TEMPE, Ariz., Nov. 20, 2014 /PRNewswire/ -- Green Planet
Group, Inc. (OTC PINK: GNPG), an emerging leader in green
technology, has filed financial statements for the six months,
ending September 30, 2014. The
financial results reflect revenues from the XenTx Lubricants, Inc.
subsidiary and research and development expense related to the
development of the Company's Healing the Earth, Inc. Fast Track™
Food Growing System and AAQIS, Inc. On-Demand HHO Generator
technology.
The Company's six month financial results can be summarized as
follows:
- Greatly improved cash position of $134,825 as compared to the First Quarter cash
position of $18,841, representing a
616% improvement
- Total Current Assets of $984,727,
an increase of $698,219 over the
prior quarter, representing a 244% increase
- XenTx Inventory of $140,188
versus $77,497 for the last quarter,
which represents an increase of 80%
- Research and Development costs related to Healing the Earth and
AAQIS product testing and development of $196,076 were expensed, negatively affecting
Operating Income
- A six month Operating Loss of $254,472 due to R & D costs and the Company's
commitment to significantly increase inventory levels
Green Planet Group Chief Executive Officer Edmond Lonergan noted, "The past fiscal quarter
is one in which we have truly had to bite the bullet in order to
position our Company for future growth. As we have noted
previously, the XenTx inventory shortage we faced at the beginning
of this fiscal year significantly hampered the selling
effort. We completed our inventory build-up at the end of
October and are now able to sell from a "full cart." While
the research and development expense related to Healing the Earth
and AAQIS have had a short-term negative impact on operating
results, we are thrilled with the AAQIS HHO generator dynamometer
testing results on a V-8 gasoline fueled engine conducted in the
last week of September. As previously reported our AAQIS
hydrogen/oxygen gas generator produced a 40% MPG improvement and
very nearly totally eliminated raw hydrocarbon emissions.
We're moving full speed ahead to build HHO generator prototypes for
further testing and on-the-road deployment."
Lonergan concluded, "In the first six months of this fiscal year
we have completely reorganized our Company. Our every effort
is focused on growing our existing business and realizing the
commercialization potential of our developing technologies in order
to increase shareholder value and benefit our planet."
To view the complete filing, use the following link:
https://www.otciq.com/otciq/ajax/showFinancialReportById.pdf?id=129463
About Green Planet Group, Inc.
The Company is comprised of four wholly-owned subsidiaries: one
operating company and four development companies. XenTx
Lubricants, Inc. produces lubricants and additives for gasoline and
diesel engines. AAQIS, Inc. is developing a hydrogen
generator which greatly reduces hydrocarbon emissions while
improving fuel efficiency in internal combustion engines. Green
Mining Technologies, Inc. is developing green technologies for the
mining of precious metals. The Company's Healing the Earth
subsidiary is developing a new Fast Track™ growing system capable
of growing vast amounts of fresh, organic food.
Forward-Looking Statements
Certain statements contained herein are "forward-looking"
statements (as defined -- Private Securities Litigation Reform Act
of 1995). Green Planet Group, Inc. cautions that the statements
made in this press release constitute forward-looking statements
and no guarantees of future performance and actual results or
developments may differ materially from projections in
forward-looking statements. Forward-looking statements are based on
estimates and opinions of management at time the statements are
made.
SOURCE Green Planet Group, Inc.