LONDON, Oct. 28 /PRNewswire-FirstCall/ -- VEGA PROMOTIONAL SYSTEMS, INC. (Pink OTC: VGPR) issues the following corporate update.

With the fourth quarter now under way, the Company is concentrating on existing business as well as considering various opportunities in other parts of the world. The past few months have been an extremely busy time for the Company.

The Company recently announced it had entered into an agreement with Tokyo based Tokyo Consulting, LTD (TCL). TCL is assisting the Company in expanding its business to Japan and other Asian countries. Subsequent to former Japanese Prime Minister Abe's formation of the Energy Cooperation Initiative, there are new opportunities available in the biomass industry. The purpose of the initiative is to cooperate on promoting biomass energy for East Asian countries. Among other things, TCL will assist in the introduction of potential local partners interested in the Company's services.

While the Company reviews various international opportunities, it continues two existing projects in the United States.

The Green Valley Project in western Indiana is a very unique energy project that uses coal bed methane gas to run large natural gas reciprocating engine generator sets. The electricity that is produced will then be sold to the local power company at a profit. This is not a developmental stage project. The methane has been tested and a demonstration project was in operation for approximately three years, proving the viability of utilizing coal bed methane from the Green Valley Mine as a sole source fuel to create energy. There are a lot of moving pieces to this project and we look forward to sharing the details as we move forward. To date, the Company has an agreement in place to purchase the methane gas from the Green Valley Mine and a land lease for the production facility.

Earlier in the year, the Company announced the addition of Interim CEO, Michael Knauff. A seasoned veteran of the alternative energy business, Mr. Knauff has proven to be a very important addition to the Company's management team. Mr. Knauff is helping to drive various power generating projects for the Company, including the Green Valley Project.

The Company also announced plans to build a manufacturing plant in the State of Georgia to produce biomass products and bio-diesel products for power generation units. The Company has secured a facility in Tifton, Georgia that will serve as headquarters for the Georgia project. When completed, the fuel pellet manufacturing facility will capitalize on the abundance of biomass in Georgia's Bioenergy Corridor. As mentioned earlier, a recent Forbes Magazine article, ranked Georgia third in the nation as a potential source of renewable energy. The article referenced the amount of privately owned forests in Georgia, more than any other state in the country, as a reason for the state's ranking. Georgia Governor, Sonny Perdue stated, "Georgia's wealth of natural resources combined with our research institutions and a strong business climate, create an ideal environment for the development of renewable energy." When completed, the Georgia plant would have the capacity to produce several hundred thousand metric tons of biomass fuel pellets annually. These fuel pellets can be sold in bulk to power companies or bagged to sell to the consumer market.

Vega has also applied for a financial grant from the State of Georgia under the federal State Energy Program. The U.S. Department of Energy announced July 7, 2009 that Georgia will receive $32.9 million in federal money to support energy efficiency and renewable energy projects across the state. The money is part of a total of nearly $82.5 million the department will award Georgia as part of the federal State Energy Program. Georgia's proposal outlined plans for increasing the use of renewable energy and reducing greenhouse gas emissions. The state will get more than $41 million in additional funding upon demonstrating successful implementation of the plan that will create green jobs, address state energy priorities and adopt emerging renewable energy and energy efficiency technologies; all services that are provided by Vega.

The Company is also in the process of changing its legal name to Vega Biofuels, Inc. and will alert its shareholders when the process has been completed.

The Company's Mission Statement is to provide the most consistent and finest quality biofuel products to consumers throughout the world, and in doing so, increase our shareholder value.

We will have additional information concerning these projects as we move forward.

Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "project," "intend," "expect" "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.

SOURCE Vega Promotional Systems, Inc.