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 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."
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 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 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 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:
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."
Green Planet Group, Inc. (OTCBB:GNPG) announced today that its wholly owned subsidiary Lumea, Inc completed the filing of Chapter 11 for two of its subsidiaries, Lumea Staffing, Inc and Lumea Staffing of California, Inc. The other operating companies of Lumea and Green Planet Group are not affected by these filings.
These Chapter 11 filings will allow the Company to restructure the majority of its staffing business liabilities. These liabilities include $923,000 of secured claims and up to $25 million of unsecured claims. The management of the companies will be debtors-in-possession (DIP) while they develop reorganizational plans to resolve balances with their creditors and emerge as profitable entities.
In addition, Green Planet Group is in negotiations to receive an infusion of new capital to ensure that it will be in a position to continue its operations and execute its business plan.
Edmond L Lonergan, President/CEO, said: "Throughout the reorganization process, we will be conducting 'business as usual' and have taken every step possible to ensure that the Chapter 11 filings will not adversely affect our day-to-day temp staffing operations, nor the Company as a whole. Today's action will provide long-term relief from our debilitating legacy debt and allow us to pursue an ongoing strategy to build the Lumea staffing business into a national brand." Mr. Lonergan continued, "These filings will have no impact on Green Planets' shareholders other than when these two subsidiaries emerge as profitable entities; the share value is expected to reflect the overall improvement in the Company's balance sheet."
The subsidiaries' Chapter 11 cases are pending in the United States Bankruptcy Court for the District of Arizona, Case 2:11-bk-23582 and 2:11-bk-23585. Dean M. Dinner, of Nussbaun, Gillis and Dinner, P.C. serves as lead counsel to the Lumea Companies in their restructuring.
Green Planet Group, Inc. (OTCBB:GNPG) announced today that it filed its first fiscal quarter Form 10-Q with the Securities and Exchange Commission (SEC) earlier today. The highlights of the report are summarized below:
Net Sales from the quarter were $9.1 million.
Selling, General and Administrative expenses were further reduced by 11.7% reflecting the Company's continuing efforts to reduce costs while improving efficiency and productivity.
Depreciation and Amortization were reduced significantly because the Company wrote off all of the intangible assets at the end of the last fiscal year.
Cash provided from operations was $270,000 which represents an improvement of $383,800 over the prior year.
Total operating expenses were reduced to 22% from 26.7% from last year reflecting an improvement of 21%.
Edmond L Lonergan, President/CEO, stated, "Our first fiscal quarter for this year was very challenging and our overall performance reflected the general economy in the U.S. Revenues were flat and the impact of our new Xentx orders and Lumea acquisitions will not begin increasing revenues until September. During this quarter, we have expanded our sales and marketing efforts and they are just now beginning to positively impact our growth."
SCOTTSDALE, Ariz., Aug. 9, 2011 (GLOBE NEWSWIRE) -- Green Planet Group, Inc. (OTCBB:GNPG) announced today that its second largest holder of stock is now ACE American Insurance, which is one of the largest insurance companies in the world. ACE Limited, the Swiss-incorporated parent company is listed on the New York Stock Exchange (NYSE:ACE) and is a component of the SP 500 stock index.
Please go to www.SEC.gov to review Green Planets 8-K Filing that describes this transaction in more detail.
Green Planet Group, Inc (OTCBB:GNPG) announced today that it has filed a Form 8-K with the Securities and Exchange Commission detailing the strategy for acquiring Arizona Independent Power, LLC (AIP). Green Planet acquired AIP for one million shares of common restricted stock, a contingent Note payable of $2 million, paid when the initial investment is received and a second Note payable of $9 million when that Federal Energy Regulatory Commission (FERC) issues the license to construct and operate this Pump Storage project.
In general, pump storage projects needs to generate large capacities of electric power to be considered viable and are multiyear major construction projects. The Green Planet pump storage project will have a maximum generating capacity of 800 Mega Watts and a total design and cost of approximately $1.2 Billion. The proposed system has a 1,200 ft height difference between the upper and lower reservoirs so that when this system is producing electricity, it equals approximately one third of the output of the Hoover Dam.
This project will be funded primarily through both selling equity in the project and debt financing. Green Planet is currently in discussions with multiple investors that have an interest in providing the capital to complete this project. This financing strategy does not dilute the current equity of Green Planet shareholders and therefore management believes that this project should significantly increase shareholder value.
