GreenAngel Restates Quarterly Filings and MD&A to Comply With IFRS

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 29, 2012) - GreenAngel Energy Corporation ("GreenAngel") (TSX VENTURE:GAE) reports that it has restated its quarterly financials for the three month period ending February 29, 2012.

The previous financial statements were reported using Canadian Generally Accepted Accounting Principles, while the amended and restated financial statements are prepared in accordance with newly mandated International Financial Reporting Standards. The amended and restated financial statements did not have a significant impact on the previously reported results.

About GreenAngel Energy

GreenAngel Energy Corp. is the first publicly traded company that invests solely in emerging private green technology companies. We provide an avenue for public investors to gain access to a portfolio of the most promising angel-stage investments across a spectrum of green technology sectors. Our focus is commercializing new technologies that produce renewable energy, improve energy efficiency, or use renewable energy resources such as water, wind and solar. We also work with companies that deploy or manage technologies and processes that reduce greenhouse gas (GHG) emissions. In addition to providing strategic capital to investee companies, GreenAngel also mentors and advises investees to help ensure these companies achieve commercial success. The firms include Delaware Power Systems, Light-Based Technologies, Habitat Carbon Assets, Rapid Electric Vehicles, DPoint Technologies, and Paradigm Environmental Technologies. For more information, please visit www.greenangelenergy.ca.

ON BEHALF OF THE BOARD

Bob de Wit, CEO and Director

Disclaimer for Forward-Looking Information

Certain statements in this release are forward-looking statements that reflect the expectations of management regarding the Company's listing of its common shares on the TSX Venture Exchange. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them.