News
- Green Planet Group Completes AcquisitionsPosted: Mon, March 8, 2010
SCOTTSDALE, Ariz., March 8, 2010 (GLOBE NEWSWIRE) -- Green Planet Group, Inc. (OTCBB:GNPG) announced today that its wholly owned staffing subsidiary Lumea has successfully acquired two staffing companies, Industrial Staffing Concepts Corporation and Provincia Staffing, as it continues to implement its staffing industry roll-up.
Staffing Concepts Corporation, located in Florida, is a light industrial staffing company which will be integrated directly into Lumea's current operations. Provincia Staffing of Phoenix, Arizona, is both a light industrial Staffing and professional staffing company, which has a strong reputation in the information technology sector. Provincia will become a wholly owned subsidiary of Lumea.
The assets of both companies were acquired for cash payments, Promissory Notes and restricted common stock for a combined value of $315,000. The two acquisitions will immediately increase Green Planet Group's consolidated annual revenues by approximately $5 million and will be accretive to earnings.
Both Provincia and Industrial Staffing Concepts have relationships with several industrial/commercial clients, which are now potential customers of the Company's green, energy conservation and emissions reducing products. In addition, Provincia provides Green Planet with enhanced IT capabilities, which will enable Green Planet Group to both improve its implementation and reduce costs of expanding its web presence. This will include completing both a new e-commerce sales website and Facebook sites (Green Planet Group & Gnpg Green). For additional information about Provincia Staffing, please visit www.provinciastaffing.com.
Green Planet Group, Inc. (OTCBB:GNPG) is based in Scottsdale, Arizona, and engages in ongoing research and development to create products and services that enhance our environment. The Company's revenues are currently derived from the production and distribution of fuel-based energy conservation and clean-air products, as well as through the placement of members of the growing ranks of the unemployed into meaningful "green collar" careers. For additional information, please click here.
SAFE HARBOR: Forward-Looking Statements
These forward-looking statements reflect the Company's current views with respect to future events and financial performance and are subject to certain risks and uncertainties. Actual results could differ materially from those implied by such forward-looking statements. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be attained. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.CONTACT: MWW Group, Los Angeles
Media Contact:
David Langness
213-486-6560, ext. 309
Cell: 310-702-1919
dlangness@mww.com
- Green Planet Group Reports Fiscal 2010 Third Quarter Results on Form 10-QPosted: Tue, February 23, 2010
Revenues increase to $15.7 Million from $674,000
February 23, 2010--SCOTTSDALE, AZ-- Green Planet Group, Inc. (OTCBB:GNPG), announced today results for the fiscal 2010 third quarter ending December 31, 2009. The results are detailed in the company’s quarterly report on Form 10-Q filed today with the Securities & Exchange Commission.
Highlights for the Quarter include:
• Third quarter revenues increased to $15.7 million compared to $0.7 million the same quarter last year.
• Fiscal year-to-date, revenues increased to $48,825,923 as compared to $3,040,728 reported for the same period last year.
• Third quarter gross profit increased to $2.1 million, or 13.1% of revenues, compared to $0.3 million, or 45.4% of revenues, reported during the same period last year.
• Cash balance increased to $533,898, up from $69,560 reported as of December 31, 2008.
• Cash provided from operating activities for the first nine months of fiscal 2010 increased to $904,000, a significant improvement from cash used by operating activities of $(1,073,611) in the same period last year.“We are pleased to report that our cash flow from operations increased significantly during this past quarter,” said Edmond Lonergan, Green Planet Group CEO. “We continue to execute our growth strategy which includes acquisitions, expanding our sales of emission reducing/fuel efficiency products and implementing our Green Mining Technologies”.
For the full 10-Q Filing please visit: http://www.sec.gov/Archives/edgar/data/1372533/000107654210000045/p0237.htmAbout Green Planet Group
Green Planet Group, Inc. (OTCBB:GNPG) is based in Scottsdale, Arizona and engages in ongoing research and development to create products and services that enhance our environment. The Company's revenues are currently derived from the production and distribution of fuel-based energy conservation and clean-air products, as well as through the placement of members of the growing ranks of the unemployed into meaningful “green collar” careers. For additional information, please click here.SAFE HARBOR: Forward-Looking Statements
Statements in this press release that are not historical in nature are forward-looking statements that involve known and unknown risks and uncertainties. Words such as "may," "will," "expect," "intend," "plan," "believe," "seek," "could," "estimate," "judgment," "targeting," "should," "anticipate," "goal" and variations of these words and similar expressions, are intended to identify forward-looking statements. These forward-looking statements reflect the Company's current views with respect to future events and financial performance and are subject to certain risks and uncertainties. Actual results could differ materially from those implied by such forward-looking statements. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be attained. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.Contact:
MWW Group
David Langness, 213-486-6560, x309 office
310-702-1919 cell
dlangness@mww.com - Green Planet Group Files AmendmentPosted: Mon, February 22, 2010
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Green Planet Group, Inc. (OTCBB:GNPG - News) announced today that on February 22, 2009 , Green Planet Group, Inc. filed an amended annual report on Form 10-K/A and amended quarterly reports on Forms 10-Q/A for the periods ended June 30, 2009 and September 30, 2009 as a result of its reevaluation of the application of generally accepted accounting principles to derivatives and embedded derivatives for the periods from September 30, 2006 through September 30, 2009. For the periods from September 30, 2007 through March 31, 2009 the restatements are included in the Form 10-K/A, and the restatements for the periods ended June 30, 2009 and September 30, 2009 are included in the respective filings for those periods.