Green Planet Group, Inc (OTCBB:GNPG) announced today that it has filed a Form 8-K with the Securities and Exchange Commission detailing the strategy for acquiring Arizona Independent Power, LLC (AIP). Green Planet acquired AIP for one million shares of common restricted stock, a contingent Note payable of $2 million, paid when the initial investment is received and a second Note payable of $9 million when that Federal Energy Regulatory Commission (FERC) issues the license to construct and operate this Pump Storage project.
In general, the pump storage projects needs to generate large capacities of electric power to be considered viable and are multiyear major construction projects. The Green Planet pump storage project will have a maximum generating capacity of 800 Mega Watts and a total design and cost of approximately $1.2 Billion. The proposed system has a 1,200 ft height difference between the upper and lower reservoirs so that when this system is producing electricity, it equals approximately one third of the output of the Hoover Dam.
This project will be funded primarily through both selling equity in the project and debt financing. Green Planet is currently in discussions with multiple investors that have an interest in providing the capital to complete this project. This financing strategy does not dilute the current equity of Green Planet shareholders and therefore management believes that this project should significantly increase shareholder value.
Edmond L Lonergan, President/CEO, stated, "This exciting project will have a profound impact on Green Planet's bottom line and will also help Arizona to increase jobs and grow its industrial base."
Green Planet Group, Inc (OTCBB:GNPG) announced today that it has completed the Acquisition of Arizona Independent Power, LLC (AIP). AIP is now a wholly owned subsidiary of Green Planet. AIP has been researching and developing a renewable energy hydro project called Pump Storage. The initial federal preliminary permit has been issued to AIP by Federal Energy Regulatory Commission (FERC) for exportation, evaluation and environmental impact study regarding this project. The Preliminary Permit Project Number is 14061-000-Arizona and the estimated value of the project is $1.2 Billion.
Edmond L. Lonergan, President/CEO, stated, "We are pleased that we have successfully completed this acquisition because it adds a new and highly profitable technology to Green Planet."
Green Planet Group, Inc (OTCBB:GNPG) announced today that it has completed the Acquisition of Arizona Independent Power, LLC (AIP). AIP is now a wholly owned subsidiary of Green Planet. AIP has been researching and developing a renewable energy hydro project called Pump Storage. The initial federal preliminary permit has been issued to AIP by Federal Energy Regulatory Commission (FERC) for exportation, evaluation and environmental impact study regarding this project. The Preliminary Permit Project Number is 14061-000-Arizona and the estimated value of the project is $1.2 Billion.
Edmond L. Lonergan, President/CEO stated, "we are pleased that we have successfully completed this acquisition because it adds a new and highly profitable technology to Green Planet."
Green Planet Group, Inc. (OTCBB:GNPG) announced today that it has completed negotiations to acquire Arizona Independent Power, Inc. (AIP) which will become another wholly owned subsidiary of Green Planet.
Arizona Independent Power has been researching and developing a pump storage project that will be located near Phoenix, Arizona. Pump Storage is defined as a renewable energy source that is always available to generate electricity unlike the intermittent problems that plague solar and wind systems. Pump Storage is not a new concept, this technology was originally developed in Europe in the late eighteenth century and there are approximately 90 generating systems currently operating in the U.S. What is unique about building a system in Arizona is that the most important element of the design is the difference in elevation between two reservoirs and the proposed site has a difference of at least 1,200 ft. This has the potential of generating enormous amounts of renewable electric power which could have a profound impact on the growth of Arizona and surrounding states.
Edmond L. Lonergan, Pres/CEO stated, "We are very excited about this acquisition because it brings renewable energy technology into the Green Planet Group which in the future should substantially increase shareholder value."
Green Planet will provide additional information regarding this project in future news releases.
Highlights of the year include:
Revenues from our staffing business were lower than the previous year primarily because we terminated the previous management team and the resulting disruptive impact on our current operations. In addition, we evaluated each staffing client regarding their safety record, payment record and profitability and we terminated the clients that failed to meet our guidelines. This action was the primary reason gross margin improved so much. Revenues from our fuel efficiency and emissions reduction products were almost the same as the previous year, and although we have numerous significant opportunities to increase sales we still need to increase our efforts to grow revenues significantly this fiscal year.
