Green Planet Group sells staffing company
The impact of this subsequent event on the company's financial position is so significant that the Arizona-based company has restated the recently published financial statements for the second fiscal quarter, ending 9/30/2013.
The effect of this sale on the Company's financial position can be highlighted as follows:
• Total liabilities were reduced by approximately $14 million.
• Accumulated deficit has been reduced $7 million.
• Total assets were reduced $6.7 million.
• There is a one time accounting treatment that results in $.035 Earnings per Share (EPS).
• There is no change in the Company's stock structure which can be summarized as 250 million shares authorized, 205 million issued and outstanding and a public float of 118 million shares.
Edmond Lonergan, president/CEO of Green Planet, stated, "The completion of this transaction is an important step in our ongoing reorganization plan. It allows Green Planet Group to concentrate on our original mission to become a world leader in green technology. The positive impact on our financial position is so significant that we believe our ability to attract new investment has improved greatly. In addition, the Company now has the ability to rebuild its management team by attracting experienced, qualified executives. This effort has just begun and we expect to announce additions to our team shortly." To see the sale agreement, go to: http://www.otcmarkets.com/stock/GNPG/video-and-presentations