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Green Planet Group Continues Financial Improvement

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Company Debt Reduced by $542,000

TEMPE, Ariz., Feb. 27, 2015 /PRNewswire/ -- Green Planet Group, Inc. (OTC PINK: GNPG), an emerging leader in green technology, has filed financial statements for the nine month period ending December 31, 2014.  The financial results reflect revenues from the XenTx Lubricants, Inc. subsidiary and research and development expense related to the development of the Company's Healing the Earth, Inc. Fast Track™ Food Growing System and AAQIS, Inc. On-Demand HHO Generator technology.

The Company's nine month financial results can be summarized as follows:

  • XenTx Lubricants inventory investment continues and is $208,976, representing an increase of $68,788 or 49% over the prior quarter.
  • Research and Development costs increased to $253,339 representing an increase of $59,263, or 31% over the prior quarter.
  • Operating Loss increased as expected to $431,508 from $254,472 as a result of the continued investment in R&D and additional XenTx inventory investment.
  • Outstanding Liabilities were slightly reduced by $71,194 from the prior quarter as a result of reducing both Accounts Payable and payroll liabilities.
  • XenTx gross margin for the third quarter was 34% as compared to 31% for the prior quarter, representing an improvement of approximately 10%.

Subsequent to filing the third quarter financial reports, the Company was informed of a very positive step in the reduction of debt related to the closing of the XenTx Lubricants production facility in Durant, Oklahoma.  Upon closure of the Durant facility and the reduction in related operating costs, debt owed on the building and real estate was $541,781.  Company management has continued to negotiate with the mortgage holder and, as of 2/20/2015, received confirmation that this debt has been forgiven, resulting in a one-time increase in income of $541,781.  This significant reduction in Current Liabilities will impact the current fiscal quarter and be reported in fiscal year end financials dated 3/31/2015.   

To view the complete filing, use the following link: 
https://www.otciq.com/otciq/ajax/showFinancialReportById.pdf?id=133006

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.

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: 480-422-8386
Email: jschoenberger@greenplanetgroup.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/green-planet-group-continues-financial-improvement-300042881.html

SOURCE Green Planet Group, Inc.

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