SCOTTSDALE, Ariz., Oct. 19, 2011 (GLOBE NEWSWIRE) -- Green Planet Group, Inc. (OTCBB:GNPG) is providing an update regarding the current status of its ongoing financial activities, including the two Lumea subsidiaries that are being reorganized.
Green Planet's second fiscal quarter (ending September 30, 2011), revenues are approximately $8.8 million as compared to $9.1 million last quarter. The slightly lower revenues are due to three major staffing customers either shutting down their operations or greatly reducing their staffing needs. Otherwise, staffing revenues are gradually increasing. Our new Chicago office is just now positively impacting revenues.
The Company filed Chapter 11 on two of its five Lumea subsidiaries, all of which are still operating effectively. As noted above, revenues have not declined as a result of our reorganization efforts. The Court has given Lumea until December 15, 2011 to present a plan of reorganization and this plan is currently being developed.
Edmond L Lonergan, President/CEO stated, "Filing the plan of reorganization is allowing Lumea to conduct its 'business as usual' while at the same time provide a relief from its legacy debt and provide the opportunity to build Lumea into a national business." Lonergan continues, "The positive impact on our cash position is another indication that our reorganization efforts are succeeding."
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.