Generation Zero Group, Inc. (OTCPK:GNZR) announced a private placement of convertible promissory note for gross proceeds of $25,000 on July 11, 2013. The transaction will include participation from Richard Morrell, Chief Executive Officer and President of the company. The convertible note bears interest at the rate of 10% per annum payable monthly and will mature on July 10, 2015. The convertible note is convertible into common shares of the company at $0.08 per share. The company will have to provide Richard Morrell at least thirty, but not more than sixty days prior notice if the company decides to pre-pay the convertible note. David M. Loev of The Loev Law Firm, PC will act as legal advisor to the company.

On July 11, 2013, Generation Zero Group, Inc. closed the transaction.