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Green Planet Group Reports Much Improved Performance

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TEMPE, AZ , United States / ACCESSWIRE / July 23, 2014 / Green Planet Group, Inc. (OTCPINK: GNPG), an emerging leader in green technology, announcedtoday that the Company has filed unaudited financial statements for the Fiscal Year ended March 31, 2014.  The financial results reflect revenues from the XenTx Lubricants, Inc. subsidiary, the impact of selling the Lumea, Inc. temporary staffing company, the closing of XenTx operations in Durant, Oklahoma, and the sale of the Arizona Independent Power, Inc. subsidiary.

The impact of these changes can be summarized as follows:

-Total Liabilities are $4.9 million, which represents a reduction of $19.2 million from the prior year.

-Stockholders' Deficit improved by $10.8 million from the prior year.

-Total Assets were reduced by $8.3 million from the prior year.

-Because of a “one time” adjustment reflecting the restructuring of the Company, the Net Income (profit) increased to $3.1 million.

-Earnings Per Share (based upon 216,131,128 shares) is $0.014 per share.

-Cash On Hand increased by 172% to $93,609.

Green Planet Group Chief Executive Officer Edmond Lonergan noted, "Green Planet Group undertook a major restructuring during the past fiscal year that has continued through the first quarter of the current fiscal year (Fiscal 2015).  The significant one-time actions taken as a part of our Company's reorganization make comparison of past fiscal years' financial statements difficult.  Filing of our year end financials was delayed because of the complexities related to our restructuring."

Lonergan further stated, “Our Company made tremendous progress during the last quarter of our fiscal year.  We completed moving our headquarters into a new facility in Tempe, Arizona and opened our adjacent warehouse facility.  During the first ninety days of operation, XenTx Lubricants orders have exceeded $300,000 with much improved operating margins.  As previously announced, our Healing the Earth, Inc. subsidiary has secured $300,000 in initial funding and is currently building a proof of concept installation of our revolutionary plant growing system.  We are confident that Healing the Earth truly is the Future of Food™.  Every indication points to positive financial results in Fiscal 2015.”   

To view the complete filing, use the following link:  https://www.otciq.com/otciq/ajax/showFinancialReportById.pdf?id=123648

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 ininternal 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.

Forward-Looking Statements

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.

Contact: Jim Schoenberger

Phone: 602-614-0919

Email: jschoenberger@greenplanetgroup.com

 

Source:  Green Planet Group, Inc.