SCOTTSDALE, Ariz., July 21, 2011 (GLOBE NEWSWIRE) -- Green Planet Group, Inc. (OTCBB:GNPG) announced today that it has completed negotiations to acquire Arizona Independent Power, Inc. (AIP) which will become another wholly owned subsidiary of Green Planet.
Arizona Independent Power has been researching and developing a pump storage project that will be located near Phoenix, Arizona. Pump Storage is defined as a renewable energy source that is always available to generate electricity unlike the intermittent problems that plague solar and wind systems. Pump Storage is not a new concept, this technology was originally developed in Europe in the late eighteenth century and there are approximately 90 generating systems currently operating in the U.S. What is unique about building a system in Arizona is that the most important element of the design is the difference in elevation between two reservoirs and the proposed site has a difference of at least 1,200 ft. This has the potential of generating enormous amounts of renewable electric power which could have a profound impact on the growth of Arizona and surrounding states.
Edmond L. Lonergan, Pres/CEO stated, "We are very excited about this acquisition because it brings renewable energy technology into the Green Planet Group which in the future should substantially increase shareholder value."
Green Planet will provide additional information regarding this project in future news releases.
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.