TEMPE, AZ--(Marketwired - Jul 5, 2016) - Green Planet Group, Inc. (OTC PINK: GNPG), an emerging leader in green technology, announced that on Thursday, June 30, 2016, the Company filed OTC Pink Sheet Limited Information Tier unaudited financial statements for the Fiscal Year ended March 31, 2016. Highlights of the overall Company performance can be summarized as follows:
- The Company has acquired the rights to a one hundred sixty acre (160) placer gold mining claim. Testing of sample material by an independent laboratory has generated a conservative gold ore reserve calculation of $173 million.
- Fiscal 2016 proved to be a transitional year whereby the Company maintained its XenTx Lubricants, Inc. gross margins of over 35%.
- SG&A costs were reduced by approximately $139,000 from the prior year.
- Excluding one-time adjustments, operating losses were reduced by approximately $218,000 from the prior year.
- The Company continued research and development of its green technologies investing an additional $114,000 in the past year.
- Subsequent to the fiscal year end, one of the Company's major investors, having invested $500,000 with accumulated interest of $30,000 has chosen to exercise their option to convert the $530,000 into seventy nine (79) million shares of restricted common stock.
- Subsequent to the fiscal year end, Edmond Lonergan, President/CEO, received Board approval to convert all of his outstanding debt of $90,000 into 11.2 million shares of restricted common stock.
Green Planet Group Chief Executive Officer Edmond Lonergan noted, "Fiscal 2016 was a year of continued green technology research and development and the investigation of what may prove to be a highly profitable new revenue stream. On the basis of extremely promising results from testing of potential ore samples taken from our placer gold mining claim, we are currently reviewing environment-friendly mining equipment and procedures and will initiate large scale sample processing within the next fiscal quarter. While we have experienced some delays in preparation of facilities and animal pens, we will soon complete installation of our Healing the Earth, Inc. proof-of-concept growing system in Congress, Arizona. As reported earlier this year, independent laboratory testing has proven that our AAQIS, Inc. HHO gas generator technology will be effective in reducing emissions while improving efficiency in coal-fired power plants. This is a very exciting time for all of us at Green Planet Group."
To view the complete filing see: https://www.otciq.com/otciq/ajax/showFinancialReportById.pdf?id=157068
About Green Planet Group, Inc.
The Company is comprised of four wholly-owned subsidiaries: one operating company and three 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.
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.