SCOTTSDALE, Ariz., Nov. 29, 2012 /PRNewswire/ -- Green Planet
Group, Inc. (OTC Markets: GNPG) announces today that it is
providing an update regarding its reorganization and several new
business initiatives that it is pursuing.
First and foremost, the Company is happy to announce that it has
moved out of all of the respective Lumea offices and has or is
negotiating the termination of the leases of those offices, which
will eliminate approximately $1,200,000 in leasehold liabilities that GNPG was
responsible for over an average remaining term of two years.
Pursuant to the transfer of the Lumea business and accounts to
Tri-State and its affiliates, the Company also reduced its
liability to Porter Capital in the amount of $3,400,000, further increasing shareholder value.
In addition, there is an unpaid net reserve balance of
approximately $400,000 that is held
by Porter Capital that GNPG expects to receive during the next
several months as various accounts receivable that were financed
are repaid by the respective clients.
New business initiatives include testing of our Synergyn and
XenTx product lines by numerous companies in a multitude of
industries including industrial equipment, transportation, cruise
ships, oil / gas, mining, automotive and chemicals. The
Company is engaged in discussions with major industry partners in
these industries while undergoing various levels of testing and
analysis to determine the performance, best use and application of
our products. When these efforts further develop, additional
details will be announced.
Edmond L. Lonergan, President
& CEO of Green Planet Group stated "The Company has gone
through a very challenging time these past couple of months;
however, I truly believe that the achievements we accomplished and
the obstacles that we have overcome solidifies our foundation as a
Company, and will better enable us to focus on our core green
technology business. The elimination of various liabilities
from our balance sheet immediately increases shareholder value and
our new business development efforts are continuing to show strong
positive growth prospects for the near future. We greatly
appreciate our loyal and new shareholders for staying on board
while we refocus the Company."
About Green Planet Group
Green Planet Group, Inc. (OTC Markets: GNPG) is based in
Scottsdale, Arizona and engages in
ongoing research and development to create Greentech and Cleantech
products and services that enhance our environment and reduce
pollution.
The Company's revenues are currently derived from the
production and distribution of fuel-based energy conservation and
clean-air products. For additional information, please
visit www.greenplanetgroup.com. Kindly note
that we have recently changed our office phone number to: (480)
998-2400.
SAFE HARBOR: Certain information included
herein may contain statements that are forward looking, such as
statements relating to plans for future expansion and other
business development activities. Such forward-looking
information is subject to changes and variations which are not
reasonably predictable and which could significantly affect future
results.
Investor Relations Contact:
TEN Associates, LLC
Tom Nelson, Managing Director
Phone: (480) 232-5469
SOURCE Green Planet Group, Inc.