Green Planet Group, Inc. (OTCBB:GNPG) announced today results for the fiscal 2011 third quarter ending December 31, 2010. The results are detailed in the company's quarterly report on Form 10-Q filed yesterday with the Securities & Exchange Commission.
Highlights for the Quarter include:
* Net Income (Profit) for this quarter was $167,814 versus a loss of $2.7 million from the same period last year. * Cash generated from operations was $924,838. * Selling, General and Administration Expenses decreased by 41% to $1.9 million which represents an improvement of $1.3 million from the prior year. * Income from operations was $93,460 which is an improvement of $1.8 million from the prior year. * Current Liabilities were reduced to $18.2 million from $32.1 million or an improvement of $13.9 million. * Interest Expense decreased by $.97 million primarily as a result of interest forgiveness and adjustments to derivatives and accruals. * The Company successfully negotiated a conversion of $1,575,723 of debt to preferred stock.
Lastly, we expect to announce new orders for our fuel efficiency and emission reducing technologies within the next sixty days which should have significant impact on future revenues," concluded Mr. Lonergan _______________________________________________
Green Planet Group, Inc. (OTCBB:GNPG) announces today that its senior management team has purchased 5,500,000 shares of restricted common stock at a cost of $.02 per share. The financial impact of these purchases reduces the debt owed to management by $110,000 and therefore will have a positive impact on profits. ________________________________________________
Xentx Lubricants has begun negotiations with HU NANLI&AN to initially deliver full containers (84 drums) from Durant, OK and ship them to China through the Port of Los Angeles. The value of this initial order will be approximately $225,000. _______________________________________________ Those are just a few of the highlights.
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