SOURCE: Green Planet Group
SCOTTSDALE, AZ--(Marketwired - Dec 23, 2013) - Green Planet Group, Inc. (OTC Pink: GNPG) announced today that it has completed the sale of its temporary staffing company, Lumea, Inc., and four Lumea subsidiaries to Easten Services LLC, for a nominal fee effective December 15, 2013. The impact of this subsequent event on Green Planet Group's financial position is so significant that the Company has restated the recently published financial statements for the second fiscal quarter, ending 9/30/2013.
The effect of this sale on the Company's financial position can be highlighted as follows:
- Total liabilities were reduced by approximately $14 million.
- Accumulated deficit has been reduced $7 million.
- Total assets were reduced $6.7 million.
- There is a one time accounting treatment that results in $.035 Earnings per Share (EPS).
- There is no change in the Company's stock structure which can be summarized as 250 million shares authorized, 205 million issued and outstanding and a public float of 118 million shares.
Edmond Lonergan, president/CEO of Green Planet, stated, "The completion of this transaction is an important step in our ongoing reorganization plan. It allows Green Planet Group to concentrate on our original mission to become a world leader in green technology. The positive impact on our financial position is so significant that we believe our ability to attract new investment has improved greatly. In addition, the Company now has the ability to rebuild its management team by attracting experienced, qualified executives. This effort has just begun and we expect to announce additions to our team shortly." To see the sale agreement, go to: http://www.otcmarkets.com/stock/GNPG/video-and-presentations
About Green Planet Group, Inc.
The Company is comprised of five wholly-owned subsidiaries: one operating company and four development companies. XenTx Lubricants, Inc. produces lubricants and additives for gasoline and diesel engines. Arizona Independent Power Company is a development stage company holding rights to the Verde Pumped Storage Project. 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.