Mr. Jeffrey Ciachurski reports

GREENBRIAR CAPITAL CORP -- CONTRACTS AND BUSINESS UPDATE

Greenbriar Capital Corp. has provided an update on its contracts and land banking activities. Greenbriar has only 13,824,227 common shares outstanding, yet holds over $2-billion in power contracts.

Greenbriar's main contract is a 35-year, 100-megawatt solar energy contract which permits the company to sell 100 megawatts of solar-generated electrical capacity to the Puerto Rico Energy Power Authority. Annual production of the plant is based on the U.S. Department of Energy National Renewable Energy Laboratory solar radiation studies, which give the company's Montalva site the capacity to produce 237 million kilowatt-hours per year of electrical energy from the 100-megawatt contract. The contract price is public information, and starts at 15 cents per kilowatt-hour and escalates at 2 per cent per year, with a weighted average price of 21 cents per kilowatt-hour. In addition, the company retains the renewable energy certificates which are contracted for in Puerto Rico at an average price of three cents per kilowatt-hour flat rate. Annual production when built is $58.88-million (U.S.) per year for 35 years to total $1.99-billion (U.S.). Additionally, the U.S. government provides a 30-per-cent U.S. federal tax credit on the entire capital cost of the project, which can be fully monetized through a wide range of U.S.-based tax-motivated investors. In essence, the U.S. government pays for 30 per cent of the capital costs of all solar projects. With only 13.82 million shares outstanding, the 100-megawatt contract provides each share of the company with $144 of revenue over the life of the contract, or $4.12 per year per single share.

The company will finance the project with project level financing and not through dilution of the company's shares. The company's management includes three individuals who have personally built and financed over $2.5-billion of profitable operating solar, wind and geothermal projects during the past 15 years.

The company's 80-megawatt wind energy project in Utah was in mediation, where the company was awarded the project plus $4.4-million (U.S.) in cash of damages from the utility. The mediation was non-binding, and the company is close to filing its claim with the Utah Public Service Commission for adjudication. The contract is worth $300-million over 20 years.

The company owns 688 building lots spread over 161 acres in Tehachapi, Calif. Greenbriar has approached several government agencies, and there is a need for housing for the two major military installations located nearby, including the 1.1-million-acre China Lake Naval Weapons Center and the famous Edwards Air Force Base. The Department of Defence is recently out of the housing business and is relying on private developers to construct suitable housing. Tehachapi is considered a safe and attractive city compared with other cities and towns in the region.

We seek Safe Harbor.