GreenShift Completes Transition to Operating Company and Consolidation of Investments

NEW YORK–(BUSINESS WIRE)–July 10, 2006–GreenShift Corporation (OTC Bulletin Board: GSHF) today announced the June 30, 2006 effective date of GreenShift’s withdrawal of its election to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as well as the July 1, 2006 completion of GreenShift’s consolidation of its clean technology and clean energy investments. Transition to Operating Company

GreenShift’s withdrawal of its April 2005 election to be regulated as a BDC was in part due to GreenShift’s decision to change its business focus from an investment company to an operating company. During 2005 and early 2006, GreenShift acquired majority stakes in a number of operating companies. With its change in structure to an operating company, GreenShift will consolidate the revenue and earnings of its majority-held companies commencing with its fiscal quarter ended September 30, 2006. These companies currently generate about $30 million in annualized revenues with about 10% EBITDA margins.

Consolidation of Investments

GreenShift consolidated its majority- and minority-held investments in connection with its transition to an operating company to more effectively focus on the growth of these companies. Effective July 1, 2006, GreenShift’s corporate structure was streamlined into the following majority-held operating subsidiaries:

GS AgriFuels Corporation          GS AgriFuels (OTC Bulletin Board: HGOT - News) intends to build and          operate several clean fuel production facilities in America          based on innovative new clean technologies with a focus on          biodiesel and alternative ethanol production. GS AgriFuels'          first planned production facility, Mean Green Biodiesel, is         designed to initially operate at 45 million gallons per year.          According to a feasibility study commissioned by Mean Green, a         plant of this magnitude can be expected to generate in excess          of $90 million in revenue per year.          GS Energy Corporation         GS Energy (OTC Bulletin Board: INSQ - News) will focus on the          distributed production of clean solar, wind, wave and hydro          power, and the sales of renewable energy and energy efficiency         certificates. GS Energy intends to invest aggressively in the          growth of its Sterling Planet renewable energy certificate         business and the development of distributed solar power          projects. Additionally, GS Energy's infrastructure support and         manufacturing division expects to grow this year through          increases in its clean technology equipment fabrication and          manufacturing business.          GS CleanTech Corporation         GS CleanTech (OTC Bulletin Board: VRDM - News) provides applied         engineering and industrial design services based on clean          technology and process innovations that make it cost-effective         and easy for you to recycle and reuse resources. GS CleanTech          is currently focused on delivering its technologies and          process innovations to the Ethanol Production Industry with a          view towards maximizing the yield of traditional corn-based          ethanol production. As GreenShift's repository of clean          technologies, GS CleanTech also holds minority stakes in          several innovative clean technology companies including          General Hydrogen Corporation, General Ultrasonics Corporation,         Ovation Products Corporation, and Aerogel Composite, Inc.          GS EnviroServices Corporation         GS EnviroServices provides diversified environmental services,         including site remediation, hazardous waste management, and         environmental engineering services. GS EnviroServices expects          to go public later this year and intends to grow through the          acquisition of strategically compatible environmental service          companies.

“We are excited by these changes,” said Kevin Kreisler, GreenShift’s chairman and chief executive officer. “In addition to reducing our overhead and our administrative complexity, we believe that these transactions are timely given our growth during the past year and the recent surge in interest for green companies and clean technologies. The management teams of each division – AgriFuels, Energy, CleanTech and EnviroServices – have made exciting progress so far this year and we are very much looking forward to actively driving their growth.”

About GreenShift Corporation

GreenShift Corporation (OTC Bulletin Board: GSHF – News) develops and supports clean technologies and companies that facilitate the efficient use of natural resources and catalyze transformational environmental gains.

GreenShift focuses on supporting incremental advances in technologies and business practices that enable increased and sustainable profits on relatively small infrastructure investments while contributing to the resolution of compelling environmental challenges.

GreenShift’s ambition is to catalyze the rapid realization of disruptive environmental gains by enabling and then leveraging the collective actions of a great many people and companies by showing them how to save money or to be more profitable.

Additional information regarding GreenShift is available online at http://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 their 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.

Contact:

GreenShift Corporation, 888-895-3585
Fax: 646-572-6336
investorrelations@greenshift.com
www.greenshift.com
or
Investor Relations:
CEOcast, Inc.
Andrew Hellman, 212-732-4300
or
Public Relations:
Walek & Associates
Deborah McCandless, 212-590-0523
Fax: 212-889-7174
Mobile: 917-364-8824
dmccandless@walek.com
www.walek.com

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Source: GreenShift Corporation