On December 31, 2013, Green Day Technologies Inc. announced that it had entered into that certain sales agency contract with Peniel Trading Korea. In accordance with the terms and provisions of the sales agency contract: (i) Peniel Trading will act as the corporation's sales agent in the Republic of South Korea for the sale and distribution of the corporation's products; (ii) Peniel Trading may engage sub-agents upon written notice to the corporation; (iii) the corporation shall pay a commission to Peniel Trading of $2.00 per ton of pellets sold; and (iv) the term shall be one year ending on December 31, 2014 with automatic renewals for subsequent one year period intervals unless terminated by written notice. On January 15, 2014, the Board of Directors authorized and approved the termination and cancellation of the sales agency contract.

Subsequent to the termination and cancellation of the sales agency contract, the corporation has received and accepted orders from other buyers for wood pellets.