SCOTTSDALE, Ariz., Aug. 2, 2011 (GLOBE NEWSWIRE) -- Green Planet Group, Inc (OTCBB:GNPG) announced today that it has completed the Acquisition of Arizona Independent Power, LLC (AIP). AIP is now a wholly owned subsidiary of Green Planet. AIP has been researching and developing a renewable energy hydro project called Pump Storage. The initial federal preliminary permit has been issued to AIP by Federal Energy Regulatory Commission (FERC) for exportation, evaluation and environmental impact study regarding this project. The Preliminary Permit Project Number is 14061-000-Arizona and the estimated value of the project is $1.2 Billion.
Edmond L. Lonergan, President/CEO stated, "we are pleased that we have successfully completed this acquisition because it adds a new and highly profitable technology to Green Planet."
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.