The first part of our strategy to restructure the company's finances was completed as of year end, with the write off of both intangible assets and goodwill which increased our loss to $15.4 Million on revenues of $37 Million. We are now concentrating on various strategies to reduce debt.
Edmond L. Lonergan, President/CEO stated, "During this past year we believe we laid the foundation to improve our future overall performance including revenues, operating costs, profitability and shareholder value."
For more information, please visit www.SEC.gov.
Management Projects Doubling of Revenues Over the Next Year
Green Planet Group, Inc. (OTCBB:GNPG) announced today that its wholly owned subsidiary, Lumea Inc., has acquired an additional $4 million light industrial staffing business in the Mid West. Included with this acquisition is a new experienced, highly qualified management team.
To integrate this additional business, Lumea plans to open a new office in the Chicago Metropolitan area, and, as dictated by revenue growth, additional offices will be opened as needed. Projections include expanding operations into Indiana and Wisconsin.
Edmond L. Lonergan, President/CEO, stated, "This acquisition not only immediately increases Lumea's revenues, the new management team projects that it will double its revenues over the next twelve months."
Test Vehicle Working Every Weekend - Green Planet Group, Inc (OTCBB:GNPG) announced today that the hydrogen test vehicle, a Ford Crown Victoria V8, Yellow Cab was placed back into service over the July Fourth Holiday weekend and will continue working every weekend through the summer. This decision was made because the engineering team wanted to verify that the majority of the computer and power controller issues have been resolved. Putting this vehicle into a "real world" test will provide fuel economy, emissions reductions and reliability data that will confirm the value of this technology.
Please click the following link to view an image associated with this release https://www.issuerdirect.com/corporate/mediaroom/69136
Edmond L Lonergan, President/CEO stated, "These types of tests provide much needed feedback to our engineering team so that it can continue to improve both the reliability and functionality of the system."
Green Planet Group, Inc. (OTCBB:GNPG) announced today that its wholly owned subsidiary Xentx Lubricants, Inc. received an initial order for $1,000,000 to private label its Xentx and Synergyn products for sale across Canada. Shipments will begin this September and will continue monthly.
Mike Dyson, President of Xentx Lubricants, stated, "we competed with numerous other specialty lubricant manufacturers for this contract, and we were awarded this contract because of the quality of our products and our competitive price." Mr. Dyson continued, "we believe that this new relationship could develop into a long term, multi year contract which could increase yearly revenues by approximately $3,000,000."
Green Planet Group, Inc. (OTCBB:GNPG) announced today that it was featured in a news release by Serious Spectator (dated June 22, 2011) that described the current status of its ongoing hydrogen generator vehicle test. Please visit: http://serious-speculator.com/2011/06/22/green-planet-group-teams-with-southern-calif-inventor-to-market-gas-saving-hydrogen-generator/ to review this informative article.
About 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.
Green Planet Group, Inc (OTCBB:GNPG) announced today that the Global Energy hydrogen generator was installed in the test vehicle and road testing began June 10, 2011.
The hydrogen generator that is installed has three modules, the reactor, the gas filter and the electronic controls. The test vehicle is a Ford Crown Victoria with a V8 gas engine that was provided by a local cab company. If this test continues to be successful, then the cab company will become our first fleet wide customer. The equipment consists of four hydrogen reactors connected together with the gas filter and the computer controls.
The results to date have been extraordinary with an approximate improvement of 60% in fuel economy and a significant reduction in harmful emissions. There have been some inconsistencies between each field test and modifications to the power control system have reduced these variances. There is still more work needed to improve the computer controller to maximize the system performance.
"We are pleased with the results to date which is confirming the viability of our hydrogen technology," stated Edmond Lonergan, President/CEO of Green Planet. "As promised, we will continue to inform all interested parties on our progress with future news releases."
Green Planet Group, Inc (OTCBB:GNPG) announced today that it has completed the negotiations to acquire Global Energy International, LLC and the formal closing of this acquisition is expected before June 30, 2011. Global Energy has developed an in-vehicle hydrogen generator that will improve fuel economy by at least twenty (20) percent.
Global Energy has been researching and developing a new method of using the excess power from a vehicle's alternator to separate water into its basic components of hydrogen and oxygen. The hydrogen gas is then routed into the air intake manifold and then into the combustion chamber. Although other companies are working on similar technology, none have achieved the efficiency of Global Energy. The immediate impact is an improvement in fuel economy of at least 20% and a reduction of approximately 60% in harmful emissions.
