Green Planet Group (GNPG) Books First Quarter Profit of $2.9 Million
08/22/2019 | 09:01am EDT
SCOTTSDALE, AZ, Aug. 22, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Green Planet Group, Inc. (OTC PINK: GNPG), an emerging leader in green technology, announced today that the Company achieved $2.9 million in profit as reported in OTC Pink Sheet Limited Information Tier unaudited financials for the first fiscal quarter ended June 30, 2019. As reported in a June 12, 2019 news release, the Company successfully negotiated and settled a long-standing judgement of approximately $3 million, which is treated as debt relief income. Due to the Company’s Net Operating Loss Carryforward (NOL) there are no income tax consequences from this settlement. The settlement of this debt also reduced the Company’s long term liabilities from $11.6 million to $8.7 million, representing a reduction of approximately 40%.
Other highlights of the overall Company performance, as compared to the first quarter of the previous year, can be summarized as follows:
· Selling, general and administrative (SGA) expenses were reduced to $55,000 from $117,000 in the same period last year, which represents an improvement of approximately 53%.
· Loss from Operations was reduced by approximately $66,700 from the same period last year, which represents an improvement of almost 67%.
· Stockholders’ Equity was a positive $333,000, for the first time in Company history.
About Green Planet Group, Inc. The Company is comprised of four wholly-owned subsidiaries: one operating company and three development companies. XenTx Lubricants produces lubricants and additives for gasoline and diesel engines which reduce emissions and improve fuel economy. The Company's Healing the Earth subsidiary has developed a new Fast Track™ growing system capable of growing vast amounts of fresh, organic food with extremely low water use. AAQIS is developing a hydrogen generator which greatly reduces hydrocarbon emissions while improving fuel efficiency in internal combustion engines. Green Mining Technologies is developing green technologies for the mining of precious metals.
Forward-Looking Statements Certain statements contained herein are "forward-looking" statements (as defined -- Private Securities Litigation Reform Act of 1995). Green Planet Group, Inc. cautions that the statements made in this press release constitute forward-looking statements and no guarantees of future performance and actual results or developments may differ materially from projections in forward-looking statements. Forward-looking statements are based on estimates and opinions of management at time the statements are made.
Contact: Ken Bennett: email@example.com Phone: 480-422-8378