts each bushel of corn
into about 2.75 gallons of ethanol. GreenShift’s technologies increase this to
about 2.95 gallons of biofuel per bushel by extracting and refining corn oil
into biodiesel, while decreasing the energy needed for biofuel production.

Ed Carroll, GreenShift’s President and Chief Financial Officer added that “We
are proud and excited to have the opportunity to receive this investment. This
investment will give us the resources we need to scale our corn oil biodiesel
model into sustainable profitability while providing our ethanol clients with a
valuable opportunity to stimulate cash flows and defray commodity risk without
having to commit capital. We are eager to bring our extraction offering to as
many ethanol producers as possible, and as quickly as possible.”

GreenShift’s technologies have the capability of extracting more than 6.5
million gallons of crude corn oil for every 100 million gallons of corn ethanol
produced. According to the Renewable Fuels Association, 6.7 billion gallons of
corn-derived ethanol were produced during the first nine months of 2008. At this
rate, U.S. ethanol production during 2008 will exceed 8.9 billion gallons per
year. This equates to a potential U.S. total annual production of about 580
million gallons per year of inedible corn oil that is recoverable with
GreenShift’s patent-pending corn oil extraction technologies.

Funding under the agreements is expected to occur in early 2009 upon the
satisfaction by GreenShift of pre-funding conditions. Additional information
regarding this transaction will be made available online at www.greenshift.com
in GreenShift’s December 16, 2008 Form 8K.

GreenShift’s technical services staff is available at 888-ETHANOIL or
sales@greenshift.com to respond to quotation requests and to answer any
questions about GreenShift’s patent-pending corn oil extraction and other
technologies.

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
Fax: 646-572-6336
Chief Financial Officer
Email: ecarroll@greenshift.com
Web: www.greenshift.com
or
Investor Relations:
CEOcast, Inc.
Gary Nash, 212-732-4300

Copyright Business Wire 2008