News
- Green Planet Files Second Quarter 10-Q - Earnings of $.10 Per SharePosted: Tue, November 22, 2011
Green Planet Group, Inc. (OTCBB:GNPG) announced today that it filed its second fiscal quarter Form 10-Q with the Securities and Exchange Commission (SEC) earlier today. The Company has earnings of $.10 per share which is the result of accounting requirements regarding the filing of Chapter 11 on two of its staffing subsidiaries, Lumea Staffing, Inc. and Lumea Staffing of CA, Inc.
In accordance with Accounting Standards Codification (ASC 810), when a subsidiary becomes subject to the control of a Court, deconsolidation of that subsidiary is required. Therefore, we have deconsolidated these two subsidiaries as of August 18, 2011. This results in a one time gain of $18,472,331 and it's this gain that has provided the earning per share for the quarter just ended. In addition, this deconsolidation impacts every aspect of the Company's financial statements because most financial activity prior to August 18, 2011 is omitted.
Edmond L Lonergan, President/CEO stated, "The impact of deconsolidation on the Company's financial statements is profound, therefore, I urge anyone interested in obtaining additional information to go to the SEC website and read our 10-Q filing in detail."
Green Planet's 10-Q filing can be obtained from http://sec.gov/Archives/edgar/data/1372533/000107654211000144/p1115.htm
- Green Planet Provides XenTx UpdatePosted: Tue, November 8, 2011
Green Planet Group, Inc. (OTCBB:GNPG) announced today that its wholly owned subsidiary, XenTx Lubricants, Inc., continues to increase its revenues particularly with new international orders.
XenTx Lubricants just successfully completed negotiations with a distributor in Ghana for a container of its Synergyn Octane Booster and the initial order included a fifty percent cash deposit. This order will be shipped from our Durant facilities by the end of November. We project that this new distributor will increase their purchases to approximately $1.5 million per year. Secondly, a distributor in Serbia has placed an order for two 55 gallon drums of the XenTx Diesel Fuel Treatment for evaluation purposes. Their goal is to improve fuel economy while reducing emissions for the entire transit system. After a successful test, the amount of product required will not be shipped from Durant because the freight costs would be too expensive. Therefore, as volume increases, we would expect to manufacture the additive in Serbia.
Lastly, the sales of our private label products for distribution in Canada continue to increase which has resulted in the distributor wanting to expand their product offerings. The goal is to have the new products available and ready for shipment by March of next year. The projected annual revenues after introducing the new products, will be approximately $3 million.
Edmond L Lonergan, President/CEO stated, "These international sales validate that the XenTx technology is gradually becoming accepted Worldwide. Over the next few years, these revenues will increase and help us to meet our financial goals."
- Hot Rod's Jo Coddington Teams Up With Green Planet GroupPosted: Tue, October 25, 2011
Green Planet Group, Inc. (OTCBB:GNPG) announced today that it will team up with Jo Coddington of Discovery Channel's "American Hot Rod", which draws millions of fans each week to watch legendary hot rodders Boyd and Jo Coddington and crew as they conceptualized, designed, built and unveiled a continuing lineup of cutting-edge hot rods.
Jo will serve as business development expert for XenTx Lubricants, Inc (a wholly owned subsidiary of Green Planet) to promote their world class additive products that reduce emissions and improve fuel economy. Depending on the application, emissions can be reduced up to thirty percent and fuel economy can be improved up to fifteen percent.
The product formulas are unique to XenTx Lubricants and it is responsible for all manufacturing and packaging of these products at its Durant, OK facility. XenTx or Synergyn brand name and the first three products that Jo will promote are XenTx Extreme Diesel Fuel Additive, XenTx Engine Treatment and XenTx Heavy Duty drivetrain lubricants.
Edmond L Lonergan, President/CEO stated, "We are excited about having Jo on our team. She brings immense knowledge of the auto industry which also increases our sales and marketing knowledge which will in turn help us to promote the brand to a larger audience and her fans."
XenTx is registered by the Environmental Protection Agency (EPA). More attention has been given to fuel additives in recent years as a way to reduce dependency on foreign oil and cut greenhouse emissions in the transportation industry.
- Green Planet Provides Financial UpdatePosted: Tue, October 18, 2011
Green Planet Group, Inc. (OTCBB:GNPG) is providing an update regarding the current status of its ongoing financial activities, including the two Lumea subsidiaries that are being reorganized.
Green Planet's second fiscal quarter (ending September 30, 2011), revenues are approximately $8.8 million as compared to $9.1 million last quarter. The slightly lower revenues are due to three major staffing customers either shutting down their operations or greatly reducing their staffing needs. Otherwise, staffing revenues are gradually increasing. Our new Chicago office is just now positively impacting revenues.
The Company filed Chapter 11 on two of its five Lumea subsidiaries, all of which are still operating effectively. As noted above, revenues have not declined as a result of our reorganization efforts. The Court has given Lumea until December 15, 2011 to present a plan of reorganization and this plan is currently being developed.
Edmond L Lonergan, President/CEO stated, "Filing the plan of reorganization is allowing Lumea to conduct its 'business as usual' while at the same time provide a relief from its legacy debt and provide the opportunity to build Lumea into a national business." Lonergan continues, "The positive impact on our cash position is another indication that our reorganization efforts are succeeding."
- Green Planet Posts Shareholder Conference CallPosted: Fri, September 2, 2011
Green Planet Group, Inc. (OTCBB:GNPG) announced today that it recorded the shareholder conference call from yesterday and has stored it on the Green Planet Group website. This was done in response to numerous shareholder requests.
To listen to the conference call, click on this link
Sept 1 2011 Investor meeting.mp3
Edmond L Lonergan, President/CEO stated, "We have recorded this live conference call and we invite all interested parties to listen and to get an update regarding the current status and growth strategies of Green Planet. Thanks to all shareholders that participated."
- Green Planet to Host Conference Call September 1, 2011Posted: Wed, August 31, 2011
Green Planet Group, Inc. (OTCBB:GNPG) announced today that Edmond L. Lonergan, Pres/CEO and Gabe Rodriguez, Director of Public Relations have scheduled a conference call for all investors, shareholders and any other interested parties so that they can update the callers as to the current status and pending growth strategies of Green Planet Group. This 60 minute call is scheduled to begin at 4:00 PM (EDT) on Thursday, September 1, 2011 and to participate, please call (712) 432-0075, then key in the participant access code 466825#.
The Company will read a prepared opening statement and then begin the question and answer session. In order to have the Company's President/CEO answer a specific question, please e-mail your question no later than noon (EDT) Thursday 9/1/11 to info@greenplanetgroup.com or call E Relations Group at 623-255-5750.
The recording of this call can be heard by following this link:
- Xentx Lubricants Launches Private Label LinePosted: Fri, August 26, 2011
Revenues Estimated to be $1.2 Million in the First Year
Green Planet Group, Inc (OTCBB:GNPG) announced today that its wholly owned subsidiary, Xentx Lubricants, Inc, is on schedule to begin delivery of a private label line of products for Canadian consumption.
The product formulas are unique to Xentx Lubricants and it is responsible for all manufacturing and packaging of these products. These products will be sold under the VIRAL LUBRICANTS brand name and the first three products introduced will be a 10W-40 synthetic blend engine oil, 10W-40 synthetic engine oil and OW-30 synthetic blend engine oil. The product line will be expanded as sales increase.
Edmond L Lonergan, President/CEO stated, "We are excited about helping to launch this new brand of products and we believe that this will grow to become a major part of our Xentx revenues."
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