SCOTTSDALE, Ariz., Nov. 22, 2011 (GLOBE NEWSWIRE) -- Green Planet Group, Inc. (OTCBB:GNPG) announced today that it filed its second fiscal quarter Form 10-Q with the Securities and Exchange Commission (SEC) earlier today. The Company has earnings of $.10 per share which is the result of accounting requirements regarding the filing of Chapter 11 on two of its staffing subsidiaries, Lumea Staffing, Inc. and Lumea Staffing of CA, Inc.
In accordance with Accounting Standards Codification (ASC 810), when a subsidiary becomes subject to the control of a Court, deconsolidation of that subsidiary is required. Therefore, we have deconsolidated these two subsidiaries as of August 18, 2011. This results in a one time gain of $18,472,331 and it's this gain that has provided the earning per share for the quarter just ended. In addition, this deconsolidation impacts every aspect of the Company's financial statements because most financial activity prior to August 18, 2011 is omitted.
Edmond L Lonergan, President/CEO stated, "The impact of deconsolidation on the Company's financial statements is profound, therefore, I urge anyone interested in obtaining additional information to go to the SEC website and read our 10-Q filing in detail."
Green Planet's 10-Q filing can be obtained from http://sec.gov/Archives/edgar/data/1372533/000107654211000144/p1115.htm
About Green Planet Group
Green Planet Group, Inc. (OTCBB: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.