Green Planet Signs Settlement Agreement
30 7월 2012 - 9:45PM
Marketwired
Green Planet Group, Inc. (PINKSHEETS: GNPG) announced today that it
has negotiated a Settlement Agreement and Mutual Release with ACE
American Insurance (ACE) effective July 31, 2012. The impact of
this Agreement is very significant and is summarized as follows:
a. Green Planet will purchase 9,955,500 common shares from ACE
and return them to its treasury which will reduce the number of
shares outstanding by approximately 6%, while increasing
shareholder equity for the Company. b. Green Planet also acquires
the two outstanding notes that it issued when it acquired the
assets of ESSI. The sum amount of these notes, including unpaid
interest, is $5,047,225. These notes will be cancelled thereby
eliminating the debt and reducing our liabilities, which will also
increase shareholder equity by $5,047,225 (currently more than our
current market cap). c. In addition, Green Planet previously noted
in its prior SEC filings that it had potential liabilities of
approximately $11 million relating to these legal issues. The
signing of the Settlement Agreement cancels these liabilities. d.
The settlement calls for Lumea to make 11 payments of $15,000
through October 2013 and then make a balloon payment of $85,000
plus accumulated annual interest at 6% in November 2013. The total
principal paid will be $250,000. In addition, with every $15,000
payment ACE returns one million shares to Green Planet's
treasury.
Edmond L. Lonergan, President and Chief Executive Officer,
stated, "This negotiation has been ongoing for months and we are
pleased that it resulted in an agreement whereby $5,047,225 of debt
and over $11 million of potential liabilities have been eliminated.
Also, 10 million shares have been reduced from our public float,
therefore this settlement has significantly increased shareholder
value and paves the way for the Company to move forward with much
stronger financial fundamentals and these issues put to rest."
Within the next few days, Green Planet will submit an 8-K filing
to the SEC with a complete copy of this settlement. Please go to
www.sec.gov to review the settlement in its entirety.
About Green Planet Group
Green Planet Group, Inc. (PINKSHEETS: GNPG) is based in
Scottsdale, Arizona and engages in ongoing research and development
to create products and services that enhance our environment. The
Company's revenues are currently derived from the production and
distribution of fuel-based energy conservation and clean-air
products, as well as through the placement of members of the
growing ranks of the unemployed into meaningful "green collar"
careers. For additional information, please visit
www.greenplanetgroup.com.
SAFE HARBOR: Certain information included
herein may contain statements that are forward-looking, such as
statements relating to plans for future expansion and other
business development activities. Such forward-looking information
is subject to changes and variations which are not reasonably
predictable and which could significantly affect future
results.
Investor Relations Contact: TEN Associates, LLC Tom
Nelson Managing Director Phone: (480) 232-5469
Green Planet (CE) (USOTC:GNPG)
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