TEMPE, AZ--(Marketwired - Aug 13, 2014) - Green Planet Group, Inc. (OTC Pink: GNPG) (PINKSHEETS: GNPG), an emerging leader in green technology, reports continuing profitability as reflected in recently filed unaudited financial statements for the Fiscal Quarter ended June 30, 2014. The financial results reflect revenues from the XenTx Lubricants, Inc. subsidiary and the positive impact of the Company's new business strategy. This impact can be summarized as follows:
- Net Income of $131,483 for the Fiscal Quarter
- Continued reductions of the Company's long term debts
- All Contingent and Derivative liabilities were eliminated
- Both Bad Debts and Asset Depreciation expenses were virtually eliminated, thereby enhancing future profitability
- The Company has secured an Accounts Receivable line of credit to finance its anticipated sales growth for the remainder of the fiscal year
In addition, the Company has simplified accounting procedures and enhanced internal financial reporting. All moving costs related to the relocation of the Company headquarters and opening of the new warehouse facility in Tempe, Arizona have been expensed. Gross margin on goods sold by the XenTx Lubricants subsidiary since the relocation and recently implemented production procedures are running at 34%.
Green Planet Group Chief Executive Officer Edmond Lonergan noted, "Our continued profitability is encouraging and is providing the momentum needed to generate new investment funding. Engineering and design work on our Healing the Earth Fast Track™ Growing System is progressing nicely. XenTx Lubricants is improving turnaround time on customer orders and inventory fill rates. And, we expect to make an exciting announcement regarding our AAQIS, Inc. hydrogen generator subsidiary within the next thirty days. This is turning out to be a truly exciting year."
To view the complete filing, use the following link:
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.
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.