"This hydrogen technology supplements over current Xentx products by adding a new dimension to Green Planet's efforts to become the World Leader in improving fuel efficiency and reducing harmful emissions," stated Edmond Lonergan, President/CEO. "Coupled with Xentx Extreme Engine Treatment, total fuel economy will be increased by approximately 26%. Field tests will begin within 10 days to confirm our performance projections."
"We are pleased to be joining Green Planet Group and believe that together we can become the dominant supplier of these technologies World Wide," stated Arnie Boyle, President of Global Energy. "The impact on future revenues could eventually be hundreds of millions."
The Company will continue to provide news releases during the upcoming test to inform all interested parties on its progress.
Trucking Companies Place New Order - Green Planet Group, Inc. (OTCBB:GNPG) announced today that its wholly owned subsidiary, Xentx Lubricants, Inc., received two additional trial orders for Xentx Diesel Fuel Treatment from two trucking companies in Costa Rica.
The two trucking companies, Transportes Guerrero, Inc. and Cesueceria, Inc. provide logistics and freight services throughout Central America. Both of these trucking companies are attempting to increase their profitability by improving their overall fuel efficiency while at the same time saving the environment by reducing harmful emissions. Fuel savings should be at least six percent and exhaust emissions should be reduced up to eleven percent. In addition, virtually all of the black smoke from the exhaust will be eliminated.
Edmond Lonergan, President/CEO of Green Planet Group, stated, "Adding two more consumers in Central America within three weeks of our May 10, 2011 announcement proves that these companies have determined that to remain competitive, they must keep up with the latest technology. We hope this is just the beginning of receiving numerous orders from other freight companies in this region."
Nursing Revenues Increasing Significantly - Green Planet Group, Inc (OTCBB:GNPG) announced today that Lumea's nursing subsidiary Mercy Nursing has just launched its new website and marketing program. This new program and website marks a key milestone in the Company's efforts to increase its visibility, market share and revenues. Over the past two months revenues have increased by approximately twenty percent. Continued revenue growth will be generated from (1) expanding our current activities in Illinois and (2) through an aggressive acquisition strategy.
Mercy Nursing provides quality private duty care and it works individually with each client to determine the level of care needed in order to provide the quality service they deserve. In addition, it provides Staff Relief Services for nursing homes, hospitals, physician's offices or other health care professionals. The revenues generated from these services are projected to grow significantly because the Department of Labor has determined that the occupation with the largest growth through 2018 is Registered Nurses. There is a shortage of nurses; therefore, the current nurse population is both over stressed and over worked. Mercy Nursing provides qualified nursing personal to maintain care levels while providing "time off" for nursing staff.
Mercy Nursing Services is licensed through the Illinois department of Public Health as a Home Health agency, a Home Nursing agency and a Home Services agency. In addition, it is an approved agency for most government programs including DCFS, DRS, DSCC, IHFS and VA and our agency is a preferred provider for numerous insurance companies.
"With the projected rapid growth of the home health care industry, particularly as the "baby boomers" age, Mercy Nursing is well positioned to take full advantage of this growing market," stated Edmond Lonergan, President/CEO of Green Planet Group.
For more information, please visit our website www.mercynursing.com.
Green Planet Group, Inc. issued a press release today announcing they are moving the corporate offices of Lumea Staffing and Green Planet Group and the release below corrects the job titles of Catherine Sheets to Vice President and Barbara Young to Agency Manager.
Green Planet Group, Inc. (OTCBB:GNPG) announced today that it's moving both corporate offices of Lumea Staffing and Green Planet Group as of May 20, 2011. The new locations are closer and more convenient to the central business area of Scottsdale and at the same time reduces rent expense and related costs by almost fifty percent.
"We are moving Lumea into its own corporate headquarters because we have improved its overall performance and have assembled an incredible management team," stated Edmond Lonergan, President/CEO. "Lumea is now ready to implement its growth strategy."
The new management team primarily consists of Laura Kindsfater, VP of Operations/Human Resources, Georgiann Swain, VP of Sales, Lori Abbott, Controller/Cash manager, Catherine Sheets, Vice President, Barbara Young, Agency Manager and Kimra Martin, Sales Manager for Aviation, Aerospace and Energy. Together this management team has over 64 years of experience in the staffing industry.
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