Green Planet Group Provides Update on Reorganization
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.