The cumulative effect of these restatements was to reduce the cumulative loss for the three years ended September 30, 2009 by $9,306,489, reduce the accumulated deficit by the same amount and reduce additional paid in capital by $13,587,584. As a result, the effect of the restatements at September 30, 2009 was that the additional paid-in capital was $15,486,383 and the accumulated deficit was $26,246,315 and total stockholders’ equity/(deficit) was $(10,628,444).
Liabilities were changed by an increase of $2,527, 050 to the convertible notes representing the embedded derivative value of the conversion feature and a net increase over the periods of $888,667 for fair value of the derivative, comprised of warrants and options to acquire 20,725,000 shares of the Company’s common stock at an average exercise price of $1.95 per share, and ranging from $0.04 to $2.50 per share.
“We are very pleased to have completed this technical restatement and to have filed our amended annual report on Form 10-K/A, and amended quarterly reports on Forms 10-Q/A for the periods ended June 30, 2009 and September 30, 2009,” commented James Marshall, Chief Financial Officer of Green Planet Group. “These changes to our financial statements have no impact on revenues, income/(loss) from operations or cash flow. Green Planet Group is committed to maintaining the highest possible standards in financial reporting and is taking the necessary steps to ensure that all accounting policies and procedures are applied properly in the future.”
On August 7, 2009, the Company filed a current report on Form 8-K Item 4.02 Non-Reliance on Previously Issued Financial Statements. The above referenced Form 10-K/A and Forms 10-Q/a filings supersede the August, 2009 status.
For specific information and details of these restatements you are encouraged to read the applicable filings with the SEC that can be found at http://www.sec.gov/edgar/searchedgar/companysearch.html and enter the company name and select the applicable filing.
Green Planet Group, Inc. (OTCBB:GNPG - News) is based in Scottsdale, Arizona and engages in ongoing research and development to create products and services that enhance our environment. The Company's revenues are currently derived from the production and distribution of fuel-based energy conservation and clean-air products, as well as through the placement of members of the growing ranks of the unemployed into meaningful “green collar” careers. For additional information, please click here.
SAFE HARBOR: Certain information included herein may contain statements that are forward looking, such as statements relating to plans for future expansion and other business development activities. Such forward-looking information is subject to changes and variations which are not reasonably predictable and which could significantly affect future results.
Media Contact:
David Langness
MWW Group, Los Angeles
213-486-6569, ext. 309 office
310-702-1919 cell
dlangness@mww.com - Green Planet Group Grows Revenues AgainPosted: Wed, January 20, 2010
SCOTTSDALE, Arizona, January 20, 2010—(BUSINESS WIRE): Green Planet Group, Inc. (OTCBB:GNPG) announced today that its revenues for the fiscal third quarter ended December 31, 2009 increased to $15,618,000, compared to $675,000 during the comparable quarter in the prior year. Total revenues for the first 9 months were $48.55 million versus $3.04 million for comparable period last year.
The company’s recent strong revenue growth comes primarily from its successful “green-collar” acquisitions strategy in the industrial and commercial staffing sector. Green Planet Group has acquired one major staffing company in the past eleven months; and has at least three more similar candidates in its acquisitions pipeline.
“Green Planet Group’s revenue growth has accelerated through the third fiscal quarter,” said Edmond L. Lonergan, President/CEO of Green Planet Group, “which continues to positively impact all areas of the company. We believe that this trend will not only continue but actually increase during the fourth fiscal quarter. Even with the current economic conditions, we expect our strategy to keep driving positive revenue growth through 2010.”
Green Planet Group, Inc. (OTCBB:GNPG) is based in Scottsdale, Arizona and engages in ongoing research and development to create products and services that enhance our environment. The Company's revenues are currently derived from the production and distribution of fuel-based energy conservation and clean-air products, as well as through the placement of members of the growing ranks of the unemployed into meaningful “green collar” careers. For additional information, please click here.
SAFE HARBOR: Forward-Looking Statements
Statements in this press release that are not historical in nature are forward-looking statements that involve known and unknown risks and uncertainties. Words such as "may", "will", "expect", "intend", "plan", "believe", "seek", "could", "estimate", "judgment", "targeting", "should", "anticipate", "goal" and variations of these words and similar expressions, are intended to identify forward-looking statements. These forward-looking statements reflect the Company's current views with respect to future events and financial performance and are subject to certain risks and uncertainties. Actual results could differ materially from those implied by such forward-looking statements. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be attained. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.Media Contact:
David Langness
MWW Group, Los Angeles
213-486-6569, ext. 309 office
310-702-1919 cell
dlangness@mww.com
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