Green Planet Group Details Debt Conversion
March 23 2011 - 8:00AM
Green Planet Group, Inc. (OTCBB:GNPG) announced today the details
regarding the conversion of $1.57 million of debt to preferred
stock. The debt holder agreed to the following:
1. To waive the outstanding interest due of
$191,699, this reduces the note to $1,573,723 therefore this
conversion eliminates the corresponding debt.
2. Green Planet issued 100,000 Preferred
Convertible shares – convertible at 49.24 common shares for each
preferred share.
3. The conversion price is $.32/share.
4. Dividend will be 6% annually with monthly
payments of $8,000 beginning April 2011.
5. If Green Planet Group exercises its option
to redeem up to $200,000 then the debt is reduced by two times the
amount of payment.
"The successful completion of these negotiations to convert debt
to preferred stock not only improved our Balance Sheet but also
demonstrated that our relationships with our creditors have
remained strong," stated Edmond Lonergan, President/CEO. "In
addition, this preferred stock agreement helps Green Planet to
improve its future funding opportunities."
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.
CONTACT: Gabriel (Gabe) Rodriguez
E Relations Group, Inc.
623-255-5750
Green Planet (CE) (USOTC:GNPG)
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