TEMPE, AZ–(June 12, 2019) – Green Planet Group, Inc. (OTC PINK: GNPG), an emerging leader in green technology, announced today that the Company has settled a judgement representing a longstanding debt of over $3 million. This debt, originally owed to Shelter Island Opportunity Fund (SIOF), has been settled with the hedge fund which acquired it following the bankruptcy of SIOF.
Ken Bennett, Green Planet Group president and CEO, noted, “The settlement of this debt is our most important financial accomplishment in recent history. It has a tremendously positive impact on the Company’s balance sheet and eliminates the single greatest impediment to our Company’s success in attracting the investment necessary for our growth into a successful, profit-driven corporation.”
Debt write-offs are accounted for as income; therefore, Green Planet’s First Quarter profits are projected to be $2.7 million and GNPG management anticipates that the Company will be profitable for the current fiscal year. Due to the Company’s Net Operating Loss Carryforward, there will be no federal tax impact from the debt settlement. Green Planet Group management has instituted new investment initiatives while re-engaging investment discussions with numerous potential investors. Bennett continued, “This settlement opens the door not only for generation of new investment, but also attraction of new management team members, new business partnerships and expansion of a worldwide sales effort.”