AMNE Issues Corporate Update Including Financial Strength
NEW HAVEN, CT -- (Marketwire) -- 09/02/09 -- American Green Group, Inc. (PINKSHEETS: AMNE) (www.americangreengroup.com) is pleased to have completed the process for the Company to receive a PS status from Pink Sheets. AMNE has integrated all of its accounting to make it easier to produce its financial statements in a timely manner so it can maintain the PS status and improve its future listing status.
The Company reported in its financials for the period ending June 30, 2009 sales of $417,050 with the majority of the sales coming in the months of May and June, the Company also reported cash on hand of $128,127. The Company currently has cash on hand of $230,000 and receivables of 360,000, which the Company believes will be 100% collected over the coming weeks.
AMNE has a monthly burn rate of $40,000 per month with the combined cash and on hand and receivables the Company can sustain operations for 15 months without any additional revenue.
Currently the Company is working on expanding its sales force through Paradigm for Ecosafe Foam, which will help to preserve and grow the Company's cash position.
The Company believes all other remarks made in the release to be accurate to the best of their knowledge.
AI
