TEMPE, AZ–(Marketwired – Apr 12, 2016) – Green Planet Group, Inc. (OTC PINK: GNPG), an emerging leader in green technology, announced today that it has reduced its debt load by approximately 68%, as follows:
- The Company’s largest creditor, Shelter Island Opportunity Fund, has agreed to reduce its outstanding note for incurred interest and penalties from $2,980,000 to $250,000, a reduction of $2,730,000. This reduction of debt requires that the Company raise the $250,000 by May 31, 2016.
- The Company had a loan (plus interest) from a local bank in Oklahoma totaling approximately $156,000. Recent Court documents show the outstanding balance due is $0.00.
- One of the Company’s major investors, having invested $500,000 with accumulated interest of $30,000, has chosen to exercise their option to convert the $530,000 into 79 million shares of restricted common stock.
- Edmond L. Lonergan, GNPG president and CEO, has received approval from the Company board of directors to convert all of his outstanding debt of $90,000 into restricted common shares at the average price over the last fiscal quarter ($0.008/share), totaling 11.2 million shares.
These reductions in Company debt will not have any negative impact on its corporate tax liabilities. The total reduction of Company liabilities is $3.5 million, which represents approximately 68% of total liabilities. The impact of this debt reduction will be reflected in the Company’s fiscal year end, 2016.
In other news, Green Planet Group has completed filings to achieve full compliance with the OTC regarding its rules for disclosure. The “yield” sign, previously displayed on the Company’s OTC Pink Sheets listing, has been removed. Company management is committed to maintaining full disclosure compliance henceforth.
About Green Planet Group, Inc.
The Company is comprised of four wholly-owned subsidiaries: one operating company and four development companies. XenTx Lubricants, Inc. produces lubricants and additives for gasoline and diesel engines. AAQIS, Inc. is developing a hydrogen generator which greatly reduces hydrocarbon emissions while improving fuel efficiency in internal combustion engines. Green Mining Technologies, Inc. is developing green technologies for the mining of precious metals. The Company’s Healing the Earth subsidiary is developing a new Fast Track™ growing system capable of growing vast amounts of fresh, organic food.
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.
